EFFECT OF CAPITAL STRUCTURE ON LIQUIDITY OF NIGERIAN LISTED FIRMS
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Type: Project Materials | Format: Ms Word | Attribute: Documentation Only | Pages: 62 Pages | Chapters: 1-5 chapters | Price: ₦ 3,000.00
This study examines the effect of Capital Structure
on Liquidity of Nigerian Listed Firms in Nigerian Stock Exchange for the period
of 2013-2017. Secondary data were collected and extracted from the financial
reports of the 28 Nigerian Listed Firms in
Nigeria for the data analysis. Data were analyze using regression analysis the
results show a significant effect of capital structure on financial
performance. The debt-equity ratio of the firm appears a more important factor
that determines the financial performance of Nigerian Listed Firms in Nigerian Stock
Exchange. The result shows that debt-equity ratio had a significant positive
effect on return on equity while debt ratio found significant but negative
effect on return on equity. The study recommended that top
management of every liquidity firm should make prudent financing decision in
order to remain profitable and competitive.
1.1 Background of the Study
Capital structure decision for any business organization in private and
public sectors as well as economy played a prominent role. It is regularly complex for business
firms to make out the right combination of debt and equity. Modern-day
corporate finance managers of Listed Firms in Nigeria continue to face the dual
challenge of poor financial performance of their firms and finding optimum
business financing options. These managers also have to tackle with the triple
demands of creating wealth for investors, sustaining business operations and
contributing to the growth of an economy.
However, it is
important to note that, in Nigeria, various legislation have been put in place
to ensure that the industry runs smoothly but these legislations have ended up
constraining the Listed Firms in issues relating to capital, for example a
minimum paid up capital is required for the Listed Firms before register a
company. Then also constrain in share capital to be deposited with the central
bank. These issues are very specific to Listed Firms only, and they have an
influence on the capital structure of the firms thus having an impact on the
overall performance of these firms. This study is likely to give a practical
contribution were the finding will be used by the Listed Firms policy-makers in
Nigeria to identify the appropriate financing mix that can go well with and
overcome the constrains by examining how the capital structure affect the
financial performance of liquidity firms. Theoretically, the finding is also
expected to contribute to validate the theories under consideration in this
1.2 Statement of the Research Problem
according to various researchers has been a study of significance in the
corporate finance field for a number of decades. Financial managers have
complexity in determining the optimal or favourable capital structure. The
Nigerian Listed Firms have had a number of constraints in regard to how their
capital ought to be structured. This is due to the legislation on minimum of
paid up capital requirement and share deposit with the Nigerian central bank.
These legislations have an influence in deciding what the capital structure
should look like. However, other studies present different opinion about what
type of fund and the optimum capital structure that will improve a firm
performance. Vincent (2013) and Mahfuzah and Raj (2011), and Abdul (2012)
considered debt financing as a more appropriate form of financing the business
of high risk firms because of the advantage of tax shield available on interest
payment, in contrary Athenia and Bongani (2015) sees equity financing as more
appropriate means of financing high risk firms with a lower success probability
and higher cash flow. Other researchers such as Mohammed (2013) and
Serrasqueiro and Marcia, (2015), see the use of both debt and equity as a more
appropriate means of financing a firm''s operation.
EFFECT OF CAPITAL STRUCTURE ON LIQUIDITY OF NIGERIAN LISTED FIRMS
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