出版社：International Foundation for Research and Development (IFRD)
摘要：This study examined capital structure and profitability of manufacturing firms listed on the Nigerian stock exchange. Specifically the study analyzed the impact of disaggregated variables of debt finance (Short term debt and long term debt) and equity finance (share capital and share premium) on profit after tax. Secondary data were gathered from annual reports of sampled firms over a period of ten years (2008- 2017) and were analyzed using panel data estimators such as pooled OLS estimator, fixed effect estimator, random effect estimator, Hausman test, and Pesaran test of cross sectional dependence. The findings revealed that short term debt has insignificant positive effect on profit after tax of manufacturing firms showing in specific term a coefficient estimate of 0.114985 (p=0.5890> 0.05) long term debt exerts significant positive impact on profit after tax, with specific coefficient estimate of 0.578290 (p=0.0001 0.05). The study concluded that short term debt has declining effect on the profitability of manufacturing firms in the country, while the long term variable of debt finance of firms spurs the rate of profitability. In clear term disaggregated debt finance subsets exerts significant effect on the profitability of firms sampled in the study. On the other hand equity finance disaggregated into share capital and share premiums reflect that share capital has significant positive effect on profit after tax, while share premium has insignificant negative effect on profit after tax.
