Estate surveyors and valuers' perception of intellectual property valuation in Lagos state , Nigeria.
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Date
2023
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Department of Estate Management, Faculty of Enivronmental Design and Management , Obafemi Awolowo University.
Abstract
This study examined the levels of awareness and preparedness of Estate Surveyors and Valuers (ESVs) to carry out Intellectual Property (IP) Valuation in Lagos State, Nigeria; assessed the perception of ESVs on IP Valuation and determined factors affecting their perception on IP Valuation. These were with the view to ascertaining the prospect for the adoption of IP valuation in the study area.
Primary data was used for this study. The data was sourced with the use of questionnaire from Estate Surveyors and Valuers in Lagos State. Lagos State was stratified into Lagos Mainland and Island to ensure proportional representation in the sample. From the 412 registered estate surveying and valuation (ESV) firms in the study area, 50% in each stratum was selected using the raffle draw approach to arrive at a sample size of 206 firms. In each ESV firm, questionnaire was administered at random to one Estate Surveyor and Valuer only.
Also, in-depth interview was conducted with 3 members of the Business Asset and Intellectual Property Valuation Professional Group, and 4 members of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). Data collected included profiles of ESVs, awareness of basic concepts relating to IP valuation, number of training and materials obtained to prepare for IP valuation, ESVs’ perception and factors influencing perception of IP valuation. The data was analysed using frequencies, percentages, mean ranking, relative importance index (RII), thematic and factor analyses, and Chi Square.
The result of the study indicated that 87.6% of ESVs in Lagos State were aware of IP valuation. The level of awareness was average for majority (49.5%) of the ESVs and 23.9% actually had IP valuation experience. Also, it was found that 57.2% of respondents have
attended at least a seminar/workshop in preparation for IP valuation. However, respondents agreed, on a five point Likert scale, that: “more seminar/workshop is needed” (mean=4.46); “more sensitisation is needed” (mean=4.41); “a dedicated MCPD on IP valuation is needed”(mean=4.39); and “a dedicated conference on IP valuation is needed” (mean=4.39). By implication, preparedness is still at sensitisation/awareness stage which is insufficient for the task ahead. Moreover, the result of factor analysis indicated that the respondents
perceived IP valuation as: full of challenges with 37.65% variation explained; full of benefits to valuers (19.029%) and to SMEs (10.288%). Lastly, the results established that factors in the perceiver (ESVs), such as experience, benefits, interest, mood and familiarity with the target, contributed 61.241% variance and factors in the target (IP valuation), such as scarcity of data, complexity and assumptions (11.165%) affected ESVs’ perception of IP valuation.
The study concluded that ESVs had positive perception of IP valuation but their preparedness was insufficient due to factors inherent in the valuation and in ESVs themselves; hence, more training is needed to hasten the adoption of IP valuation.
Description
xviii, 163p
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Citation
EKPO, I.A.(2023). Estate surveyors and valuers perception of intellectual property valuation in Lagos state , Nigeria. Department of Estate Management, Faculty of Enivronmental Design and Management , Obafemi Awolowo University.