Exploring the Effect of Capital Structure on Firm Value in Information and Communication Technology Listed on the Nigeria Exchange Group (Ngx)

Chukwudi Segun Afolabi, Joshua Kehinde Ogunleye, Bilikis Olayem Akinleye, Tajudeen Adewale Odetayo and Felicia Oluremi Oladeji
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Chukwudi Segun Afolabi: Department, Business Edication, Osun State collge of Education, Ila-orangun, Nigeria.
Joshua Kehinde Ogunleye: Department of Accounting, University of Ilesa, Ilesa, Nigeria.
Bilikis Olayem Akinleye: Department of Accounting, Adeleke University Ede, Nigeria.
Tajudeen Adewale Odetayo: Department of Accounting, University of Ilesa, Ilesa, Nigeria.
Felicia Oluremi Oladeji: Department of Accounting, University of Ilesa, Ilesa, Nigeria.

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 3, 4188-4201

Abstract: This study examined the effect of total debt to assets equity, total debt to assets, long-term debt to assets, and short-term debt to assets on the valuation of publicly listed Information and Communication Technology (ICT) firms in Nigeria from 2014 to 2023. Size was utilized as a moderating variable. The study population comprises seven (7) information and communication technology firms. The sample selection was conducted utilizing the census sampling method. As a result, we collected all seven samples. Secondary data was obtained from the annual reports of the selected companies, and panel data analysis was conducted using fixed effects, random effects, and pooled ordinary least squares methods. Hausman’s Chi-square statistics were employed to analyze the data. The research analyzed three categories of debt: total debt, long-term debt, and short-term debt. Each of the three factors demonstrated a positive impact on the company’s value, with statistical values of t = 2.6102 (P

Date: 2025
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