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Firms are increasingly striving to improve their value through various corporate strategies as well as exploiting their unique attributes to stimulate value. The extent to which firms create value given their attributes remains a subject of discuss among scholars with mix conclusions. This study therefore investigates the comparative effect of corporate attributes (Firm size, leverage, Institutional ownership, multi-nationality and Research and development) on the value (Tobin’s Q and Market value of equity) of 24 listed Consumer and Industrial goods firms for a period of 14 years (2009-2022). The study utilized a positivist research philosophy and employed correlational research design. Data for the study were quantitatively retrieved from the annual reports and accounts of the firms. Variables were described using descriptive statistics and relationships were ascertained via correlation analysis. Both random effect (FE) and OLS robust regressions were used to analyze the data having carried out some robustness and diagnostic tests. Results from the study revealed firm size, multi-nationality and research and development have significant positive effects on firm value. However, while leverage has significant negative effect on firm value, institutional shareholding effect on firm value was found to be negative and insignificant.
Daniya et al. (Sat,) studied this question.