Solvency Management and Firm Growth of Listed Non-Financial Firms in Nigeria
DOI:
https://doi.org/10.33003/fujafr-2025.v3i3.220.218-232Keywords:
Firm Growth, Short-term Solvency Management (liquidity), Long-term Solvency Management, Current Ratio, Debt-to-Asset RatioAbstract
This study investigates the effect of solvency management on the growth of listed non-financial firms in Nigeria. Adopting an ex-post facto research design, the study utilized panel data from 73 non-financial firms listed on the Nigerian Exchange Group between 2020 and 2024. Short-term solvency management (liquidity) was measured using the current ratio, while long-term solvency management was proxied by the total liabilities-to-assets ratio. Firm growth, the dependent variable, was assessed using changes in profit after tax (PAT), with firm size included as a control variable. Panel least squares regression was employed for data analysis. The results revealed that both short-term solvency management (liquidity) and long-term solvency management have positive but statistically insignificant effects on firm growth. The study concludes that while financial soundness contributes to firm stability, it does not significantly drive growth. It is recommended that firms integrate short-term solvency management (liquidity) and long-term solvency management with broader strategic investment decisions to achieve sustainable growth.
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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
