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Macroeconomic variables and their effects on the capital structure of quoted Nigerian firms

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  • Paseda, Oluseun
  • Obademi, Olalekan

Abstract

This study examines the impact of macroeconomic variables on the capital structure of Nigerian quoted firms. The two-stage least squares, GMM and GARCH estimations reveal that corporate borrowing is a declining function of macroeconomic conditions in Nigeria and macro-effects are significant across the 17 selected industries.

Suggested Citation

  • Paseda, Oluseun & Obademi, Olalekan, 2020. "Macroeconomic variables and their effects on the capital structure of quoted Nigerian firms," MPRA Paper 117060, University Library of Munich, Germany, revised 31 Jan 2020.
    • Handle: RePEc:pra:mprapa:117060
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Capital structure; Macroeconomic conditions; Unemployment risk; monetary policy; fiscal policy;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G3 - Financial Economics - - Corporate Finance and Governance
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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