Macroeconomic variables and their effects on the capital structure of quoted Nigerian firms

Oluseun Paseda () and Olalekan Obademi

MPRA Paper from University Library of Munich, Germany

Abstract: This study examines the impact of macroeconomic variables on the capital structure of Nigerian quoted firms. The two-stage least squares, GMM and GARCH estimations reveal that corporate borrowing is a declining function of macroeconomic conditions in Nigeria and macro-effects are significant across the 17 selected industries.

Keywords: Capital structure; Macroeconomic conditions; Unemployment risk; monetary policy; fiscal policy (search for similar items in EconPapers)
JEL-codes: E6 F65 G02 G3 O16 (search for similar items in EconPapers)
Date: 2020-01-31, Revised 2020-01-31
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Published in Finance and Banking Review 1.14(2020): pp. 23-40

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:117060

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