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Journal of Empirical Studies

June 2020, Volume 7, 1, pp 14-29

The Effect of Capital Structure Decisions on Profitability of Quoted Consumer Goods in Nigeria

Awah, Stanley Kalu


Ebiringa, Oforegbunam Thaddeus


Ugwu, Kelechi Enyinna

Awah, Stanley Kalu 1 ,

Ebiringa, Oforegbunam Thaddeus 1 Ugwu, Kelechi Enyinna 3

  1. Lecturer, Department of Financial Management Technology, Federal University of Technology Owerri, Nigeria. 1

  2. Lecturer, Department of Management Technology, Federal University of Technology Owerri, Nigeria. 3

Pages: 14-29

DOI: 10.18488/journal.66.2020.71.14.29

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Article History:

Received: 10 July, 2020
Revised: 14 August, 2020
Accepted: 02 September, 2020
Published: 28 September, 2020


The study examined the effect of capital structure decisions on profitability of quoted consumer good firms in Nigeria. Research method adopted is ex-post facto research design. The study employed secondary data obtained from the websites of the consumer goods sub-sectors of the manufacturing sector, published annual reports and statements of accounts of the sampled firms and the Nigerian Stock Exchange F-act-book. The study adopted judgmental sampling and multi-stage sampling techniques in data collection. Multiple Regression models were used in the analysis of the data. The estimation result also showed that the retained earnings to asset ratio (REA) had a direct relationship with return on asset of quoted consumer goods firms in Nigeria. The study concludes that, retained earnings to asset ratio positively influenced return on asset of quoted consumer goods firms in Nigeria at 5% level of significance. The study recommends firms' managers and financial advisors to advise the stakeholders of quoted consumer goods firms to use more of internal fund to finance a huge proportion of their assets if available. Again, the firms' managers are advised to continuously study the market and advice firms on the appropriateness of the proportions of long-term debt to be used during capital structure decisions to avoid the adverse effect of financial distress.
Contribution/ Originality
This study originated a model in the research methodology to explain the effect of retained earnings on asset ratio to return on asset of Quoted Consumer Goods firms in Nigeria. This study contributes to existing knowledge by identifying gap in the literature and creating areas for future research.


Capital structure, Profitability, Return on earnings, Return on asset, Trade-off theory.


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This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.


All authors contributed equally to the conception and design of the study.

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