Research Article

Firm Growth and Corporate Attributes: Empirical Evidence from Listed Non-Banks Financial Institutions

Paul Akhalumeh1*, Godwin Ohiokha2
1 Auchi Polytechnic, Auchi, Edo State, Nigeria
2 Edo University, Iyamho, Edo State, Nigeria
* Corresponding author: paulakhalumeh@yahoo.com
Published: Dec, 2022
DOI: 10.67894/bjms.2022.3xhc0bgt
Pages: 86-101

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 firm size and growth; institutional ownership  also positively affects firm growth, the same is applicable to international affiliation of firms; firm age, capital intensity. The study recommends that: firms should seek to base their growth strategies on variables that reflect positive performance, such as by mainstreaming on innovativeness, foreign ownership, institutional ownership, optimizing the plowing back of retained earnings,. Firms should seek to unbundle themselves to foster competitiveness, innovativeness, particularly, older and larger firms that seem to have run out of steam, by the injection of new creative ideas which are attendant upon unbundling. 

Keywords

Firm size institutional ownership international affiliation firm age

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How to Cite

Akhalumeh, P., & Ohiokha, G. (2022). Firm Growth and Corporate Attributes: Empirical Evidence from Listed Non-Banks Financial Institutions. Bayero Journal of Management Sciences, 4(2), 86-101. https://doi.org/10.67894/bjms.2022.3xhc0bgt

P. Akhalumeh, and G. Ohiokha, "Firm Growth and Corporate Attributes: Empirical Evidence from Listed Non-Banks Financial Institutions," Bayero Journal of Management Sciences, vol. 4, no. 2, pp. 86-101, December 2022. doi: 10.67894/bjms.2022.3xhc0bgt

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