The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria

This paper examines whether or not concentration of board members based on ethnicity and religion can impact on intellectual capital disclosure and thereby influence the corporate market value in Nigeria. This article reports the results from a two-step dynamic system generalized method of moment es...

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Main Authors:	Anifowose, Mutalib, Abdul Rashid, Hafiz Majdi, Annuar, Hairul Azlan
Format:	Article
Language:	English English
Published:	IIUM Press, International Islamic University Malaysia 2017
Subjects:	HJ9011 Local finance
Online Access:	http://irep.iium.edu.my/53600/ http://irep.iium.edu.my/53600/ http://irep.iium.edu.my/53600/1/53600_The%20Moderating%20Effect%20of%20Board%20Homogeneity.pdf http://irep.iium.edu.my/53600/7/53600_The%20moderating%20effect_WOS.pdf

id	iium-53600
recordtype	eprints
spelling	iium-536002018-03-01T16:53:28Z http://irep.iium.edu.my/53600/ The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria Anifowose, Mutalib Abdul Rashid, Hafiz Majdi Annuar, Hairul Azlan HJ9011 Local finance This paper examines whether or not concentration of board members based on ethnicity and religion can impact on intellectual capital disclosure and thereby influence the corporate market value in Nigeria. This article reports the results from a two-step dynamic system generalized method of moment estimation based on 455 firm-year observations from 91 listed firms on the main board of the Nigeria Stock Market for the period 2010-2014. The study measures board homogeneity based on religious and ethnic affiliations of corporate board members in line with upper echelons theory in explaining their moderating effect on the relationship between intellectual capital disclosure and firm value which is proxied by cost of capital and share price volatility. The empirical results indicate that board ethnic and religious composition has moderating effect on the relationship between intellectual capital disclosure and cost of corporate market value. Though the finding might not be extended to smaller firms which could be a limitation, the results of this study are useful to all stakeholders especially the financial reporting council of Nigeria in policy formulation and perhaps issuance of corporate governance standard that would provide a more diversified board than currently being practiced in the country among the larger firms. The study is the first to consider moderating effect of religious and ethnic composition on the relationship between intellectual capital (IC) disclosure and corporate market as well as controls for heteroscedasticity and endogeneity issues by adopting two-step system generalized method of moments as a parameter estimator. IIUM Press, International Islamic University Malaysia 2017 Article PeerReviewed application/pdf en http://irep.iium.edu.my/53600/1/53600_The%20Moderating%20Effect%20of%20Board%20Homogeneity.pdf application/pdf en http://irep.iium.edu.my/53600/7/53600_The%20moderating%20effect_WOS.pdf Anifowose, Mutalib and Abdul Rashid, Hafiz Majdi and Annuar, Hairul Azlan (2017) The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria. International Journal of Economics, Management and Accounting, 25 (1). pp. 71-103. ISSN 2462-1420 http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/408
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HJ9011 Local finance
spellingShingle	HJ9011 Local finance Anifowose, Mutalib Abdul Rashid, Hafiz Majdi Annuar, Hairul Azlan The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria
description	This paper examines whether or not concentration of board members based on ethnicity and religion can impact on intellectual capital disclosure and thereby influence the corporate market value in Nigeria. This article reports the results from a two-step dynamic system generalized method of moment estimation based on 455 firm-year observations from 91 listed firms on the main board of the Nigeria Stock Market for the period 2010-2014. The study measures board homogeneity based on religious and ethnic affiliations of corporate board members in line with upper echelons theory in explaining their moderating effect on the relationship between intellectual capital disclosure and firm value which is proxied by cost of capital and share price volatility. The empirical results indicate that board ethnic and religious composition has moderating effect on the relationship between intellectual capital disclosure and cost of corporate market value. Though the finding might not be extended to smaller firms which could be a limitation, the results of this study are useful to all stakeholders especially the financial reporting council of Nigeria in policy formulation and perhaps issuance of corporate governance standard that would provide a more diversified board than currently being practiced in the country among the larger firms. The study is the first to consider moderating effect of religious and ethnic composition on the relationship between intellectual capital (IC) disclosure and corporate market as well as controls for heteroscedasticity and endogeneity issues by adopting two-step system generalized method of moments as a parameter estimator.
format	Article
author	Anifowose, Mutalib Abdul Rashid, Hafiz Majdi Annuar, Hairul Azlan
author_facet	Anifowose, Mutalib Abdul Rashid, Hafiz Majdi Annuar, Hairul Azlan
author_sort	Anifowose, Mutalib
title	The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria
title_short	The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria
title_full	The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria
title_fullStr	The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria
title_full_unstemmed	The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria
title_sort	moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in nigeria
publisher	IIUM Press, International Islamic University Malaysia
publishDate	2017
url	http://irep.iium.edu.my/53600/ http://irep.iium.edu.my/53600/ http://irep.iium.edu.my/53600/1/53600_The%20Moderating%20Effect%20of%20Board%20Homogeneity.pdf http://irep.iium.edu.my/53600/7/53600_The%20moderating%20effect_WOS.pdf
first_indexed	2023-09-18T21:15:48Z
last_indexed	2023-09-18T21:15:48Z
_version_	1777411554042445824

The moderating effect of board homogeneity on the relationship between intellectual capital disclosure and corporate market value of listed firms in Nigeria

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