Research Article

MODERATING EFFECT OF FIRM SIZE ON THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURE AND FINANCIAL PERFORMANCE OF LISTED CONSUMER GOOD'S FIRMS IN NIGERIA

Aisha Shehu Giwa1*, Zainab Dabo1, Maryam Abdu2, Muhammad Jamilu SaidU3
1 Department of Business Administration, Kaduna State University, Nigeria
2 Department of Business Administration, Kaduna State University
3 Department of Business Administration and Entrepreneurship, Kaduna State University, Kaduna State, Nigeria
* Corresponding author: aishagiwa2016@gmail.com
Published: Jun, 2025
DOI: 10.68022/kbmr.2025.rmjswp82
Pages: 27-42
Views: 16
Downloads: 9

Abstract

structure andfinancial performance of listed consumer goods firms in Nigeria, covering the periodfrom 2014 to 2023. The study Employs both the agency and signaling theories as the theoretical framework. The data used were extracted from secondary source using annual reports and accounts of listed consumer goods firms and analyzed using panel multiple regression technique with the help of STATA, as statistical tool of analysis. Ownership structure was proxied by institutional ownership and foreign ownership while financial performance was proxied by return on asset (ROA) andfirm size as the moderating variable. Findings of the study reveals a significant and positive relationship between institutional ownership andforeign ownership on financial performance, whilefirm size reveals positive but insignificant effect on thefinancialperformance oflisted consumer goodsfirms in Nigeria. On the other hand, firm size as the moderator has negative influence on the relationship between institutional and foreign ownership on performance. The study concludes that Institutional Ownership (IO) and Foreign Ownership (FO) have a statistical and significant positive effect on the financial performance of listed Consumer goods firms in Nigeria, firm size has positive but insignificant effect on the financial performance of listed consumer goods firms in Nigeria, in addition, firm size has negative moderating influence on institutional andforeign ownership andfinancialperformance oflisted consumer goodsfirms in Nigeria. Thus, the study recommends among others that, stakeholders ofconsumer goods firms should allow more institutions andforeign investors to invest andformulate a policy that can allow foreign investors to participate fully in the activities of the firms while addressing firm size constraint. Also, Nigerian consumer goods firms should encourage foreign and institutional investments in mid-sized firms, where it has the most substantial impact on financialperformance

Keywords

Financial Performance Firm Size ownership structure

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How to Cite

Giwa, A. S., Dabo, Z., Abdu, M., & SaidU, M. J. (2025). MODERATING EFFECT OF FIRM SIZE ON THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURE AND FINANCIAL PERFORMANCE OF LISTED CONSUMER GOOD'S FIRMS IN NIGERIA. Kaduna Business and Management Reviews, 6(1), 27-42. https://doi.org/10.68022/kbmr.2025.rmjswp82

A. S. Giwa, Z. Dabo, M. Abdu, and M. J. SaidU, "MODERATING EFFECT OF FIRM SIZE ON THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURE AND FINANCIAL PERFORMANCE OF LISTED CONSUMER GOOD'S FIRMS IN NIGERIA," Kaduna Business and Management Reviews, vol. 6, no. 1, pp. 27-42, June 2025. doi: 10.68022/kbmr.2025.rmjswp82

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