Firm-Specific Characteristics and Financial Performance of Public Listed Consumer Goods Companies in Nigeria

International Journal of Economics and Management Studies

© 2022 by SSRG - IJEMS Journal

Volume 9 Issue 12

Year of Publication : 2022

Authors : Isaiah Oluyinka Ogungbade, Godswill Unekwu Ogwu, Abiodun Thomas Ogundele

10.14445/23939125/IJEMS-V9I12P102

How to Cite?

Isaiah Oluyinka Ogungbade, Godswill Unekwu Ogwu, Abiodun Thomas Ogundele, "Firm-Specific Characteristics and Financial Performance of Public Listed Consumer Goods Companies in Nigeria," SSRG International Journal of Economics and Management Studies, vol. 9,  no. 12, pp. 10-18, 2022. Crossref, https://doi.org/10.14445/23939125/IJEMS-V9I12P102

Abstract:

For decades, people have argued about whether or not there is a correlation between certain aspects of a company and its bottom line. Some have argued that these features have a negative impact on companies bottom lines, while others have argued that they actually boost profits. This research examined how different factors, including firm size, leverage, ownership, and board size, influenced food and beverage companies' financial performance on the Nigerian stock market. This study used the fixed effect regression model to analyse panel data collected from many foods and beverage companies' annual reports and financial statements. Financial leverage was found to have a detrimental effect on performance, but company size, ownership concentration, and board size all positively and significantly affect the return on assets. As a result, the researchers concluded that the performance of businesses in Nigeria's food and beverage sector depends heavily on several factors unique to each individual company.

Keywords:

Financial performance, Firm size, Firm-specific characteristics, Nigeria stock exchange, Public consumer goods companies.

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