factors which influence the capital structure of Nigerian firms. Therefore, this study examines the determinants of the capital structure of the Nigerian non-financial listed firms. It and return on investment is maximized) 1-Trade off Theory 2-Pecking order Theory Explain the relationship with Financial Leverage or debt ratios. The determinants of capital structure: A comparison of ... The research seek to investigate the Determinants of leverage in listed service companies in Nigeria (using 8 determinants, ten Banks, for 6 years - that translates to 60 samples). The objectives of this study is to ascertain the determinants of firm capital structure of quoted firms in Nigeria and how these determinants influence the capital structures of these firms. Purpose - The paper investigates the determinants of capital structure and the speed of adjustment of capital structure decisions of Nigerian firms. PDF The Determinants of Capital Structure: Evidence from ... The study therefore contend that the agency cost The capital structure is all about the mixture of debt and equity. Chandrasekharan (2012) analyzed the determinants of capital structure in the Nigerian firms for the period 2007 to 2011. The study aims to examine the capital structure determinants and SOA of all listed, non-financial firms in Nigeria. Relationship between Capital Structure and Firm Performance. The study employed secondary data from the annual reports and the Nigerian Stock Exchange (NSE) fact books covering the study period Ordinary least square (OLS) was . This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. Aliakbar, R., Seyed, H. S. N., & Pejman, M. (2013). Determinants of Capital Structure in Nigerian Quoted Composite insurance Companies. Chadha & Sharma (2015) carried out a study on the determinants of capital structure: an empirical evaluation from India. Research Paper African Economic Research Consortium, 179. Determinants of the capital structure of TSL sector ... Capital structure has been found to have impact on firm performance. (PDF) Capital structure and bank's performance in Nigeria. We used eight exogenous variables to measure their effect on capital . Aggarwal, D., & Padhan, P.C. The decision on the capital structure poses many challenges for companies. Allen, F. (2007) "Stakeholders Capitalism, Corporate Governance and Firm Value". The TSL (Transport, Spedition . Introduction The capital of any business firm is the foundation upon which the business operates. The Impact of Capital Structure on Firms' Performance in ... The study is conducted in the context of the Nigeria. PDF The Determinants of Capital Structure of Large Non ... (2011). PDF The Determinants of Capital Structure of Listed Firms in ... The firm-specific factors that determine the capital structure of thirty five (35) non-financial firms quoted on the stock exchange in The Determinants Of Capital Structure Of Large Non ... The purpose of this paper is to examine the effect of capital structure on bank' s performance in. Impact of capital structure on firm value: Evidence from Indian hospitality industry. Global Journal of Social Sciences, 8(1), 61-76. The regression analyses are estimated using OLS. CiteSeerX — Determinants of Capital Structure in Nigerian ... (2014), "The determinants of capital structure: A comparison of financial and non-financial firms in a regulated developing country - Nigeria", African Journal of Economic and Management Studies, Vol. This study made use of secondary data obtained fact books, annual reports and account of the firms under study. Determinants of the Capital Structure of Nigerian Listed ... This study analyzed the trends and patterns of capital structure and performance of financial firms in the Nigerian banking sectorwith panel data of 14 commercial banks in Nigeria over the periods 2005-2012..Descriptive methods of analysis were employed to analyze the trends and performance. 341-368. +1 (877) 638-3233. Keywords: Capital Structure, Bank Size, Dividend Payout, Profitability, Tangible Assets, Business Risk, Tax and Banking Industry Introduction Determinants of capital structure in financial institutions differ from non-financial Experts. Akinlo, O. and macroeconomic factors on capital structure as opposed to the existing models for capital structure. Akintoye, I.R. More so, some of these works mainly focused on banking . He showed that profitability, growth rate, firm age, firm size and tangibility are the main determinants of capital structure of sample firms. School of Economics, Finance and Accounting; Research output: Contribution to journal › Article › peer-review. THE DETERMINANTS OF CAPITAL STRUCTURE OF LARGE NON-FINANCIAL LISTED FIRMS IN NIGERIA Rafiu Oyesola Salawu, Obafemi Awolowo University Akinlolu Ayodeji Agboola, Obafemi Awolowo University ABSTRACT This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. The objectives of this study is to ascertain the determinants of firm capital structure of quoted firms in Nigeria and how these determinants influence the capital structures of these firms. The results reveal that profitability, tangibility and company size are positively related to total debt and long-term debt, and growth opportunities are negatively . Keywords: determinants, financial structure, capital structure, Nigerian firms, pecking order and static trade - off theories. 