Capital Structure and Industrial Performance in Nigeria (1999-2007)
The study examined the impact of capital structure on industrial performance in Nigeria. A study of five (5) quoted firms between 1999 2007 was considered. The study employs the use of panel data regression model. The variables used are debt financing, equity financing, debt – equity ratio as well as Profitability index which measure firms’ performance.The findings of the study showed a positive relationship between firms’ performance and equity financing and also a positive relationship between firms’ performance and debt-equity ratio. A negative relationship exists between firms’ performance and debt financing. This is due to high cost of borrowing in the country. In view of the stated fact, the study suggests better use of borrowed funds and emphasizes the importance of efficient management.Key words: Capital; Structure; Industry; Performance; Nigeria; 1999-2007
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