KIJHUS Volume. 3, Issue 1 (2022)

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Contributor(s)

OGUNMAKIN Adeduro Adesola, ADEBAYO Adesodun Isaac, OMODARA Olasehinde Vincent
 

Keywords

Capital Structure Pecking Order. Return on Asset Asset Tangibility
 

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CAPITAL STRUCTURE AND FIRM PERFORMANCE OF NON-FINANCIAL LISTED FIRMS IN NIGERIA

Abstract: Abstract: the study was embarked upon to investigate the effect of capital structure on firm performance of non-financial listed firms in Nigeria. The study adopted an ex-post-facto research design and secondary data was gathered to analyze the relationship between the variables. The population of the study consisted on twenty-one (113) non-financial firms listed on the Nigeria Exchange Group. Purposive sampling technique was employed to select 76 non-financial listed firms in Nigeria. Data for the study were gathered from annual reports of selected firms for the period of 5 years (2015-2020) and analyzed using Generalized Method of Moments (GMM) estimator. The collected data were analyzed using correlation and regression analysis. From the results of the findings, the findings revealed that CA has positive and significant influence on ROA.ROE.EPS, LQ and ATG. Based on these findings, the study concludes that capital structure has statistical and significant impact on firm performance of non-financial listed firms on Nigeria Exchange Group. Hence, the study concluded that there exists strong positive relationship between return on asset, return on investment, earning per share, liquidity and asset tangibility which is significant. Based on the findings, it was recommended that return on assert, return on investment, earning per share, liquidity and asset tangibility are important variables to consider when the management of listed non-financial companies in Nigeria decides to mediate on capital structure
 
 
 

KIU Interdisciplinary Journal of Humanities and Social Sciences (KIJHUS), 2024