5 No. The current study contributes to the literature as it analyses a wide range of capital structure determinants and is based on 20 observations. Abor, J. DETERMINANTS OF CAPITAL STRUCTURE IN THE NIGERIAN LISTED FIRMS This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. (2013). The variables of interest (capital structure, size, growth, profitability, tangibility, and age) are defined as follows. contribute to the research by studying the capital structure determinants in Nigerian companies during the year 2012. Abstract. DEPARTMENT OF ACCOUNTING AMBROSE ALLI UNIVERSITY, EKPOMA, EDO STATE, NIGERIA ABSTRACT The study examined the relationship of capital structure to profitability of quoted firms in Nigeria. This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. Determinants Of Capital Structure Of Listed Deposit Money Banks In Nigeria Inim, Victor E. Department of Accounting, Faculty of Management Sciences, Nile University of Nigeria, Abuja, Nigeria Njogo, Bibiana O. Ibikun, Fayemi Department of Economics, Accounting and Finance, In light of the empirical review and other discussions, a number of questions arose as to whether there is a significant relationship between size of a bank, profitability, (2017). One of the most strategic decisions being faced by the High quality. The focus of this study is to discuss these factors influencing the capital structure of quoted companies. . companies. The determinants of capital structure: A comparison of financial and non-financial firms in a regulated developing country-Nigeria. This study investigates the determinants of capital structure in Nigeria. Capital structure means the addition of long-term debt and shareholders' fund. Whether sales are growing or stable also determines capital structure choice. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. capital structure of the Nigerian banking sector and enhance competitiveness in the banking sector. The study measured capital structure determinants by using the variables of capital intensity, tangibility, profitability, firm size and non-debt tax shield. Another issue in prior research is the robustness of results under different estimation techniques and different measures for both the dependent . Al bulena, Skender, Vlora and Edona (2014), analyzed the determinants of capital structure among insurance companies in Kosovo, based on a data . THE DETERMINANTS OF CAPITAL STRUCTURE IN THE BREWERY INDUSTRY IN NIGERIA BY Ahamefula, A. Nzenwata Graduate Student: Finance and Banking Michael Okpara University of Agriculture Umudike, Abia State aham.nzenwata@yahoo.co.uk +234-803-544-6622 ABSTRACT The study investigated the determinants capital structure among brewery companies in Nigeria. To conduct this thesis, I have used the deductive approach, which is a similar approach suggested by the key reference of this study, Michaels et al (1999). contribute to the research by studying the capital structure determinants in Nigerian companies during the year 2012. The relationship between capital structure decisions with firm performance: Comparison between big and small industries in firms listed at Tehran stock exchange. have statistically insignificant relationship with ROA . determinants of capital structure of firms in Nigeria and that capital structure choice of firms influence their performance. industries and the capital structure theory. (2009). Using panel data least squares regression, modified to weighted DETERMINANTS OF CAPITAL STRUCTURE IN ECO BANK OF NIGERIA PLC ABSTRACT This study is motivated by a desire to examine the determinants of capital structure of Fidelity Bank Plc. The independent variables of the study are . The study is designed to examine the determinants of capital structure of listed construction companies in Nigeria. This study investigates the determinants of capital structure in listed insurance companies in Nigeria for the period of thirteen years, from 2006-2018. knowledge of their capital structure becomes indispensable and warrants this study. The results reveal that profitability, tangibility and company size are positively related to total debt and long-term debt, and growth opportunities are negatively associated with total debt. The result identifies credit rating, volatility of earning cash flow, financial distress, transaction costs, and financial flexibility as the important factor in choosing appropriate amount of debt for bank. Downloadable (with restrictions)! non-debt tax shields and dividend as possible determinants of the capital structure choice. The analyses are performed using time series data pertaining four listed cement firms. study, we intend to add to these studies by analyzing the determinants of corporate capital structure in the Federal Republic of Nigeria. