Impact of leverage, firm size on firm ownership of listed industrial goods firms in Nigeria
DOI:
https://doi.org/10.33003/fujafr-2026.v4i1.294.118-130Keywords:
Institutional ownership, Foreign ownership, Managerial ownership, Industrial goods firmsAbstract
The study examines the impact of leverage and firm size on firm ownership of listed industrial goods firms in Nigeria. The dependent variable firm ownership is measured with managerial ownership (MO), foreign ownership (FO), and institution ownership (IO), while the independent variables are leverage (LEV) and firm size (FS). The data was extracted from the Nigerian Exchange group (NGX) annual report of listed industrial goods firms in Nigeria. The study covers a period of 10 years (2013–2023). The study used descriptive statistics, correlation matrix, and regression analysis to analyze data. The study found managerial ownership (MO) has a positive correlation with leverage (LEV), and firm size (FS), foreign ownership (FO) has a negative correlation with leverage (LEV) and a positive correlation with firm size (FS), institutional ownership (IO) has a negative correlation with leverage (LEV) and a positive correlation with firm size (FS). It was recommended that management should focus on their ownership structures, specifically managerial, foreign, and institutional ownership. Transparent governance practices and a balanced ownership distribution are suggested to enhance investor confidence and attract foreign and institutional investment.
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