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Asset Structure relevance and Corporate Firm performance: Evidence from Nigerian Manufacturing firms.

posted on 2023-07-17, 13:52 authored by Emeka EmenginiEmeka Emengini, Chika A. Anisiuba, Jacob Chukwuemeka


This paper examines asset structure relevance for corporate performance of Levered Firms in Nigeria. The data were collected from annual reports of firms listed on Nigerian Exchange Group (NGX) from 2011 to 2020. Descriptive statistics, correlation, pooled OLS regression analysis including multicollinearity and heteroscedasticity tests were employed. The study findings reveal: that contrary to low levered firms, fixed asset ratio and customer asset ratio have passive influence on internal and external corporate performance of high levered firms; unlike the low levered firms, current asset ratio has significant impact on internal corporate performance of high levered firms but tends to decrease in external performance; Non-current asset ratio and  intangible asset ratio have passive influence on internal and external corporate performance of both Low and high levered firms. These findings are pointers to policymakers and investors on the possible effect of an additional increase in asset mix. Beyond this, it also reveals how assets are encumbered in debt financing, which is of serious concern to managers. An implication of this, is that an understanding of a company’s asset structure improves understanding of the rigorous process assets investment managers undergo daily, especially as it portends to assets acquisition patterns or the components of the equity or debt.


The authors hereby declare that they did not receive any funding from any agency or corporate bodies. The authors therefore, affirm that they personally sponsored or funded this research work from personal savings.


Declaration of conflicts of interest

The authors report that there are no relevant financial or non - financial conflicting interest to declare.

Corresponding author email

Lead author country

  • Nigeria

Lead author job role

  • Career College Faculty

Lead author institution

University of Nigeria, Enugu Campus, Enugu ,Nigeria

Human Participants

  • No

Ethics statement

No ethical conflicts to declare

Terms agreed

  • Yes, I agree to Advance terms


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