Firms' Specific Attributes and Financial Performance of Quoted Manufacturing Companies in Nigeria.

Abstract

This study examined the effect firms’ specific attributes and performance on quoted manufacturing companies in Nigeria. The study covered a period of ten (10) years (2010 - 2019). Data utilized were obtained from the audited annual reports of quoted manufacturing companies for a period of 10 years. The variables used for specific attributed are firm size, firm age, leverage, and asset turnover while the performance is measured with net profit margin. The sample size in this study consisted of eleven (11) quoted manufacturing companies selected from the Nigerian Exchange Group (NGX). The area covered by this study is the consumer goods sector only. The study used panel data analysis (descriptive, correlation and multiple regressions) with the aid of E-views 9. The results revealed that firms’ size and firms’ age had insignificant positive effect on financial performance of manufacturing companies quoted on Nigeria Stock Exchange. The study also found that leverage and asset turnover had significant negative effect on financial performance of quoted manufacturing companies on NGX. The study recommends that quoted manufacturing companies in Nigeria should pay attention to firms’ size (FSZE) since it plays a vital role in the profitability, effectiveness, and efficiency of the companies.