OWNERSHIP STRUCTURE AND FINANCIAL PERFORMANCE OF SELECTED QUOTED CONSUMER GOODS FIRMS IN NIGERIA
Keywords:
Consumer goods, Financial performance, Ownership structureAbstract
This study examined the effect ownership structure has financial performance of selected quoted consumer goods firms in Nigeria over a period of twelve (12) years). This study adopted an ex-post facto longitudinal/panel research design. The population of this study consists of all the fifteen (15) consumer goods firms quoted on the Nigerian Exchange Group as at 31st December 2022. The data used in the analysis were carefully sourced from the annual reports of the selected consumer goods firms. This study utilized the Panel Ordinary Least Square (POLS) and Granger Causality techniques to analyse the data. The result of Granger Causality test revealed that within the period reviewed, ownership structure controlled by firm size has no significant effect on return on assets, return on equity, net profit margin, and gross revenue of consumer goods firms quoted on the Nigerian Exchange Group. In view of the findings, executive members on the board should not be encouraged to have large shareholding because it contributes negatively to return on assets. Again, appointment into the board should be on the bases of experience not on friendship, rendering it powerful with regard to impact on performance.
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