Effect of Corporate Attributes on Firm Value of Selected Quoted Manufacturing Firms in Nigeria

This study empirically examined the effect of corporate attributes on firm value of selected quoted manufacturing firms in Nigeria. The focus was effect of firm size, firm leverage, and board size on Tobin's q. It covered from 2009-2018, and therefore utilized annual time series secondary data extracted from audited and published reports of the companies. Research design adopted was expost facto method, while analytical techniques employed were descriptive statistics and panel Fully Modified Least Squares (FMOLS) regression mechanism considering Jarque-Bera test of normality, Breitung t-stat panel unit root test, and Pedroni Residual Cointegration/ multicollinearity Test. Findings revealed that the data series were stationary at first differencing, and there is no problem of multicollinearity. The FMOLS regression result provided that firm size and leverage exert positive influence on firm value while Board size has negative effect on the value of firms. However, only firm leverage has significant effect. On these backgrounds, the study recommended among other things that for firms that want to increase their value, it is necessary to pay attention to the condition of the firm leverage as well as the firm size. However, there is need for close monitoring of number of members of board of directors so as to avoid decreasing the firm value.