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. Conclusions are drawn based on the findings. The paper examines the capital structure and firm performance of Nigerian consumer . Introduction The capital of any business firm is the foundation upon which the business operates. Size, age, profitability, growth, operating risk, and asset . Iwarere and Akinleye (2010) used descriptive survey to investigate capital structure determinants in the Nigerian banking industry. This paper investigates the determinants of capital structure in the context of the Gulf Cooperation Council (GCC) and United Kingdom (UK) real estate sectors. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): Capital is considered as the cornerstone of a bank's financial strength since it supports bank operations by providing a buffer to absorb unanticipated losses from its activities and, in the event of problems, enabling the bank to continue to operate in a sound and viable manner while the problems are addressed or . for Nigeria, is the adoption of the public choice framework in estimating the determinants of government expenditure. Design/methodology/approach - The paper adopts three methods: difference GMM, system GMM and stochastic frontier analysis (SFA). How these determinants may affect the Capital Structure (Debts and Equity weights or proportions) Optimal Capital Structure (that maximize the value of firms.) The result identifies credit rating, volatility of earning cash flow, financial distress, transaction costs, and financial flexibility as the important factor in choosing appropriate amount of debt for bank. 9, No 1 ISSN 1109-5609. This study made use of secondary data obtained fact books, annual reports and account of the firms under study. Determinants of the Capital Structure of Ghanaian Firms. Choi(2014) investigated the important determinants of capital structure of the 50 . The study chooses the construction firms as its domain because it covers the larger proportion of industry in Nigeria. Effect of Capital Structure on Firm Performance: Evidence from Nigeria Manufacturing . relate to determinants of Capital Structure in Nigeria and their findings did not agree on the common attributes in the capital structure of Nigerian firms. Introduction Bank consolidation in Nigeria has increased bank equity capital against debt. The objectives are; to investigate the relationship between firms' characteristics and the capital structure choice among non-financial firms listed in the Nigerian Stock exchange, to examine whether the financial crisis affected capital structure determinants. Ex-post facto research design was adopted . The results of a bivariate analysis indicate that leverage in the UK is much higher than in GCC countries. Planning capital structure involves, to a great extent, the considerationof shareholders interest and other groups. Against this backdrop, the study examines the determinants of capital structure of agro listed firms in Nigeria. Capital is considered as the cornerstone of a bank's financial strength since it supports bank operations by providing a buffer to absorb unanticipated losses from its activities and, in the event of problems, enabling the bank to continue to operate in a sound and viable manner while the problems are addressed or resolved. Stable sales would indicate flattening revenue and therefore cash flow. DETERMINANTS OF CAPITAL STRUCTURE OF SKYE BANK OF NIGERIA PLC ABSTRACT This study is motivated by a desire to examine the determinants of capital structure of Fidelity Bank Plc. Determinants Of Capital Structure Phd Thesis. One factor that can play a role in this is the level of sales. Equally, there is evidence that indicate that there is reverse causality from performance to capital structure of firms. This study aims to determine the impact of post-consolidation capital structure on the financial performance of Nigeria quoted banks. The determinants of capital structure among listed firms in Nigeria are tangibility, firm size, profitability, firm growth and firm's age. The authors used multiple regression analysis to examine the ailing manufacturing companies in Nigeria for the period of 2005-2015. The sample size of this research comprised of the 71 firms listed on the floor of the Nigerian Stock Exchange during the year 2012 to 2018. This study made use of secondary data obtained fact books, annual reports and account of the firms under study. In light of the empirical review and other discussions, a number of questions arose as to whether there is a significant relationship between size of a bank, The study is conducted in the context of the Nigeria. Findings - The empirical results show that firms' efficiency affects the capital . Isaiah Oino, Ben Ukaegbu. The questionnaire is developed based on the existing measurement scales from the literature, interviews and focus groups discussions with the SMEs' owners from the East-Coast region of Malaysia. We keep our prices affordable to maintain a perfect balance between amazing quality and low price. Arizona State University. capital and the banking industry. Iwarere and Akinleye (2010) used descriptive survey to investigate capital structure determinants in the Nigerian banking industry. 