Managerial Ownership and Audit Committee Expertise on Market Value of Listed Consumer Goods Firms in Nigeria

Studies have shown that the market value of consumer goods firms has not been optimal and a subject of controversy among scholar. This study therefore examined the individual effects of managerial ownership and audit committee expertise on firm performance on the market value of consumer goods firms in Nigeria. To achieve these objectives, longitudinal panel research design was employed. Deploying a purposive sampling technique, the study utilized twelve (12) listed consumer goods firms that had consistently published their audited annual financial reports from 2009 to 2023 out of a total population of twenty-one (21). Data were collected from the Nigeria Exchange group (NGX) fact book and the financial reports of the sampled firms. Data analysis was done using panel multiple regression technique with the help of eview 12 statistical tools. The study found that audit committee financial expertise has a significant influence on market value with the probability value less than 5% level of significance, whereas managerial ownership does not have a statistically significant effect on market value of listed consumer goods firms in Nigeria thereby leading to the non-rejection of the null hypothesis. Given the significant influence of audit committee financial expertise on market value, we conclude that the financial expertise of the audit committee is indispensable in assuring the confidence of the investing public in the consumer goods sector in Nigeria. It is recommended that listed consumer goods firms in Nigeria should prioritize the composition and capabilities of their audit committees. Firms should aim to appoint members with diverse financial backgrounds, including expertise in accounting and finance to interpret financial reports and comply with regulations.