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@article{200597,
        author = {Muhammed Abubakar Haruna},
        title = {The Effects of Corporate Governance on Capital Structure of Listed Manufacturing Companies in Nigeria: A Bird’s -Eye View.},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {12},
        number = {12},
        pages = {3044-3070},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=200597},
        abstract = {This study investigates the effects of corporate governance on capital structure of listed manufacturing companies in Nigeria for the period of five years, from 2013-2017. Ex-post facto and causal research design were adopted for the study. The population of the study is made up of forty-one (41) manufacturing companies listed on the floor of the Nigerian Stock Exchange (NSE). Since the population is not too large, the study census sampling technique to take all the population. The data employed in this study were secondary data derived from annual reports of manufacturing companies that are listed on the NSE. The study utilized panel regression with respect to the use of Hausman specification test to determine whether to adopt fixed or random effect model. The fixed effect regression result revealed that board size has significant negative effects on capital structure of listed manufacturing companies in Nigeria. Board composition and institutional shareholding have positive insignificant effects on capital structure of listed manufacturing companies in Nigeria. The study indicates that audit committee composition and managerial shareholding have negative insignificant effects on capital structure of listed manufacturing companies in Nigeria. The study concludes that corporate governance is a significant determinant of capital structure in listed manufacturing companies in Nigeria. The study also recommends that manufacturing companies should have a high consideration for the number of board size when determining their capital mix because the size of board is an important determinant of capital structure. Likewise, manufacturing companies that are composed of high number of non-executive directors should consider external financing since they are seen to be transparent and independent which will be recognized by the market. Similarly, manufacturing companies should give priority to equity over debt as audit committee composition favours equity over debt. Equally, institutional shareholders of listed manufacturing companies should seek for high return in order to hold the risk related to the bankruptcy and financial distress since they have less priority in the case of bankruptcy. Also, institutional shareholders should require such return to hold the risk of agency conflicts with management. Lastly, managerial shareholders of listed manufacturing companies should discourage lending to grow the firm.},
        keywords = {Corporate Governace, Capital Structure},
        month = {May},
        }