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Impact of Intellectual Capital on Financial Performance of Listed Nigerian Oil Marketing Companies

机译：智力资本对尼日利亚石油上市公司财务业绩的影响

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Intellectual capital plays an important role in every company regardless of nature and the environment its operates, in the sense that, investment in human capital development is considered to be important than in physical and financial asset despite the fact that such expenditure is not expressed in monetary term but in narrative form especially in Chairman’s statement. Therefore, this study examined the impact of intellectual capital on the financial performance of the listed Nigeria oil marketing companies. The study’s period spanned through 10 years 2007 - 2016. Intellectual capital was measured by the market to book value ratio (MB), Value Added intellectual coefficient (VAIC), and monetary model of Tobin’s Q (MMQR) while the financial performance was measured by return on asset (ROA). The ex-post facto research design was adopted while data was extracted from the firms’ financial statements. Multiple regression analysis was used to ascertain the impact of intellectual capital on financial performance. From the result, it was discovered that market to book value has a negative significant impact on return on asset. Monetary model of Q Tobin’s has an insignificant impact on return on asset while Value added intellectual coefficient also has an insignificant impact on return on asset. The study, therefore, recommended that the listed Nigerian oil marketing companies should strive to boost the value of their intellectual assets for its ultimate effect on ROA through maximization of their market value, maximization of Intellectual Capital return and more investment in Intellectual Capital components, particularly human, structural and relational capital. More attention should be given to the human side of the intellectual capital and reliance should not strictly be focused on the numeric evaluation and improvement. Also, standard on intellectual capital accounting is issued by the International Financial Reporting Committee (IFRC) to enable firm’s measure and record their intellectual capital values as they relate to financial performance in their income statements which will invariably improve company performance.
机译：智力资本在每家公司的经营性质和环境中都起着重要的作用，在某种意义上，尽管人力资本开发的投资并未以货币表示，但人力资本开发的投资被认为比物质和金融资产更为重要。术语，但以叙述形式，特别是在主席的声明中。因此，本研究考察了智力资本对尼日利亚上市石油销售公司财务业绩的影响。该研究的时间跨度为2007年至2016年的10年。智力资本通过市场对账面价值比（MB），增值智力系数（VAIC）和托宾Q的货币模型（MMQR）进行衡量，而财务绩效通过资产回报率（ROA）。采用事后调查研究设计，同时从公司的财务报表中提取数据。多元回归分析被用来确定智力资本对财务绩效的影响。从结果可以发现，市场对账面价值对资产回报率具有负面的重大影响。 Q Tobin的货币模型对资产收益率影响不大，而增值智力系数对资产收益率也影响不大。因此，该研究建议，尼日利亚上市的石油营销公司应通过最大限度地提高其市值，最大化智力资本的回报以及对智力资本组成部分的更多投资，努力提高其智力资产对ROA的最终影响的价值。人力，结构和关系资本。应该更加重视智力资本的人性方面，而不应严格依赖于数字评估和改进。此外，国际金融报告委员会（IFRC）颁布了关于智力资本会计的标准，以使公司能够衡量并记录其与损益表中财务绩效相关的智力资本价值，这将始终提高公司绩效。

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