The Influence of Intellectual Capital on Corporate Growth: Evidence from Healthcare Firms in Nigeria
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- October 29, 2025
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Ojeh, Augustine PhD FCA1*, Festus Ndubuisi Nkwo2, Geoffrey Ndubuisi Udefi PhD3, & Okonkwo, Bonaventure S. PhD4
1Department of Accountancy, Enugu State University of Science and Technology ESUT, Enugu State, Nigeria
2Department of Accountancy, Gregory University Uturu, Abia State, Nigeria
3Department of Accountancy, Alex Ekwueme Federal University Ndufu-Alike (AE-FUNAI), Ebonyi State, Nigeria
4Department of Accountancy, Peace land University Enugu, Nigeria
ABSTRACT
This study examined the influence of intellectual capital on corporate growth of healthcare firms in Nigeria between 2014 and 2024. The specific objectives were to assess the effects of Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), Relational Capital (RC), Innovation Capital (IC) and Value Added Intellectual Coefficient (VAIC™) on firm growth. An ex post facto research design was adopted, utilizing balanced panel data obtained from five healthcare firms over the study period. Data were analyzed using panel least squares regression techniques, allowing for both cross-sectional and time-series variations. The empirical results revealed that HCE (β = 0.1131, p = 0.0466), SCE (β = 0.2174, p = 0.0011), and IC (β = 0.0000378, p = 0.0028) exerted positive and statistically significant effects on corporate growth, indicating that investments in human expertise, internal systems, and innovation capability enhance firm expansion. Conversely, VAIC (β = –0.0471, p = 0.0002) exhibited a negative and significant relationship with growth, suggesting that the aggregate index may not fully capture the nuanced effects of intellectual capital in the healthcare context. RC (β = 0.0880, p = 0.2343) was positive but not statistically significant. The model demonstrated robust explanatory power (R² = 0.8740; F = 68.01; p < 0.001), implying that intellectual capital dimensions collectively account for a substantial portion of the variation in corporate growth among Nigerian healthcare firms. The study concludes that intellectual capital constitutes a critical strategic resource that drives organizational growth and competitiveness in the healthcare sector. It recommends that healthcare firms in Nigeria strengthen their investment in human development, internal knowledge systems, and innovation-driven processes to achieve sustainable growth.
Keywords: Human Capital Efficiency; Structural Capital Efficiency; Relational Capital; Innovation Capital; Value Added Intellectual Coefficient; Corporate Growth; Healthcare Firms
Citation: Ojeh, A., Nkwo, F. N., Udefi, G. N., & Okonkwo, B. S. (2025). The Influence of Intellectual Capital on Corporate Growth: Evidence from Healthcare Firms in Nigeria. European Review in Accounting and Finance, 9(2), 14-25. DOI: https://doi.org/10.5281/zenodo.17471591
Copyright: ©2025 The Authors. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.