CAPITAL STRUCTURE AND CORPORATE PERFORMANCE OF QUOTED

FIRMS IN NIGERIA

By

ELIAS SAMUEL UNEKWU

AMS23ACC0114

BEING A SEMINAR PAPER PRESENTED IN PARTIAL FULFILMENT OF THE

REQUIREMENTS FOR THE AWARD OF MASTER OF SCIENCE (MSc) DEGREE IN
ACCOUNTING

Abstract

This study is aimed at assessing the effect of capital structure and corporate
performance of Nigeria quoted firm for the period 2012 to 2023. To achieve this objective,
secondary data was culled from the Central Bank of Nigeria (CBN) statistical bulletin of 2010.
The data collected were analyzed using ordinary least square regression and Statistical
Package for Social Sciences (SPSS). The results of the analysis suggest that there is a
significant relationship between capital structure and corporate performance of selected
companies measured in terms of profit after tax. The regression showed that retained
earning showed more relationship with profit after tax than equity and debt and also
short term debt to equity, long term debt to equity and total debt to equity have a negative
relationship with return on asset. The study recommends that that debt capital is not a
profitable means of financing investment projects in firms listed in the Nigerian stock
exchange. However, all hands must be on deck by the Nigerian policy makers to embark on
policy measure to reduce double digit interest rate in the financial sector in order to ensure
self-liquidating debt in the Nigerian quoted firms

Keywords: Capital Structure, Corporate, Performance, Debt, firm

1
INTRODUCTION

This study of capital structure has traditionally been carried out by finance researchers and at
best there have been mixed results. According to Kochhar (1997), poor capital structure
decisions may lead to a possible reduction/loss in the value derived from strategic assets.
Hence, the capability of a firm to manage its financial policies is important if the firm is to
realize gains from its specialized resources. Raising appropriate funds in an organization will
aid the firm in its operation; hence, firms in Nigeria need to know the debt ‐equity mix that
gives effective and efficient performance after a good analysis of business operations and
obligations.

The research problem is that Capital imposed different obligations and costs on the firm
managers when deciding on the optimal capital structure for the firm, take into consideration
the cost of capital and the risks. The actual effect of capital structure on corporate performance
in Nigeria has been a major problem among researchers that has not been resolved. Debt
financing affects a company’s performance because companies will usually agree to fixed
repayments for a specific period. These payments occur regardless of the firm’s performance.
Although equity financing typically avoids these repayments, it requires companies to give an
ownership stake in the company to venture capitalists or investors. Also, using excessive
amounts of external financing can result in the over‐leveraging of a company, which means the
business has extensive obligations to institutional and individual investors who can disrupt the
company’s operations and financial returns.
Capital structure decision is the mix of debt and equity that a company uses to finance its
business (Damodaran, 2001). Capital structure theory is an essential reference theory in a firm’s
performance. The capital structure refers to firms’ mixture of debt and equity financing. To
pursue a policy of an optimal capital structure, is one of the most important and complex issues
to resolve in organizational management. Most firms’ capital especially during the beginning of
their businesses comes from combinations of various debt and equity proportions. This is
gotten from shareholders’ funds to finance their company’s needs and balance their leverage

2
which signifies the good standing of the firm. Debts could be acquired in the form of bonds,
short and long-term credit while equity could equally be acquired through participation of
stakeholders or common stocks and retained earnings.

Most empirical studies on this topic were conducted in advanced countries where the stock
markets function quite adequately. To the best of the researcher’s knowledge very few studies
have been conducted on this topic in the Nigerian context and from the studies carried out on
Nigerian firms, it is obvious that a consensus has not been reached on the effect of capital
structure on the value of the Nigerian firms. The findings from the past empirical results are at
best mixed. Some researcher's findings led to the conclusion that capital structure has a positive
effect on a firm’s value, while some suggest a negative relationship. In light of the mixed
results from previous studies in this field, it seems imperative and logical that further studies be
carried out on the issue.

Therefore, there is a need for this research to be undertaken to study the effect of capital
structure on the performance of Nigerian firms in order to extend and improve on the other
empirical analysis conducted so far on the impact of capital structure on the performance of
Nigerian firms for the period 2012 to 2023. To achieve this objective, the paper is divided into
five interconnected sections. The first section of this paper is the introduction; section two is the
conceptual and empirical framework, while section three deals with the methodology. Section
four is the results and discussions, whereas, section five is the conclusion and
recommendations.

