Effect of Human Capital Efficiency on Listed Non-Financial Firm Value in Nigeria; Moderating Role of Board Members Continuous Education

Abstract

The study examines the effect of human capital efficiency moderated by Board members customers on value of non-financial firms in Nigeria quoted in the Nigeria Exchange Group for the period of 2020 to 2024. A total of eighty-six (86) firms were used after meeting up with the filtering criteria used for the study. Longitudinal research design was employed for the study. The study employs secondary data extracted from the Annual Reports and Accounts of the sampled companies. Diagnostic tests were carried out on the statistical procedure used in evaluating the validity and reliability of the analysis. Data were analyzed using Generalized Method of Moments; test for multicollinearity conducted using Variance Inflation Factors and heteroskedasticity test was conducted to ensure the validity and reliability of the research finding and ensure reliable and efficient estimates of the correlation coefficient. While the hypotheses were tested using regression model, the results shows that human capital efficiency moderated by board members continuous education does not positively and significantly moderate the effect of human capital efficiency of non- financial firms for the period under review. The study recommends that non- financial firms should engage in strong human capital investment by encouraging every staff to improve in their capacity either collectively or as individual. Managers of Nigerian non- financial firms should ensure capital development by linking training budgets to value creation metrics and embedding HCE in executive performance appriuisal.