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Firm Life Cycle and Financial Performance: Evidence from Nigeria

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  • Yahaya, Onipe Adabenege
  • Onyabe, Joseph Majiyebo

Abstract

Purpose: There are limited scholarly works in Nigeria which examinethe influence of firm life cycle on financial performance. This studyhas filled this gap by examining the effects of firm life cycle onfinancial performance of listed firms in Nigeria.Design/Methodology/Approach: Correlational research design wasused and data were extracted 91 listed firms over a ten-year period(2010-2019) and analyzed using descriptive statistics (mean, standarddeviation, minimum mean and maximum mean) and inferentialstatistics (correlation coefficients and multiple regression analysis).Diagnostic checks such as normality, multicollinearity,heteroskedasticity, serial (auto) correlation and panel effects tests werecarried out and the results were used to decide the appropriate methodsof regression analysis.Findings: We find maturity stage to have positive and significanteffect on financial performance. However, we fail to find anysignificant effect at introductory, growth and shake-out stage.Implications/Originality/Value: The study, therefore, concludes thatthe maturity phase is the most critical stage and recommends thatmanagers should pay greater attention to their businesses, particularlyduring the period of maturity to avoid shakeout or decline.

Suggested Citation

  • Yahaya, Onipe Adabenege & Onyabe, Joseph Majiyebo, 2020. "Firm Life Cycle and Financial Performance: Evidence from Nigeria," Journal of Accounting and Finance in Emerging Economies, CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan, vol. 6(3), pages 723-732, October.
    • Handle: RePEc:src:jafeec:v:6:y:2020:i:3:p:723-732
    DOI: http://doi.org/10.26710/jafee.v6i3.1332
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    Cited by:

    1. Paolo Agnese & Paolo Capuano & Luca Secondi, 2020. "The Impact of Unconventional Monetary Policies on the Stocks of Bank Deposits: Evidence at an Aggregate Level in the Euro Area," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(6), pages 270-277, December.

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