Corporate Characteristics Effect on Firm Growth: Evidence from Listed Non-Financial Firms in Nigeria
Keywords:
Firm Age, Firm Growth, Profitability, Firm LeverageAbstract
This study examined the relationship between firm age, firm size, profitability and leverage on firm growth of listed non-financial firms in Nigeria. Using secondary data from 66 non-financial firms within Ten years period (2012-2021) in Nigeria, hypotheses were developed and tested using multiple regression technique along with the F-statistics model. The results shows that the computed F-Stat value is 4.53 with a corresponding p-value of 0.0338 implying that firm age (FAGE) has no significant influence on firm growth. The result for firm size also observed that the computed value of F-stat is 9.82 with a corresponding p-value of 0.0018 inferring that firm size has no significant effect on firm growth. Similarly, in testing the relationship between firm profitability and firm growth, the F-stat stood at 2.43 with a corresponding p-value of 0.1198 indicating that firm profitability has no significant influence on firm growth. Additionally, in testing the relationship between firm leverage and firm growth, the value of F-stat is 3.11 with a corresponding p-value of 0.0785 indicates that firm leverage has no significant effect on firm growth.
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