2025, Vol. 8, Issue 2

author(s)
Aliyu Abubakar and Adamu Magaji

abstract
This study examines whether the COVID-19 pandemic has affected the value relevance of accounting information on how investors use key financial metrics; earnings, book value, dividends, and cash flow to assess the value of listed service firms in Nigeria (2016-2024). Using data from company financial reports and stock market records, we used multiple panel regression to analyze 20 out of 33 service firms listed on the Nigerian Exchange using STATA Software, our findings show that none of these financial indicators became significantly more (or less) important during or after the pandemic each remained relevant for stock valuation. This suggests that investors in the listed service firms still rely on a mix of earnings, book value, dividends, and cash flow when making decisions, regardless of economic disruptions. Listed service firms in Nigeria should maintain strong earnings and sustainable dividends as key to boosting investor confidence. The firms, should also manage their book value wisely and keep cash flows stable, aligning with industry standards. While this study focuses on Nigeria’s service sector, future research could explore other industries or markets to see if the same trends hold true.