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The Impact of Debt Structure on Firm Performance: Empirical Evidence from Nigerian Quoted Firms

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  • E. Chuke Nwude
  • Idam Okpara Itiri
  • Bamidele Oyakhiromhe Agbadua
  • Sergius Nwannebuike Udeh

Abstract

This paper provides an empirical investigation of the impact of debt structure on the performance of Nigerian quoted firms. It was conducted using 12-year annualized panel data spanning the period 2001-2012 for cross section of 43 firms from different sectorial classifications. The data were collated from the annual reports of the sampled firms and Nigeria Stock Exchange factbooks. The study employed three regression estimations (Pooled OLS, Fixed Effects and Random Effects) as a result of unobserved heterogeneity in the dataset. The outcome from the regression estimations showed that debt structure has negative and significant impact on the performance of Nigerian quoted firms within the period under review. The study concludes that debt structure contribute negatively to performance of Nigerian quoted firms, thereby agree with pecking order theory.

Suggested Citation

  • E. Chuke Nwude & Idam Okpara Itiri & Bamidele Oyakhiromhe Agbadua & Sergius Nwannebuike Udeh, 2016. "The Impact of Debt Structure on Firm Performance: Empirical Evidence from Nigerian Quoted Firms," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 6(11), pages 647-660.
    • Handle: RePEc:asi:aeafrj:v:6:y:2016:i:11:p:647-660:id:1512
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    Cited by:

    1. Gbalam Peter Eze & Ekokeme, Tamaroukro Timipere, 2020. "Effect of Financial Structure and Macroeconomic Fundamentals on Firm Profitability," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 7(2), pages 114-122, February.
    2. Sunday Akpan & Fauziah Mahat & Bany-Ariffin Noordin & Annuar Nassir, 2017. "Revisiting Insurance Capital Structure, Risk-Taking Behaviour and Performance between 1995 – 2002," Asian Social Science, Canadian Center of Science and Education, vol. 13(11), pages 128-128, November.

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