FIRM CHARACTERISTICS AND FINANCIAL PERFORMANCE
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Abstract
This study explores the relationship between firm characteristics and financial performance such firm size, firm age, firm financial leverage, firm complexity and firm ownership structure. Understanding these relationships is essential to stake holders like investors, analysts and policymakers as it provides valuable insights on the financial health and wellbeing of firms.
This study provides evidence on the relationship between firm characteristics and the financial performance of listed consumer firms in Nigeria using panel data for five years (i.e 2020 - 2024). The multiple regression model was adopted in this study to evaluate the impact of firm size, firm age, firm complexity, firm financial leverage, and firm ownership structure on the financial
performance of listed consumer firms in Nigeria. This study shows that the relationship between firm size, firm financial leverage and financial performance is positive. Similarly, this study has revealed that firm age, firm complexity, and financial performance have a negative relationship. This study also proves that the ownership structure of firms can positively impact its financial
performance. while financial performance of firms can be influenced by the characteristics of the firm as stakeholders like investors and analysts consider these characteristics when assessing the potentials of firms as it affects making investment
decisions.
This study provides evidence on the relationship between firm characteristics and the financial performance of listed consumer firms in Nigeria using panel data for five years (i.e 2020 - 2024). The multiple regression model was adopted in this study to evaluate the impact of firm size, firm age, firm complexity, firm financial leverage, and firm ownership structure on the financial
performance of listed consumer firms in Nigeria. This study shows that the relationship between firm size, firm financial leverage and financial performance is positive. Similarly, this study has revealed that firm age, firm complexity, and financial performance have a negative relationship. This study also proves that the ownership structure of firms can positively impact its financial
performance. while financial performance of firms can be influenced by the characteristics of the firm as stakeholders like investors and analysts consider these characteristics when assessing the potentials of firms as it affects making investment
decisions.
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