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Effect of Mix Capital on Financial Performance of Quoted Manufacturing Companies in Nigeria

Author

Listed:
  • Olayeye Folasade Funmilola

    (Federal University of Technology, Nigeria)

  • Olowolaju Philip Segun

    (Federal University of Technology, Nigeria)

  • Ilori David Babatunde

    (Federal University of Technology, Nigeria)

  • Adedeji Elijah Adeyinka

    (Federal University of Technology, Nigeria)

Abstract

This study examines mix capital and financial performance of quoted manufacturing companies in Nigeria. The ex post facto research design was employed in the study. The study population comprised of thirty-eight (38) manufacturing companies in Nigeria as listed on the Nigerian Exchange Group (NGX) over the period 2012 to 2023. Census sampling method was employed to determine sample for the study after sanitizing the population of the study. Data collection for this study was source through the published financial reports of quoted manufacturing companies from 2012-2023. The investigation utilizes descriptive statistics and Panel Ordinary Least Square Regression technique for data analysis. The study revealed the existence of a positive and significant effect of equity capital on Return on equity by 0.0073 (p = 0.0042) and on Tobin Q by 0.0029 (p = 0.0002). The study concluded that statistically, there is positive and significant effect of capital structure on financial performance of listed manufacturing companies in Nigeria. The study recommended that management of manufacturing companies should endeavour to explore opportunities to attract more equity investors through robust shareholder engagement and transparent financial reporting, which can ultimately improve profitability and long-term growth.

Suggested Citation

  • Olayeye Folasade Funmilola & Olowolaju Philip Segun & Ilori David Babatunde & Adedeji Elijah Adeyinka, 2025. "Effect of Mix Capital on Financial Performance of Quoted Manufacturing Companies in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(6), pages 5380-5395, June.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-6:p:5380-5395
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    References listed on IDEAS

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    4. Sihong Wu, 2019. "Debt financing structure, ownership concentration and firm performance: a comparison of the listed state-owned and non-state-owned CMNEs," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 17(2), pages 147-168, April.
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