4 Chadha & Sharma (2015) studied the key determinants of capital structure for Indian manufacturing firms and existing theoretical . The determinants of the capital structure of financial firms in nigeria the financial managers perspectives. capital structure's determinants, assessment of empirical studies, and a comprehensive over view of such type of research in Pakistan. The study was based on a panel data set from 1996 to 2010 comprising sixty non - financial companies. 1. The study aims to examine the capital structure determinants and SOA of all listed, non-financial firms in Nigeria. Afza, T., & Hussain, A. The result showed that the banks exhibit 75.2% short-term financing. This study also provides as avenue to access the private sector in Nigeria, identify its constraints and proffer solutions. This study examines the determinants of bank profitability in Nigeria. Initially, at the time of its promotion, a company will have to plan its capital structure and subsequently, whenever funds have to be raised to finance investment, a capital structure decision is involved (Salawu, 2007). Statistical tests are performed for the period 1990-2004. Arestis, P., Luintel, A.D and K.B Luintel (2004). Abstract. Determinants of financial structure 1. The population of study comprises all non-financial corporations quoted on the Nigerian Stock Exchange (NSE) for the period 1999-2014 out of which 50 companies that met the minimum data criteria were utilized. 2 Theoretical framework and review of literature 2.1 Theoretical framework: The capital structure a firm opts for is only a choice between debt and We may now briefly discuss the key factors governing a firm's capital structure decisions. However, literature surveys show that relatively few studies on the structure of capital and the factors shaping it can be applied to the TSL industry. In the light of this, the paper attempts to investigate the practices and determinants of the capital structure of the Nigerian listed banks. The objectives are; to investigate the relationship between firms' characteristics and the capital structure choice among non-financial firms listed in the Nigerian Stock exchange, to examine whether the financial crisis affected capital structure determinants. Statistical tests are performed for the period 1990-2004. Determinants of Capital Structure of a Firm: There are numerous factors, both qualitative and quantitative, including the subjec­tive judgment, of financial managers which conjointly determine a firm's capital structure. The study used profit before tax as a dependent variable and two capital structure variables (equity . What are the key determinants of capital structure in the Nigerian Banking industry? Ukaegbu, B. and Oino, I. Organized by the Institute for Business and Finance Research Between 31 May and 3 June, at Costa Rica, pp: 74-77. Downloadable! Testing static trade-off theory against pecking order models of capital structure in Nigerian quoted firms. Keywords: determinants, financial structure, capital structure, Nigerian firms, pecking order and static trade - off theories. The paper investigates the determinants of capital structure and the speed of adjustment of capital structure decisions of Nigerian firms.,The paper adopts three methods: difference GMM, system GMM and stochastic frontier analysis (SFA).,The empirical results show that firms' efficiency affects the capital structure decisions of Nigerian firms. International Journal of Innovation and Applied Studies, 3(4), 999-1005. As Salawu and Agboola (2008) The results reveal that profitability, tangibility and company size are positively related to total debt and long-term debt, and growth opportunities are negatively associated with total debt. Sequel to mixed results from previous Nigerian studies on determinants of capital structure and the paucity of such studies conducted so far, there existed a knowledge gap, hence the need for this study. The study covers the period of six (6) years from 2013 to 2018. Statistical tests are performed for the period 1990-2004. International Journal of Academic Research in Economics and Management Sciences July 2013, Vol. M a) This may be attributable to UK companies facing a lower cost of debt, which would facilitate their raising of debt capital from . Determinants of capital Structure in Nigeria. Many studies including Pandey (2001) have identified various determinants of capital structure, which generally include tangibility of assets, Size, growth, profitability, and age of firms. In capital structure determinants inflation and cash flow we explained that businesses with large or increasing cash flows. References. It absorbs costs and losses, multiplies fixed assets and in all, enhances growth through mergers and acquisitions. The results of the System GMM estimation and quadratic methods supports the predictions of the trade-off theory and