CONCEPTUAL FRAMEWORK
Concept of Capital Structure
Petty, Keon, Scott, and Martins (1993) distinguished financial structure from capital structure.
According to them, financial structure is the mix of all items that appear on the right-hand side
of the company balance sheet, while capital structure is the mix of the long-term sources of
funds used by the firm.

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Pandey (1995) described capital structure as a term used to represent the proportionate
relationship between the various long-term forms of financing, such as debentures, long-term
debt, preference capital and common shares capital including reserves and surplus.

The objective of capital structure management is to mix the permanent sources of funds used by
the firm in a manner that will maximize the value of the firm. Since, the objective of a firm on
the one hand is to maximize the value of the firm, then, capital structure or leverage decision
should be examined from the view of its impact on the value of the firm. Therefore, the initial
capital structure decision should be designed very carefully, It is so important for the financial
managers of the firms to set a target capital structure and subsequently financing should be
made to achieve the target capital structure. However, if the value of the firm can be affected by
capital or financing decisions, a firm would like to have the form.

According to Ravi (2004) proper planning of the composition of debt and equity is sin qua non
for sound financial management, since the debt-equity mix has implications on shareholder’s
earnings and risk, which in turn will affect the cost of capital and the market value of the firm.
Ravi (2004) believes that an appropriate capital structure decision may improve the value of the
firm as well as the solvency position of the firm.

Moreover, capital structure decisions can affect the value of the firm either by changing the
expected earnings the cost of capital or both. Leverage cannot change the total expected
earnings. Leverage here means the use of fixed charges sources of funds such as debt and
preference capital along with the owner’s equity. The actual effect of leverage on the cost of
capital is not very clear. Conflicting opinions have been expressed on the issue. Meanwhile, if
leverage affects the cost of capital and the value of the firm, an optimum capital structure
would be obtained at that combination of debt and equity that maximizes the total value of the
firm or minimizes the weighted average cost of capital (WACC).

According to Dare and Sola (2010), capital structure is the debt-equity mix of business finance.
It is used to represent the proportionate relationship between debt and equity in corporate firms'
finances. Therefore, in this context, the composition of equity and debt in a firms' capital is
4
what we mean by capital structure. This is in line with the definition Chou (2007) as a mixture
of debt and equity financing of a firm. An optimal capital structure is the best debt/equity ratio
of a firm, which minimizes the cost of financing and maximizes the value of the firm. The
capital structure of a firm as opined by Dare and Sola (2010) can take any of the following
three alternatives: 100% equity: 0% debt, 0% equity: 100% debt or X% equity: Y% debt. From
the above, option one is that of a purely equity financed firm. That is a firm that ignores
leverage and its benefits in financing its activities.

Option two is that of a firm that finances its affairs solely on debt which may not be realistic in
the real world situation because hardly will any provider of fund invest in a business without
owners. This is what is referred to as "trading on equity”. That is, it is the equity element that
presents in capital structure that motivates the debt providers to give their scarce resources to
the business. Option three is that of a firm that combines certain proportion of both equity and
debt in its capital structure. It will therefore reap the benefits of combined debt and equity

Performance Measure in A Capital Structured Firm

Tian et al (2007), explain the concept of performance a controversial issue in the finance
strategy of most corporate organizations due to its meaning. Research on firm performance
emanates from organization theory and strategic management (Murphy et al 1996).

Measurement of performance could be in the form of financial or organizational performance

such as maximizing profit on assets, profit maximizing and maximizing shareholder benefit.
These are at the core of the firm’s effectiveness Chakravarthy, 1986). Operational performance
such as growth in sales and growth in market share provides a broad definition of performance
as they focus on the factors that ultimately lead to financial performance

(Hoffer & Sand Berg,1987).

Profit efficiency is superior to cost efficiency for evaluating the performance by managers. This
performance measurement is more embraced because it seeks to raise revenue against minimum
cost hence, controlling cost to its barest minimum. It seems reasonable to assume that
5
shareholders' losses from agency costs are close to proportional loss of accounting profit that is
measured by profit efficiency.

EMPIRICAL REVIEW
Emergence of the seminar work of Modigliani and Miller's (1958) irrelevant theory of capital
structure have provoked serious research into the determinants of capital structure and the
effect of capital structure on the profitability of firms among other areas.

