Mabutho Sibanda

This study assessed the factors that determine the financial management behavior of administrators in state-owned enterprises (SOEs) in Nigeria. The rising cases of financial mismanagement, which was associated with the financial management behavior of top administrators in these SOEs, prompted this study. It is believed that identifying the factors that determine the financial management behavior of these administrators would help to find solutions to the problem. Based on the multistage sampling technique, 385 top administrators from the SOEs at the federal level in Nigeria participated in the survey. Quantitative analysis was used to analyze the data and the results show that income, family size, and financial literacy are the most important factors affecting the financial management behavior of the administrators. It is recommended that there should be an improvement in income and other working conditions of the administrators in the SOEs since income has been confirmed to be an important shift factor of financial management behavior. In the same vein, given the role of family size, it is recommended that efforts on population reduction should be intensified. Finally, financial literacy should be given priority in checkmating irresponsible financial management behavior.

Type of the article: Research Article

Abstract
This study investigates the nexus between Intellectual Capital efficiency (ICE) components and firm value in Sub-Saharan African (SSA) insurance companies. The study employed a modified Value-Added Intellectual Coefficient (VAIC™) model, incorporating components such as Value-Added Capital Coefficient (VACA), Structural Capital Value-Added Coefficient (SCVA), Value-Added Human Capital Coefficient (VAHC), and Innovation Capital Efficiency (VAHC2). These components were integrated to calculate the VAIC, offering a holistic assessment of value-creation efficiency within SSA insurance firms. Static and dynamic panel data analyses were employed to estimate the relationship between the ICE components and Tobin’s Q ratio, serving as a proxy for firm value. A positivist approach and descriptive quantitative methods were used in this study. The study analyzed panel data from 122 insurance firms across 46 SSA countries over the period 2010–2022, sourced from databases including Wharton Research Data Services, S&P CapitalIQ, and Refinitiv Eikon. The VAIC™ model was applied by integrating various ICE components to comprehensively evaluate the value creation efficiency in SSA insurance firms. The findings indicate significant variation in the impact of ICE components on firm value across SSA insurance companies. Specifically, higher VAIC™ values are associated with enhanced firm performance, underscoring the critical role of intellectual capital in value creation within this sector. This research contributes to the body of knowledge by demonstrating the applicability of the VAIC™ Model in SSA’s insurance sector and underscoring the relevance of intellectual capital management in driving financial outcomes. Practical implications include informing policymakers, executives, and investors about optimizing intellectual resources to foster sustainable growth and resilience in SSA insurance.