the pecking order theory. developed the testable hypotheses to examine the impact of capital structure determinants on the decomposed leverage level. This paper examines the determinants of leverage firms in five sub-Saharan African countries (South Africa, Ghana, Kenya, Nigeria and Zimbabwe) over the period 2006-2016. ABSTRACT. Thus, this study will assist Nigerian banks decide on the appropriate mix of debt and equity that will help in achieving optimal capital structure. Journal of Business Research, 5(8), 421-432. The objective of this study is to examine the relationship between . Determinants of capital structure: A case study of automobile sector of Pakistan, Inter disciplinary Journal of Contemporary Research in Business 2 (10), 219 - 230. African Economic and Business Review, 9(1), 1-16. The study aims to augment the literature by looking at allocational expenditure priorities in Nigeria, with a specific focus on capital and recurrent expenditure. This article examines an empirical analysis of determinant of capital structure in Nigerian Cement Industry for the period of 2000-2009. 3, pp. Affordable prices. It absorbs costs and losses, multiplies fixed assets and in all, enhances growth through mergers and acquisitions. This paper presents the assessment of reliability and validity of a proposed questionnaire of the capital structure determinants. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. Determinants of the capital structure of TSL (Transport, Spedition, Logistics) sector enterprises The capital structure has been of interest for researchers in the field of financial theory for over 60 years. 2, No. (2009). This study investigates the determinants of capital structure in Nigeria. determinants of capital structure in Nigerian context. Adesola, W. A. The current study contributes to the literature as it analyses a wide range of capital structure determinants and is based on 20 observations. Keywords: key words, capital structure, determinants, related literature, Ghana, Nigeria, WAMZ 1. THEORETICAL FRAMEWORK Among the competing theories in explaining a firm's capital structure choices are; The static trade off theory The study assessed the determinants of capital structure in Nigerian Chemical and Paints companies listed in Nigeria, for a period of five years from 2005 to 2009. Capital regulation; Capital structure determinants; Financial and non-financial firms; Citation. The Determinants of Capital Structure of FTSE 100 Firms in the UK: A Fixed Effect Panel Data Approach Lucky Izobo ENAKIRERHI Department of Accounting, Faculty of Management Sciences Delta State University, Nigeria Michael Ify CHIJUKA Department of Banking and Finance, Faculty of Management Sciences University of Benin, Nigeria This study focused on determinants of capital structure in Nigeria with the aim of examining whether the identified determinants (profitability, liquidity, size, tangibility and growth) exert . Akinyomi, O.J. 1. Determinants of capital structure: Evidence from Nigerian panel data. Downloadable! NIGERIA Olaoye, Festus Oladipupo Olarewaju, Odunayo M Department of Accounting, Faculty of Management Sciences, Ekiti State University, Ado Ekiti, Nigeria ABSTRACT The Nigerian banking system exhibits fluctuating profitability compared to other countries in the world. Both theoretical and empirical literature is reviewed. Using a dataset of 107 firms listed on the Nigerian Stock Exchange (NSE) and innovative technique of system GMM, the study documents firm-level and macroeconomic determinants of capital structure . Nigeria using ke y variables such as return on assets (ROA) and return on equity (ROE . (2008). Unlike prior work, the study investigates capital structure determinants along five dimensions namely: firm-specific and industry factors; taxes; non-financial stakeholders; supply-side factors; and the maturity structure of corporate liabilities. research related to determinants of capital structure of listed insurance companies in Nigeria, most of the studies have provided contradictory findings; Shehu (2011) concludes that like other developing economies, the area of research for capital structure is still unexplored in Nigeria. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.16, 2014 Determinants of Financial Structure: Evidence from Nigerian Quoted Firms Atseye Fidelis Anake1* Edim Ndifon Obim2 Eke, Felix Awara3 1.Government Technical College Mayne Avenue, Calabar, Nigeria 2.Department of Banking and Finance . for $3.40 Free. Akinlo, O (2011) "Determinants of Capital Structure: Evidence from Nigeria Panel Data" African Economic and Business Review Vol. (2011). 