Ishaya, L. C & Abduljeleel B. O (2014), this work examined capital structure and profitability
of the Nigerian listed firms from the Agency Cost Theory perspective with a sample of seventy
(70) out of population of two hundred and forty-five firms listed on the Nigerian change (NSE)
for a period of ten (10) years: 2000 - 2009 with the aid of the NSE Fact Book covering the
period under review. Panel data for the firms are generated and analyzed using fixed-effects,
random-effects and Hausman Chi Square estimations. Two independent variables which served
as surrogate for capital structure were used in the study: debt ratio, DR and EQT while
profitability as the only dependent variable. The result show that DR is negatively related with
PROF, the only dependent variable but EQT is directly related with PROF. The study by these
findings, indicate consistency with prior empirical studies and provide evidence against the
Agency Cost Theory.
Alao, A. A. (2019), This study investigates the effect of capital structure on the profitability of
listed firms in Nigeria. Multiple regressions analysis was conducted on data obtained from 20
listed firms over the period of ten (10) years (2005 – 2014). Profitability of firms was measured
by Return on Capital Employed (ROCE), Return on Equity (ROE) and Return on Total Assets
(ROTA) while Debt-Equity Ratio (DER), Debt to Total Assets Ratio (DTAR), Debt-Total
Capital Employed (DTCE) and Long and Short Term Debt to Equity (LSTDE) were adopted as
capital structure parameters. As indicated by 2 the value of adjusted R , only 53.6% and 55.7%
of changes in ROCE and ROE respectively are caused by capital structure. Nigerian firms' are
observed to have apathy towards debt finance as 15% of the sampled firms were equity
financed for the period under review and most of leveraged firms maintained below 50%

6
leverage ratio. Firms should be encouraged to take advantage of low cost debt finance up till a
level that is optimal for their firms' operations to maximize profitability and value of their
firms.
In the study, Ajlouni and Shawer (2013) employed a simple regression analysis method and the
results of the study showed that, contrary to what the results of other studies using ROA and
ROE, a strong negative relationship exists between debt equity ratio and profitability. Research
carried out in Jordan by Taani (2013) of 45 manufacturing companies listed in Amman Stock
Exchange using financial indicators such as Return on Assets (ROA) and Profit Margin (PM)
as well as short term debt to Total Assets (STDA), Long term Debt to total Assets (LTDTA)
and Total Debt to Equity (TDE) as capital Structure variables could not establish any
statistically significant influence of capital structure on performance of firms in Jordan

THEORETICAL REVIEW
Several studies have been conducted to examine the theories of capital structure which include
the following:
Miller and Modigliani Theory
One of these studies was carried out by Modigliani and Miller (1958), Modigliani and Miller
(MM) Theory illustrates that under certain key assumptions, firm’s value is unaffected by its
capital structure. Capital market is assumed to be perfect in Modigliani and Miller’s world,
where insiders and outsiders have free access to information; no transaction cost, bankruptcy
cost and no taxation exist; equity and debt choice become irrelevant and internal and external
funds can be perfectly substituted. The M-M theory argues that the value of a firm should not
depend on its capital structure. The theory argued further that a firm should have the same
market value and the same weighted average cost of capital at all capital structure levels
because the value of a company should depend on the return and risks of its operation and not
on the way it finances those operations. If these key assumptions are relaxed, capital structure
may become relevant to the firm’s value. Meanwhile, this theory was criticized on the grounds
that perfect market does not exist in real world. Attempts to relax these assumptions
particularly the idea of no bankruptcy cost and no taxation led to the trade-off theory.
7
Trade-off Theory
Myers (1984), proposed the Trade-off Theory that supports the relevance of capital structure.
This theory suggests that firms have optimal capital structure and they move towards the target.
It further emphasized that when debt is employed in capital structure, firms are faced with the
challenges of tax benefit and bankruptcy cost, thus the need for trade-off between the two.
Under trade-off theory, the firms with high growth opportunities should borrow less because it
is more likely to lose value in financial distress. This is because trade-off theory predicts safe
firms. That is firms with more tangible assets and more taxable income to shield should have
high debt ratios. While a risky firm that is firms with more intangible assets that the value will
disappear in case of liquidation, have to rely more on equity financing. In terms of profitability,
trade-off theory predicts that more profitable firms should mean more debt serving capacity and
more taxable income to shield; therefore, a higher debt ratio will be anticipated.
Pecking Order Theory
Pecking Order Theory is another theory which states that the purpose of a firm is to maximize
the shareholder’s wealth. This theory states that there is a hierarchy in choosing sources of
financing (Smart, 2004). A firm will prefer to use internal financing than external financing.
The internal financing is from the retained earnings that are earned by doing operational
activities. The firm will choose securities with lower risks, if it needs external financing. This
theory is of the opinion that the main problem in determining the capital structure of a firm is
asymmetric information between managers and investors (Amidu, 2007). In fact, this theory
argues that the manager of a firm will act on the existing stakeholder’s interest (Abor, 2005).
Consequently, the new investors will have a perception that the manager does not support their
interests. Mackie-Mason (1990), opined that the importance of asymmetric information gives a
reason for firms to care about those who provide the funds because different fund providers
would have different access to information about the firm and different ability to monitor the
company’s behaviour. This is consistent with the pecking order theory since private debt will
require better information about the firm than public debt. While, Sunder (1999), asserted that

