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Abstract
Motivated by the important role Intellectual capital plays in firms' performance, this study investigates the role of intellectual capital on the performance of Food, Beverage, and Tobacco (FBT) companies in Nigeria. The study relied on Secondary data covering 2012-2022, which were sourced from the yearly audited reports of the FBT corporations. The analytical method employed for the study is the pooled ordinary least squares (Pooled OLS) estimator. The empirical results revealed that capital employed efficiency and human capital efficiency are negatively related to financial performance, albeit only human capital efficiency is significantly related. Structural capital efficiency is positively
and significantly related to financial performance. The interactive terms of capital employed efficiency, human capital efficiency and structural capital efficiency are positively and significantly related to financial performance. Based on the findings, the
study concluded that the combination of intellectual capital components is a major driver of the performance of FBT companies in Nigeria. Consequently, this study recommended that FBT firms should give greater emphasis to the interaction of the major components of IC because of its ability to influence their financial performance positively
and significantly related to financial performance. The interactive terms of capital employed efficiency, human capital efficiency and structural capital efficiency are positively and significantly related to financial performance. Based on the findings, the
study concluded that the combination of intellectual capital components is a major driver of the performance of FBT companies in Nigeria. Consequently, this study recommended that FBT firms should give greater emphasis to the interaction of the major components of IC because of its ability to influence their financial performance positively
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