Financial Policy and Corporate Performance: An Empirical Analysis of Nigerian Listed Companies
International Journal of canadian Center of Science and Education,VOL .4,NO.4,P.175-181
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| Format: | Tidsskrift |
| Sprog: | engelsk |
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Canadian Center of Science and Education
2020
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| Online adgang: | https://ir.oauife.edu.ng/handle/123456789/5058 |
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| _version_ | 1810764576184074240 |
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| author | SALAWU, Rafiu Oyesola ASAOLU, Taiwo Olufemi YINUSA, Dauda Olalekan |
| author_facet | SALAWU, Rafiu Oyesola ASAOLU, Taiwo Olufemi YINUSA, Dauda Olalekan |
| author_sort | SALAWU, Rafiu Oyesola |
| collection | DSpace |
| description | International Journal of canadian Center of Science and Education,VOL .4,NO.4,P.175-181 |
| format | Journal |
| id | oai:ir.oauife.edu.ng:123456789-5058 |
| institution | My University |
| language | English |
| publishDate | 2020 |
| publisher | Canadian Center of Science and Education |
| record_format | dspace |
| spelling | oai:ir.oauife.edu.ng:123456789-50582023-05-13T11:13:19Z Financial Policy and Corporate Performance: An Empirical Analysis of Nigerian Listed Companies SALAWU, Rafiu Oyesola ASAOLU, Taiwo Olufemi YINUSA, Dauda Olalekan Firms performance GMM Financial policy International Journal of canadian Center of Science and Education,VOL .4,NO.4,P.175-181 This study investigates the effects of financial policy and firm specific characteristics on corporate performance. Panel data covering a period from 1990 to 2006 for 70 firms were analyzed. Pooled OLS, Fixed Effect Model and Generalized Method of Moment panel model were employed in the estimation and data were sourced from the annual report and financial statement of the sampled firms. The estimation of the dynamic panel-data results show that long-term debts, tangibility, corporate tax rate, dividend policy, financial and stock market development were all positively related with firms’ performance. Furthermore, the positive relationship between stock market development and ROA suggest that as stock market develops, various investment opportunities are opened to firms. Therefore, there is need to monitor the performance of these variables in order to stabilize and enhance performance of listed firms in Nigeria. In addition, the result shows that growth, size and foreign direct investment are negatively related with firms’ performance (ROA). In addition, the result indicates that higher income variability increases the risk that a firm may not be able to cover its interest payment, leading to higher expected costs of financial distress. This may leads to reduce their profitability. The results of the study generally support existing literature on the impact of financial policy on corporate performance. 2020-01-16T10:59:22Z 2020-01-16T10:59:22Z 2012-04-01 Journal 10.5539/ijef.v4n4p175 https://ir.oauife.edu.ng/handle/123456789/5058 en application/pdf Canadian Center of Science and Education |
| spellingShingle | Firms performance GMM Financial policy SALAWU, Rafiu Oyesola ASAOLU, Taiwo Olufemi YINUSA, Dauda Olalekan Financial Policy and Corporate Performance: An Empirical Analysis of Nigerian Listed Companies |
| title | Financial Policy and Corporate Performance: An Empirical Analysis of Nigerian Listed Companies |
| title_full | Financial Policy and Corporate Performance: An Empirical Analysis of Nigerian Listed Companies |
| title_fullStr | Financial Policy and Corporate Performance: An Empirical Analysis of Nigerian Listed Companies |
| title_full_unstemmed | Financial Policy and Corporate Performance: An Empirical Analysis of Nigerian Listed Companies |
| title_short | Financial Policy and Corporate Performance: An Empirical Analysis of Nigerian Listed Companies |
| title_sort | financial policy and corporate performance an empirical analysis of nigerian listed companies |
| topic | Firms performance GMM Financial policy |
| url | https://ir.oauife.edu.ng/handle/123456789/5058 |
| work_keys_str_mv | AT salawurafiuoyesola financialpolicyandcorporateperformanceanempiricalanalysisofnigerianlistedcompanies AT asaolutaiwoolufemi financialpolicyandcorporateperformanceanempiricalanalysisofnigerianlistedcompanies AT yinusadaudaolalekan financialpolicyandcorporateperformanceanempiricalanalysisofnigerianlistedcompanies |