Abstract: This study investigated the moderating effect of leverage on the relationship between firm age, firm size, and the value of listed consumer and industrial goods firms in Nigeria for the period 2015 to 2024. The declining confidence of investors in the Nigerian capital market, attributed to the persistent underperformance of listed firms relative to theoretical expectations, motivates this inquiry. Using an ex-post facto research design, secondary data were sourced from the audited financial statements of 25 purposively selected firms on the Nigerian Exchange Group (NGX). Panel regression analysis, anchored on the random effects model as validated by the Hausman specification test, was employed to analyse the data. The results revealed that firm age has a positive but insignificant effect on price to book value of listed consumer and industrial goods firm in Nigeria while firm size has a negative and insignificant effect on price to book value of listed consumer and industrial goods firms in Nigeria. The study therefore concludes that firm age and firm size have insignificant influence on price to book value of listed consumer and industrial goods firms in Nigeria. The study concludes that, even when moderated by leverage, neither firm age nor firm size exerts a statistically significant influence on the price-to-book value of listed consumer and industrial goods firms in Nigeria. The study therefore recommends that management of listed consumer and industrial goods firms should redirect strategic focus toward value-enhancing mechanisms beyond firm size and age, including improved asset utilisation, sound leverage management, and stronger investor relations policies that directly drive market valuation in the Nigerian capital market.

Keywords: Firm Age, Firm Size, Firm Value, Price to Book Value, Board Size