8
firms follow the pecking order theory in their financing decisions where firms with a positive
financial deficit are more likely to issue debt.
Agency Cost Theory
Agency Cost Theory is of the opinion that managements of firms are agents of their
shareholders. That, the shareholders expect the management to accommodate their interests.
Costs, which emerge because of controlling activities of management, are called agency costs
(Morri and Beretta, 2008). It illustrates that firm’s capital structure is determined by agency
cost, which includes the cost for both debt and equity issues. Agency costs exist due to the
conflicts of interest between the owners of the firms and the managers. The costs which are
related to equity issue may be included as the monitoring expenses for equity holders, and the
bond expenses for the agent (Niu, 2008). Agency costs are costs to justify whether management
acts consistently according to contractual agreement of firm with the shareholders. Jensen
(2004).
Traditional Theory
The Traditional Theory of capital structure believes strongly on the relevance of optimal
capital. According to the traditional theory, debt capital is cheaper than equity and as such a
company can increase its value by borrowing up to a reasonable limit. The theory assumes that:
(i) The cost of debt will remain constant until a significant point is reached when it would start
to rise. (ii) The weighted average cost of capital (WACC) will fall immediately an external
source of finance is introduced and will commence rising thereafter as the level of gearing
increases. (iii) The company’s market value and the market value per share will be maximized
where WACC is at the lowest point. This theory opined that there is an optimal capital structure
which maximizes the firm’s value and minimizes the cost of capital; it is of the belief that the
firm’s value cannot be the same at different levels of capital structure
METHODOLOGY
This paper utilizes secondary data from 2012 to 2023 for its analysis. Data of various variables were
extracted from the annual financial reports of companies listed in the Nigeria stock. The target
population in this study is 169 companies which are listed on the Nigerian Stock Exchange as at 2018.
Meanwhile, a total of 40 listed firms operating in high profile industries were purposively chosen for
9
this study. This accounts for about 23.7% of the targeted population in this work. The selected sample
size is large enough to make empirical generalization because Uwuigbe (2014) advocated for a
minimum of 5% of a defined population as an appropriate sample size in making generalization. It is
instructive to state that the purposive sampling technique adopted in this study was largely due to the
sub sectors representation and the availability of the annual reports of the companies. The following are
the list of the selected firms for the study; Abbey Mortgage Bank, Access Bank, AG Leventis, AXA
Mansard, Berger Paint, C and I Leasing, Cap Plc, Caverton, Champion Breweries, Consolidated
Hallmark Insurance, Consolidated Reinsurance Plc, Dangote Cement, Diamond Bank, Ecobank,
FCMB, Fidelity Bank Plc, First Bank, Forte Oil, GTBank, Guiness, Honeywell, International Breweries
Plc, Jaiz Bank Plc, Julius Berger, Lafarge Africa Plc, Nascon, Nestle, Nigerian Brew. Plc, Oando Plc,
Portland Paint & Products Nig., PZ, Royal Exchange Plc, Stanbic IBTC Bank Plc, Sterling Bank Plc,
Transcorp, UBA, Unilever Nigeria Plc, Union Bank Plc, Unity Bank Plc.
Model Specification ROEit = F(TDEt, LDEt, SDEt )………………………………………..……… (1)
ROEit = o + 1TDEit +2LDEit +3SDEit +Ut ………………………………… (2) ROAit = o +
1TDEit +2LDEit +3SDEit +Ut ………………………………… (3)
Where: ROE and ROA represent Return on Equity and Return on Asset for the firms and is used to
measure the firm financial performance. TDE represents total debt to equity, LDE represents long term
debt to equity and SDE represents short term debt to equity. Ut , the error term which account for other
possible factors that could influence ROE it that are not captured in the model. i= 1…40, t=
2012------------2022 The a priori expectation is such that 1, 2 and 3 > 0.
RESULTS AND DISCUSSIONS
Table-1: Descriptive Statistics of Annual Data Series
Descriptive Statistics ROE TDE LDE SDE

