Original Research Article | OPEN ACCESS
Corporate Attributes and Firm Growth: Empirical Evidence from Nigerian Listed Firms

For correspondence:-    

Received: March 20 2022        Accepted: June 04 2022        Published: June 07 2022

Citation: Corporate Attributes and Firm Growth: Empirical Evidence from Nigerian Listed Firms. Account Tax Rev 2007; 6(2):14-30 doi:

© 2007 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..

Abstract

Growth is a major index of performance, and investors usually watch out for indicators of growth when making investment decisions. The study aims at examining the effective factors in firm growth in Nigeria. The study uses ninety-one (91) observations of non-financial firms quoted on the Nigeria Stock Exchange. The ordinary least squares method of data analysis is used in estimating the parameters for the study and data were obtained from audited annual financial statements of selected firms, result estimation was done using STATA 14.0 statistical package. The variables examined in this study include firm age, firm size, innovativeness, management efficiency, capital intensity, profitability, institutional ownership, and international affiliation. The findings of the study show the following: a positive and significant causal relationship exists between firm innovativeness, management efficiency and firm growth; also a similar positive but insignificant relationship exists between leverage, firm size and growth; institutional ownership also positively but insignificantly affects firm growth, the same applies to the international affiliation of firms; firm age, capital intensity and all negatively but insignificantly affect firm growth. The study recommends that: firms should seek to base their growth strategies on variables that reflect positive performance, such as by mainstreaming innovativeness, foreign ownership, institutional ownership, and optimizing the ploughing back of retained earnings, Firms should seek to unbundle themselves to foster competitiveness, and innovativeness, particularly, older and larger firms that seem to have run out

Keywords: firm size, institutional ownership, international affiliation, firm age


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