Firm-Specific Characteristics and Intangible Assets Disclosures among Financial Services Quoted Companies in Nigeria

This study examines the impact of firm-specific characteristics on intangible asset disclosures (IADs) among quoted firms listed on the Nigerian Exchange Group (NGX) from 2014 to 2023. Using panel regression analysis, the study investigates the influence of firm size, leverage, profitability, and firm age on the extent of intangible asset disclosure.

The model results reveal an R-squared of 0.2769 and an adjusted R-squared of 0.1908, indicating that firm-specific variables explain approximately 27.7% of the variation in IAD. The F-statistic (3.2177, p = 0.0000) confirms the overall model’s significance. Empirical findings show that firm size (β = -0.013469, p = 0.8106), leverage (β = 2.03E-07, p = 0.9997), profitability (β = -0.001392, p = 0.2842), and firm age (β = 0.001616, p = 0.6463) all exert statistically insignificant effects on IAD. These results suggest that variations in a firm’s scale, capital structure, performance, or maturity do not significantly determine its disclosure of intangible assets.

The insignificance of all tested variables contrasts with prior studies that reported significant relationships in other contexts, indicating that firm-specific factors may play a limited role in shaping disclosure behavior within Nigeria’s institutional environment. The findings imply that governance mechanisms, ownership structure, and regulatory enforcement may be more influential drivers of transparency in intangible asset reporting. The study contributes to the growing body of literature on corporate disclosure by highlighting the contextual limitations of firm-specific determinants and emphasizing the need for stronger institutional frameworks to enhance disclosure quality in emerging markets.