Mean 0.146603 2.735999 0.567689 3.00E+08

Median 0.123568 1.390513 0.310579 1.5946648

Maximum 2.068606 11.37994 7.163827 4.56E+09

Minimum -4.041013 -2.969212 -0.018366 825.2900

Std. Deviation 0.398130 2.846437 0.984042 6.85E+08

Skewness -4.012764 1.048209 4.204578 2.986945

Kurtosis 5.957162 3.197096 2.743701 1.797521

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 Jargue-Bera 29757.85 44.33819 4605.281 1316.787

Probability 0.000000 0.000000 0.000000 0.000000

Sum 35.18462 656.6398 136.2455 7.20E+10

Sum. Sq. Deviation 37.88325 1936.427 231.4329 1.12E+20

Observation 240 240 240 240

The table above presents the descriptive statistics of the data employed in this study.
This is very crucial because it provides a useful information about the distribution of the data
series. It could be observed from the table above that the values of mean and median of all the
variables are almost identical. This implies that the distribution of the data series is nearly
symmetrical. A distribution of data series is perfectly symmetrical when the values of mean,
mode and median of such data are. Karmel, (1980). Also, the normal distribution of the data
series could be confirmed from the value of Kurtosis which is not significantly different from
3.

Table-2: Impact of Capital Structure on Return on Asset Method: Ordinary Least Square (OLS)
Dependent Variable ROA ROE

Variable Coefficient t-stat P-value Variable Coefficient t-stat P-value

SDE 1.39E-11*** 1.26 0.2059 SDE 3.03E-11 0.84 0.4017

LDE 0.018317** 2.42 0.0160 LDE 0.139456* 5.61 0.0000

TDE 0.008000** 2.99 0.0031 TDE 0.016748*** 1.90 0.0580

C 0.095218* 8.90 0.0000 C 0.280683* 7.98 0.0000

R-Squared 0.84675 R-Squared 0.150473

Adjusted R-Squared 0.73040 Adjusted R-Squared 0.139674

Source: Author`s Computation (2023) ***Significant at 10%, **Significant at 5%, *Significant at 1%,

The estimated results of the regression analysis were shown in Table-2. All the explanatory
variables did not have the expected sign. However, the explanatory variables in the model
jointly explained about 84% of the systematic variations in the dependent variable, return on
asset leaving 16% unexplained as result of random chance. This connotes that this model is

11
comparatively good for the analysis. Meanwhile, when the loss in the degree of freedom was
adjusted, the explanatory power reduces to 73%.

Moreover, the estimated results show that short term debt to equity, long term debt to equity
and total debt to equity have a negative relationship with return on asset which is significant at
10% and 5% level of significance respectively. This implies that the impact of capital structure
in terms of debt financing is retarding the return on asset of the listed firms in the Nigerian
stock exchange.

In the same vein, the relationship between all the variables used to proxy capital structure and
return on equity is negative and significant except short term debt to equity. In view of the
above, it could be deduced that debt capital has led to a negative financial performance of the
listed companies in the Nigerian stock exchange. The reason for this negative performance
might be connected to expensive cost of capital in the form of double digits interest rate in
Nigeria. It is worth of note that the findings in this study are in line with the submission of
Ishaya and Abuduljeleel (2017). Nwangi, Makau and Kosimbei (2014) in related studies in
Nigeria and Kenya simultaneously.

CONCLUSION AND RECOMMENDATIONS

In this paper, an attempt has been made to examine the effect of capital structure and corporate
performance of Nigerian quoted firms. The study hereby establishes the following among
others that capital structure has a negative impact on return on equity and return on asset of the
firm listed on the Nigerian stock exchange. Because of the above important findings that
originated in this work, it is paramount that the following recommendations are made for the
investors and the policy makers in Nigeria that debt capital is not a profitable means of
financing investment projects in firms listed in the Nigerian stock exchange. However, all
hands must be on deck by the Nigerian policy makers to embark on policy measure to reduce
double digit interest rate in the financial sector in order to ensure self-liquidating debt in the
Nigerian quoted firms

12
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