INCLUSION IN OWNERSHIP AND FINANCIAL PERFORMANCE OF LISTED MANUFACTURING FIRMS IN NIGERIA
DOI:
https://doi.org/10.5281/zenodo.14007879Keywords:
Ownership. Structure, Managerial, PAT, EPS.Abstract
This study examined the effect of business managers’ inclusion in the ownership of their businesses and the financial performance of manufacturing firms in Nigeria from 2014 to 2023. Secondary data were obtained from the statements of the financial positions of selected listed manufacturing companies in Nigeria, and the obtained data were analyzed with pooled ordinary least squares (OLS) regression. Empirical models include control variables firm size (FSIZE) and age (FAGE). The result shows that managers’ inclusion in firm ownership affects the financial performance of listed manufacturing firms in Nigeria, as it has a negative and significant effect on Return on Equity (ROE) and Earnings Per Share of the studied firms. Based on this, the study concludes that Managers’ inclusion played a significant role in influencing the financial performance of manufacturing firms which denotes several economic policy implications for stakeholders, policymakers, and investors in the Nigerian manufacturing industry. Moreover, they negate the cores of Agency Theory in Management Sciences.
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