EFFECT OF CAPITAL STRUCTURE ON THE FINANCIAL PERFORMANCE OF MANUFACTURING COMPANIES IN NIGERIA
Abstract
Abstract
Leverage financing has remained a topical issue and vital to maximize share price, boost firms value and enhanced performance. In this study, the effect of capital structure on financial performance of manufacturing listed firms in Nigeria between the years 2008 and 2022 are empirically analyzed. The yearly financial statements of manufacturing listed firms in Nigeria served as the secondary source of data for this study. In order to analyze the data using the E-View 12 statistical tool, the study used descriptive statistics, correlation, Hausman test, and panel multiple regression. The study's measurements of the capital structure included the total debt to total asset ratio (TDTA), long term debt to total assets ratio (LDTA), short-term debt to total assets ratio (SDTA), and total debt to total equity (TDTE), firm performance was proxied by the return on assets (ROA) of manufacturing listed firms in Nigeria. The results showed that TDTA (t-stat -3.88, P-value 0.00
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