Measuring Capital Structure Determinants of Small and ... Iwarere and Akinleye (2010) used descriptive survey to investigate capital structure determinants in the Nigerian banking industry. (PDF) Determinants of Capital Structure in Nigeria Impact of capital structure on firm value: Evidence from Indian hospitality industry. capital structure of the Nigerian banking sector and enhance competitiveness in the banking sector. 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. Determinants of Capital Structure in Eco Bank of Nigeria ... The purpose of this paper is to examine the effect of capital structure on bank' s performance in. Statistical tests are performed for the period 1990-2004. 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. (Pdf) the Determinants of Capital Structure in The Brewery ... (2017). The objective of this study is to examine the relationship between . 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. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. The firm-specific factors that determine the capital structure of thirty five (35) non-financial firms quoted on the stock exchange in Capital structure means the addition of long-term debt and shareholders' fund. capital structure's determinants, assessment of empirical studies, and a comprehensive over view of such type of research in Pakistan. Arestis, P., Luintel, A.D and K.B Luintel (2004). Ukaegbu, B. and Oino, I. We may now briefly discuss the key factors governing a firm's capital structure decisions. How these determinants may affect the Capital Structure (Debts and Equity weights or proportions) Optimal Capital Structure (that maximize the value of 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 . This paper investigates the determinants of capital structure in the context of the Gulf Cooperation Council (GCC) and United Kingdom (UK) real estate sectors. Stable sales would indicate flattening revenue and therefore cash flow. The study aims to augment the literature by looking at allocational expenditure priorities in Nigeria, with a specific focus on capital and recurrent expenditure. (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. 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. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. Another issue in prior research is the robustness of results under different estimation techniques and different measures for both the dependent . The study aims to examine the capital structure determinants and SOA of all listed, non-financial firms in Nigeria. contribute to the research by studying the capital structure determinants in Nigerian companies during the year 2012. Akinlo, O. 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. 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. The study measured capital structure determinants by using the variables of capital intensity, tangibility, profitability, firm size and non-debt tax shield. Bank consolidation in Nigeria has increased bank equity capital against debt. 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, Downloadable! 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. MAINTENANCE OF THE WORK UNTIL THE ULTIMATE DEADLINE. Aggarwal, D., & Padhan, P.C. This study investigates the determinants of capital structure in listed insurance companies in Nigeria for the period of thirteen years, from 2006-2018. determinants of capital structure in Nigerian context. This study investigates the 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. 1. It absorbs costs and losses, multiplies fixed assets and in all, enhances growth through mergers and acquisitions. The study covers the period of six (6) years from 2013 to 2018. High quality. Ex-post facto research design was adopted . 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). 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. 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 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 . Iwarere and Akinleye (2010) used descriptive survey to investigate capital structure determinants in the Nigerian banking industry. This may be attributable to UK companies facing a lower cost of debt, which would facilitate their raising of debt capital from . He showed that profitability, growth rate, firm age, firm size and tangibility are the main determinants of capital structure of sample firms. It absorbs costs and losses, multiplies fixed assets and in all, enhances growth through mergers and acquisitions. The study aims to examine the capital structure determinants and SOA of all listed, non-financial firms in Nigeria. Introduction The capital of any business firm is the foundation upon which the business operates. The current study contributes to the literature as it analyses a wide range of capital structure determinants and is based on 20 observations. The variables of interest (capital structure, size, growth, profitability, tangibility, and age) are defined as follows. The authors used multiple regression analysis to examine the ailing manufacturing companies in Nigeria for the period of 2005-2015. 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 . Akinlo, O (2011) "Determinants of Capital Structure: Evidence from Nigeria Panel Data" African Economic and Business Review Vol. Determinants of financial structure 1. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. It and return on investment is maximized) 1-Trade off Theory 2-Pecking order Theory Explain the relationship with Financial Leverage or debt ratios. Choi(2014) investigated the important determinants of capital structure of the 50 . Introduction 3, pp. 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. Testing static trade-off theory against pecking order models of capital structure in Nigerian quoted firms. The determinants of capital structure among listed firms in Nigeria are tangibility, firm size, profitability, firm growth and firm's age. Nigeria using ke y variables such as return on assets (ROA) and return on equity (ROE . 5 No. for Nigeria, is the adoption of the public choice framework in estimating the determinants of government expenditure. Statistical tests are performed for the period 1990-2004. 