Impact of Country Macro Factors and Firm Specific Factors on Debt Capital Structure: Evidence from Non-Financial Firms in Nigeria
DOI:
https://doi.org/10.33003/fujafr-2025.v3i3.191.21-32Keywords:
Country Macro Factors, Firm Specific Factors, Debt Capital Structure, Non-financial FirmsAbstract
This study looks into how non-financial enterprises in Nigeria make decisions about their debt structures based on firm-specific and country-macro factors. The study uses secondary data from Nigerian non-financial companies that were listed between 2010 and 2024. The study employed a Panel OLS to analyze the collected data. The panel regression's findings show how firm-specific factors (firm sales, profits, fixed assets, and tax) and macro factors (inflation, interest rates, currency rates, and gross domestic product growth) affect the debt capital structure of Nigeria's non-financial companies. The findings show that whereas interest rates, taxes, and exchange rates are negatively correlated with debt capital structure, GDP growth rates, inflation rates, firm size, and profit are positively correlated. When making long-term funding decisions, the study advises company managers in the Nigerian sector to consider the potential effects of these macro and firm specific factors on their funding choices as well as their implications for the sector's overall growth.
References
Downloads
Published
Issue
Section
License
Copyright (c) 2025 FUDMA Journal of Accounting and Finance Research [FUJAFR]
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
The FUDMA Journal of Accounting and Finance Research (FUJAFR) operates a copyright policy that ensures a balance between author rights and wide dissemination of scholarly work.
1. Author Copyright Retention
Authors retain full copyright of their published work without restriction. Submission to FUJAFR does not transfer ownership of copyright to the journal.
2. License to Publish
By submitting a manuscript and upon acceptance, authors grant FUJAFR:
- The right to publish, reproduce, and distribute the article
- The right to identify itself as the original publisher of the work
This grant is non-exclusive, meaning authors are free to reuse their work in other contexts, provided proper acknowledgment of the original publication in FUJAFR is made.
3. Licensing of Published Content
All articles are published under the:
Creative Commons Attribution-NonCommercial License (CC BY-NC 4.0)
Under this license:
- Users may share and adapt the work for non-commercial purposes only
- Proper attribution to the author(s) and the journal is required
- Any commercial use requires explicit permission from the copyright holder
4. Author Reuse Rights
Authors are permitted to:
- Archive their published articles in institutional repositories or personal websites
- Share their work for educational and research purposes
- Reuse portions of their work in future publications (e.g., books or other articles), provided proper citation of the original publication is included
5. Third-Party Content
Authors are responsible for obtaining permission to use any third-party copyrighted material (e.g., images, tables, datasets) included in their manuscripts. Proper acknowledgment must be provided where required.
6. Attribution Requirement
All users of FUJAFR content must provide appropriate credit, including:
- Author name(s)
- Article title
- Journal name (FUJAFR)
- Year of publication
