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February 12, 2026Open Access

Comparative Analysis of Influence of Accounting Information on Market Value of Quoted Consumer and Industrial Goods Companies in Nigeria

Key Points

The aim is to analyze the influence of accounting information on market value in Nigerian companies.
Sampled 15 consumer goods and 8 industrial goods companies in Nigeria.
Employed pooled panel regression to analyze the relationship between accounting information and market value.
Identified key variables: share price, net assets per share, net cash flows per share, and earnings per share.
Utilized asset turnover ratio and equity to asset ratio as control variables.
All accounting information predictors positively and significantly influenced market value.
Consumer goods companies experienced greater influence from net assets per share and net cash flows per share.
Industrial goods companies showed more influence from earnings per share compared to consumer goods companies.

Abstract

The study was conducted to comparatively ascertain the influence of accounting information on market value of quoted consumer and industrial goods companies in Nigeria. Fifteen (15) and eight (8) quoted consumer and industrial goods companies in Nigeria were sampled for the study respectively. Pooled panel regression approach was adopted to establish the influence of the dependent variable on the independent variable. The dependent variable of the study was market value while the independent variable was accounting information. The key variables in the study were share price (SP), net assets per share (NAPS), net cash flows per share (NCFPS) and earnings per share (EPS). Asset turnover ratio (ATR) and equity to asset ratio (EAR) were used as control variables. From the analysis of the study, it was concluded that all the predictors of accounting information exerted positive and significant influence on market value of both quoted consumer and industrial goods companies in Nigeria. Comparatively, it was ascertained that accounting information exerted more influence on market value of quoted consumer goods companies in Nigeria than industrial goods companies in Nigeria as NAPS and NCFPS represented accounting information. On the other hand, accounting information exerted more influence on market value of quoted industrial goods companies in Nigeria than quoted consumer goods companies in Nigeria comparatively as EPS represented accounting information. It was recommended that investment in acquisition of non-current assets should be made more in quoted consumer goods companies in Nigeria than industrial goods companies in Nigeria in order raise net assets per share and influence positively on market value and stringent cash policy should be adopted in consumer goods companies in Nigeria than the industrial goods companies for the purpose of raising net cash flows per share and maximizing market value

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