Assessment of the Methods Employed in the Valuation of Intellectual Property in Lagos State, Nigeria
Olaoluwaniyi Ebenezer Eburu *
Department of Estate Management, Federal University of Technology Akure, Ondo State, Nigeria.
Victoria Amietsenwu Bello
Department of Estate Management, Federal University of Technology Akure, Ondo State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
The study investigated the methods employed in the valuation of IP in Lagos State, Nigeria; examined the relationship between method of intellectual valuation and academic qualification of estate surveyors and valuers. We adopted a quantitative survey and questionnaire as instrument for gathering relevant data from stakeholders in the study area. The findings revealed that the traditional method; cost method (M = 1.99, SD = 0.108; market method (M = 1.96, SD = 0.186) and income method (M = 1.86, SD = 0.350) are the most commonly used methods for valuing IP in the study area. The result also shows a significant relationship between traditional methods of IP valuation and academic qualification of estate surveyors and valuers; cost method ( = 1.377, p = 0.013), market method ( =1.367, p = 0.033), income method ( = 15.073, p = 0.002), profit/account method ( = 13.467, p = 0.004) and discounted cash flow ( = 1.595, p = 0.024). The study thereby conclude that estate professionals are more aware and conversant with the traditional method than the advanced method of valuation. Therefore, estate professionals will need to ensure clear understanding of the various methods of valuing intellectual property and their application.
Keywords: Methods of valuation, valuations, intellectual property.