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Effect of Balanced Scorecard on Firm Value: The Case of Quoted Manufacturing Companies in Nigeria

The main objective of this study is to investigate the effect of Balanced Scorecard (BSC) on firm value as evidenced from quoted manufacturing companies in Nigeria. The study is based on secondary data as the main source of data collection. Thus, data were obtained from annual reports of companies quoted on the Nigerian Stock Exchange from the year 2011 to 2015. Descriptive statistics was used to describe and summarize the behavior of the variables in the study. The hypothesis was tested using Multiple Square Regression analysis to find out the impact of those variables [(independent variables – Financial (BSFINP), Business process (BSBUSP), Customer (BSCUSP) and Learning and growth perspectives (BSLGRP)] on our dependent variable (Firm value). The findings from the results of analysis among others have shown that on the basis of effective use of Business process to generate values, firms with low business process perform significantly better and are valued higher than those firms with high business process. From the findings of the study, the researchers hereby encouraged firms to implement BSC since the adoption of merely one or two BSC attribute has proved to improve the organizational value.