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EFFECT OF FIRM SPECIFIC CHARACTERISTICS ON FINANCIAL LEVERAGE OF QUOTED DIVERSIFIED COMPANIES IN NIGERIA
ABSTRACT
Financial decision of a firm has continued to constitute concern amongst managers, analysis,
researchers, scholars as well as policymakers. This study investigates the Effect of Firm
Specific Characteristics on Financial Leverage of Quoted Diversified Companies in Nigeria.
The population of the study is the six (6) Diversified Firms listed on the Nigerian Stock
Exchange as at 31st December 2014. The study took a census approach of all the six (6)
Listed Diversified Firms over the period of the study. Multiple regression technique using
Ordinary Least Square (OLS) was employed in analyzing the panel data obtained from
audited annual reports and accounts of the sampled firms for the period 2007-2014. The
findings of the study revealed that, complexity of business, profitability, growth opportunity
and the moderating effect of growth opportunity and profitability on financial leverage were
found to be statistically significant. Dependency on external finance, the moderating effect of
growth opportunity and complexity of business on financial leverage and the moderating
effect of growth opportunity and dependency on external finance on financial leverage were
found to be statistically insignificant. The study recommends among others that, management
of quoted diversified companies in Nigeria should encourage diversification in line of
businesses that their streams of revenue or income are not positively correlated. This can be
done by seeking growth opportunities in industries where they can further diversify their
business to break in revenue or which will allow them to conveniently finance their
subsidiaries and reduce their bankruptcy risk through borrowing.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
EFFECT OF FIRM SPECIFIC CHARACTERISTICS ON FINANCIAL LEVERAGE OF QUOTED DIVERSIFIED COMPANIES IN NIGERIA
