HUMAN RESOURCES COST AND FIRMS’ PERFORMANCE AMONG CROSS-SECTIONAL FIRMS IN NIGERIA
Keywords:
Cash and Cash equivalent, Investment opportunity, LeverageAbstract
The study ascertained the level of cash Holding among listed insurance firms on Nigeria Exchange group. The specific objective was to examine the effect of leverage and investment opportunities on cash and cash equivalents of insurance firms listed in Nigeria Exchange Group (NGX). The research design used in this study is an ex-post facto. The population of the study was made up of fifteen (15) listed insurance firms in Nigeria from which a sample of ten (10) was selected using purposive sampling. This study relied on secondary data that were obtained from the annual audited financial statements of the sampled firms from 2013 to 2022. The hypotheses testing was done using estimation from Panel Error Component Generalized Least Squares at 5% significance level. The study found the following: leverage has a significant negative effect on cash holding of listed insurance firms in Nigeria (p-value = 0.0000); and investment opportunities have a significant positive effect on cash holding of listed insurance firms in Nigeria (p-value = 0.0000). The study recommends among others that the management of listed insurance firms in Nigeria should implement prudent debt management policies and strategies to ensure that debt levels are sustainable and do not excessively constrain cash flow or financial flexibility.
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