341-368. The study therefore contend that the agency cost M a) Planning capital structure involves, to a great extent, the considerationof shareholders interest and other groups. Afza, T., & Hussain, A. The analyses are performed using time series data pertaining four listed cement firms. Determinants of Capital Structure in Nigerian Quoted Composite insurance Companies. 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. Relationship between Capital Structure and Firm Performance. Against this backdrop, the study examines the determinants of capital structure of agro listed firms in Nigeria. This study made use of secondary data obtained fact books, annual reports and account of the firms under study. Keywords: key words, capital structure, determinants, related literature, Ghana, Nigeria, WAMZ 1. study, we intend to add to these studies by analyzing the determinants of corporate capital structure in the Federal Republic of Nigeria. The study is conducted in the context of the Nigeria. The decision on the capital structure poses many challenges for companies. contribute to the research by studying the capital structure determinants in Nigerian companies during the year 2012. Capital structure has been found to have impact on firm performance. THEORETICAL FRAMEWORK Among the competing theories in explaining a firm's capital structure choices are; The static trade off theory What are the key determinants of capital structure in the Nigerian Banking industry? non-debt tax shields and dividend as possible determinants of the capital structure choice. Whether sales are growing or stable also determines capital structure choice. This study aims to determine the impact of post-consolidation capital structure on the financial performance of Nigeria quoted banks. Experts. 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 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). Determinants Of Capital Structure Phd Thesis. 4 The results of a bivariate analysis indicate that leverage in the UK is much higher than in GCC countries. Chadha & Sharma (2015) carried out a study on the determinants of capital structure: an empirical evaluation from India. 9, No 1 ISSN 1109-5609. Adesola, W. A. Capital regulation; Capital structure determinants; Financial and non-financial firms; Citation. Arizona State University. This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. Determinants of capital structure: Evidence from Nigerian panel data. This article examines an empirical analysis of determinant of capital structure in Nigerian Cement Industry for the period of 2000-2009. The results of the System GMM estimation and quadratic methods supports the predictions of the trade-off theory and the pecking order theory. The relationship between capital structure decisions with firm performance: Comparison between big and small industries in firms listed at Tehran stock exchange. for $3.40 Free. Chandrasekharan (2012) analyzed the determinants of capital structure in the Nigerian firms for the period 2007 to 2011. 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 . Therefore, this study examines the determinants of the capital structure of the Nigerian non-financial listed 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 determinants of the capital structure of financial firms in nigeria the financial managers perspectives. DETERMINANTS OF CAPITAL STRUCTURE IN THE NIGERIAN LISTED FIRMS Akinyomi, O.J. (2013). knowledge of their capital structure becomes indispensable and warrants this study. This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. factors which influence the capital structure of Nigerian firms. . 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. 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. One of the most strategic decisions being faced by the 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). 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. Research Paper African Economic Research Consortium, 179. ABSTRACT. Effect of Capital Structure on Firm Performance: Evidence from Nigeria Manufacturing . Abstract. Size, age, profitability, growth, operating risk, and asset . Thus, this study will assist Nigerian banks decide on the appropriate mix of debt and equity that will help in achieving optimal capital structure. 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. This paper presents the assessment of reliability and validity of a proposed questionnaire of the capital structure determinants. The independent variables of the study are . (2009). The study was based on a panel data set from 1996 to 2010 comprising sixty non - financial companies. 2, No. The result showed that the banks exhibit 75.2% short-term financing. The determinants of capital structure: A comparison of financial and non-financial firms in a regulated developing country-Nigeria. Akintoye, I.R. industries and the capital structure theory. This study examines the determinants of bank profitability in Nigeria. Equally, there is evidence that indicate that there is reverse causality from performance to capital structure of firms. Organized by the Institute for Business and Finance Research Between 31 May and 3 June, at Costa Rica, pp: 74-77. Determinants of capital Structure in Nigeria. Determinants of the Capital Structure of Ghanaian Firms. This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. Abstract. determinants of capital structure of firms in Nigeria and that capital structure choice of firms influence their performance. 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. This study made use of secondary data obtained fact books, annual reports and account of the firms under study. 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. Keywords: determinants, financial structure, capital structure, Nigerian firms, pecking order and static trade - off theories. Design/methodology/approach - The paper adopts three methods: difference GMM, system GMM and stochastic frontier analysis (SFA). This study made use of secondary data obtained fact books, annual reports and account of the firms under study. School of Economics, Finance and Accounting; Research output: Contribution to journal › Article › peer-review. 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, 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. Statistical tests are performed for the period 1990-2004. 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. 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