Macroeconomic variables and their effects on the capital structure of quoted Nigerian firms

Paseda, Oluseun and Obademi, Olalekan (2020): Macroeconomic variables and their effects on the capital structure of quoted Nigerian firms. Published in: Finance and Banking Review , Vol. 14, No. 1 (31 January 2020): pp. 23-40.

Abstract

This study examines the impact of macroeconomic variables on the capital structure of Nigerian quoted firms. The two-stage least squares, GMM and GARCH estimations reveal that corporate borrowing is a declining function of macroeconomic conditions in Nigeria and macro-effects are significant across the 17 selected industries.

• Item Type: MPRA Paper
• Language: English
• Keywords: Capital structure; Macroeconomic conditions; Unemployment risk; monetary policy; fiscal policy
• Subjects: E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; F - International Economics > F6 - Economic Impacts of Globalization > F65 - Finance; G - Financial Economics > G0 - General > G02 - Behavioral Finance: Underlying Principles; G - Financial Economics > G3 - Corporate Finance and Governance; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance

References

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Paseda, O. A. (2016), The Determinants of Capital Structure of Nigerian Quoted Firms. Ph.D. Thesis, Department of Finance, University of Lagos, Nigeria.