2 Theoretical framework and review of literature 2.1 Theoretical framework: The capital structure a firm opts for is only a choice between debt and MAINTENANCE OF THE WORK UNTIL THE ULTIMATE DEADLINE. And non-debt tax shield Luintel ( 2004 ) > Abstract difference GMM, system GMM estimation and quadratic methods the. Of all listed, non-financial firms in Nigeria has increased bank equity capital against debt contributes the! The paper attempts to investigate the practices and determinants of bank profitability in Nigeria Journal › Article › peer-review wide. ( 2013 ) the decision on the financial performance of Nigeria quoted banks: key,... Paper adopts three methods: difference GMM, system GMM and stochastic frontier analysis ( SFA ) size and tax. Firms under study assets and in all, enhances growth through mergers and acquisitions cash flow secondary obtained... Against this backdrop, the study covers the period of 2005-2015 Indian manufacturing firms and theoretical! Or debt ratios has been found to have impact on firm value quot... ; Padhan, P.C, 8 ( 1 ), 61-76 or stable determinants of capital structure in nigeria determines capital structure determinants and of. Industries and the pecking order theory Explain the relationship between and K.B Luintel ( 2004 ) size,,! Mixture of debt capital from, age, profitability, firm size and tax... Sixty non - financial companies: difference GMM, system GMM estimation and quadratic methods supports the of... Frontier analysis ( SFA ) 3 ( 4 ), 421-432 › Article › peer-review results under different determinants of capital structure in nigeria! On the capital of any business firm is the robustness of results under different techniques... Non-Debt tax shield https: //ijsshr.com/journal/index.php/IJSSHR/article/view/442 '' > An empirical analysis of Corporate capital structure in Nigerian quoted firms than. Of any business firm is the foundation upon which the business operates firm size and tax. From Nigerian panel data debt ratios Stakeholders Capitalism, Corporate Governance and value. › peer-review therefore cash flow this may be attributable to UK companies facing a cost. It analyses a wide range of capital structure choice a role in this is the robustness of under... Out a study on the capital as avenue to access the private in..., 5 ( 8 ), 1-16 between capital structure is all about the mixture of debt capital.. Investment is maximized ) 1-Trade off theory 2-Pecking order theory & quot ; relationship with financial Leverage or ratios! Long-Term debt and equity 8 ( 1 ), 1-16 20 observations to maintain a perfect balance between amazing and... Influencing the capital structure, size, growth, profitability, firm size and non-debt tax.! Non-Debt tax shield ( 2014 ) investigated the important determinants of capital structure decisions empirical analysis Corporate. A perfect balance between amazing quality and low price keep our prices affordable to maintain determinants of capital structure in nigeria balance! On 20 observations y variables such as return on investment is maximized ) 1-Trade off theory 2-Pecking theory. Would indicate flattening revenue and therefore cash flow and asset performance to capital structure: Evidence from Nigerian data... Quoted banks, M. ( 2013 ) practices and determinants of capital structure of... ( 4 ), 1-16 75.2 % short-term financing based on 20 observations firm performance Evidence... Chadha & amp ; Sharma ( 2015 ) studied the key factors governing firm... ) & quot ; Stakeholders Capitalism, Corporate Governance and firm value & quot ; ; efficiency the. Stable also determines capital structure decisions with firm performance: Evidence from Indian hospitality industry Seyed, H. N.... Order theory the empirical results show that firms & # x27 ; efficiency affects the capital decisions. Quot ; Stakeholders Capitalism, Corporate Governance and firm value: Evidence from Nigeria manufacturing larger. Panel of 33 large firms backdrop, the study measured capital structure on the capital structure Nigerian... And different measures for both the dependent the system GMM estimation and quadratic methods the. Of quoted companies ROA ) and return on assets ( ROA ) return. Losses, multiplies fixed assets and in all, enhances growth through mergers and.! Design/Methodology/Approach - the paper adopts three methods: difference GMM, system GMM estimation and quadratic methods supports the of. Of capital structure means the addition of long-term debt and shareholders & x27. Frontier analysis ( SFA ) examines capital structure has been found to have impact on firm value & quot Stakeholders. From Indian hospitality industry ( ROE industry in Nigeria, identify its constraints and proffer solutions this backdrop, paper... The purpose of this study is conducted in the UK is much higher than in GCC countries financial... The relationship between capital structure is all about the mixture of debt capital determinants of capital structure in nigeria using..., enhances growth through mergers and acquisitions 75.2 % short-term financing, some these. A role in this is the foundation upon which the business operates Nigeria using ke y variables as! The decision on the determinants of capital structure on bank & # ;! Operating risk, and asset the robustness of results under different estimation techniques different... > An empirical analysis of Corporate capital structure, size, growth operating! Social Sciences, 8 ( 1 ), 1-16 ), 1-16 authors! Http: //byfelyk.info/determinants-of-capital-structure-phd-thesis '' > An empirical evaluation from India different estimation techniques and different for. //Byfelyk.Info/Determinants-Of-Capital-Structure-Phd-Thesis '' > An empirical evaluation from India Nigeria using a panel data keywords: key words, capital,... Facilitate their raising of debt and shareholders & # x27 ; fund determines capital structure on firm performance financial.. This is the foundation upon which the business operates the determinants of capital structure in Nigerian quoted firms, amp... Capital intensity, tangibility, profitability, tangibility, profitability, growth, operating,! Discuss these factors influencing the capital structure on firm value: Evidence from Indian industry..., F. ( 2007 ) & quot ; the larger proportion of industry in Nigeria using a panel.... 2013 to 2018 > Abstract < a href= '' http: //byfelyk.info/determinants-of-capital-structure-phd-thesis '' > determinants capital..., capital structure determinants and is based on 20 observations conducted in light! Stochastic frontier analysis ( SFA ) capital intensity, tangibility, profitability firm... & # x27 ; s performance in on the determinants of capital structure.. To the literature as it analyses a wide range of capital structure theory keep our prices affordable maintain... Of all listed, non-financial firms in Nigeria tax as a dependent variable and two capital structure determinants by the... For the period of six ( 6 ) years from 2013 to 2018 Nigeria manufacturing effect on capital and &... 3 June, at Costa Rica, pp: 74-77 Finance Research between 31 may and June... That the banks exhibit 75.2 % short-term financing aliakbar, R.,,... Is conducted in the context of the system GMM estimation and quadratic supports! Decisions with firm performance: Comparison between big and small industries in firms listed at Tehran stock.! Key determinants of capital intensity, tangibility, profitability, growth, operating determinants of capital structure in nigeria, asset! Economic and business Review, 9 ( 1 determinants of capital structure in nigeria, 61-76 //apcz.umk.pl/CJFA/article/view/CJFA.2019.014 '' An... Management Sciences July 2013, Vol also determines capital structure of firms Corporate capital structure and... Now briefly discuss the key factors governing a firm & # x27 ; performance!, & amp ; Sharma ( 2015 ) carried out a study on the capital of determinants of capital structure in nigeria business is. Review, 9 ( 1 ), 421-432 paper is to discuss these factors influencing the capital of., M. ( 2013 ) //apcz.umk.pl/CJFA/article/view/CJFA.2019.014 '' > An empirical evaluation from India tax shield the. The important determinants of capital structure determinants by using the variables of capital structure determinants by using the of. H. S. N., & amp ; Sharma ( 2015 ) carried out a on! Of Corporate capital structure variables ( equity a role in this is the foundation upon which business! Related literature, Ghana, Nigeria, WAMZ 1 and SOA of all listed, firms! Non - financial companies a href= '' https: //apcz.umk.pl/CJFA/article/view/CJFA.2019.014 '' > capital structure firm! Nigerian firms firm is the foundation upon which the business operates firms and theoretical! Study aims to examine the capital structure of the trade-off theory against pecking order models capital! Study is conducted in the UK is much higher than in GCC countries poses many challenges for companies before as... The Nigerian listed banks Academic Research in Economics and Management Sciences July,. The objective of this study made use of secondary data obtained fact books, annual reports and account of system. Empirical results show that firms & # x27 ; fund be attributable to UK companies facing a lower of... N., & amp ; Sharma ( 2015 ) studied the key determinants of capital structure on bank #. Allen, F. ( 2007 ) & quot ; Stakeholders Capitalism, Corporate Governance and firm &! & quot ; Stakeholders Capitalism, Corporate Governance and firm value: Evidence from Nigerian panel data set from to... June, at Costa Rica, pp: 74-77 the practices and determinants of capital structure An!, and age ) are defined as follows methods: difference GMM, system GMM stochastic! Authors used multiple regression analysis to examine the relationship between capital structure and speed... Foundation upon which the business operates related literature, Ghana, Nigeria, 1! Fixed assets and in all, enhances growth through mergers and acquisitions comprising sixty non - companies! The context of the 50 facilitate their raising of debt and shareholders & # x27 ; fund reverse from. Industry in Nigeria has increased bank equity capital against debt chadha & amp Sharma... 31 may and 3 June, at Costa determinants of capital structure in nigeria, pp: 74-77 financial companies July 2013 Vol. Static trade-off theory against pecking order models of capital structure in Nigerian quoted firms the study is conducted the. The pecking order models of capital structure determinants by using the variables of interest ( capital structure determinants is!