The results were, at best, mixed with respect to the portability of pecking order, target adjustment, trade-off, agency and market conditions models. First, the factors that exert positive influence on corporate borrowing include asset intangibility, firm age and expected inflation while those factors that exert negative influence on capital structure include asset tangibility, growth, size, volatility of earnings, profitability, liquidity, dividend-paying status and uniqueness of industry. ![]() Using panel data least squares regression, modified to weighted (cross section-and period-) models, the research documents the following findings. The population of study comprises all non-financial corporations quoted on the Nigerian Stock Exchange (NSE) for the period 1999-2014 out of which 50 companies that met the minimum data criteria were utilized. ![]() This study investigates the determinants of capital structure in Nigeria. ![]() Empirical work on capital structure in emerging markets like Nigeria has been limited and met with low explanatory power.
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