Moderating Effect of Board Characteristics on the Relationship between Capital Structure and Financial Performance of Listed Consumer Goods Companies in Nigeria.

Registration ID: IJNRD_201743

Published ID: IJNRD2307445

DOI: Click Here to Get

Inyang, Ernest Ebong , Bilyaminu Yusuf Hanga , Maryam.I. Muhammad

Capital Structure, Board Characteristic ,Financial performance ,Consumer Goods

This study examined the moderating effect of board characteristics on the relationship between capital structure and financial performance of listed consumer goods companies in Nigeria. Data for the study were collected from the annual reports and accounts of the sampled companies for the period of twelve (12) years from 2009 to 2020. The data collected were analysed using descriptive statistics to provide summary statistics for the variables, and correlation analysis was carried out using Pearson Product Moment Correlation technique to assess the correlation between the dependent and independent variables. The diagnostic test of both independent and dependent variable was carried out to ensure the validity of the findings. Generalized Least Square (that is, random effects regression for model one, and fixed effect for models two and three) was used in testing the study hypotheses using Stata software version 14.0. The study reveals that the independent variables, long-term debt, short-term debt and debt equity ratio, positively affect financial performance, which means the variables encouraged performance of companies, while the moderating variables, gender diversity, board independence, and board financial expertise, positively affect financial performance, except board size which negatively affects performance of listed consumer goods companies in Nigeria. The study concluded that board characteristics have a positive effect on capital structure and financial performance of listed consumer goods companies in Nigeria. The study, therefore, recommended that shareholders of these companies should appoint more independent directors, increase the size of the board, and appoint more females and more financial experts as directors. This would enhance effectiveness in the financial growth of companies with a view to increasing shareholders’ wealth.

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Inyang, Ernest Ebong, Bilyaminu Yusuf Hanga, & Maryam.I. Muhammad (July-2023). Moderating Effect of Board Characteristics on the Relationship between Capital Structure and Financial Performance of Listed Consumer Goods Companies in Nigeria.. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(7), e394-e413. https://ijnrd.org/papers/IJNRD2307445.pdf

Volume 8 Issue 7, July-2023

Pages : e394-e413

Paper Reg. ID: IJNRD_201743

Published Paper Id: IJNRD2307445

Downloads: 000121985

Research Area: Social Science and Humanities 

Country: Wukari, Taraba, Nigeria

Published Paper PDF: https://ijnrd.org/papers/IJNRD2307445.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2307445

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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