FINANCING PATTERN AND CAPITAL INVESTMENT BEHAVIOUR OF NIGERIAN FIRMS : A CASE STUDY OF 50 FIRMS QUOTED ON THE STOCK MARKET

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dc.contributor.authorOYEWALE, ADEBAYO OJO
dc.date.accessioned2014-03-22T09:50:34Z
dc.date.available2014-03-22T09:50:34Z
dc.date.issued1999-02
dc.descriptionDEPARTMENT OF BUSINESS ADMINISTRATION FACULTY OF ADMINISTRATION AHMADU BELLO UNIVERSITY ZARIA.en_US
dc.description.abstractABSTRACT The financing pattern based on the sources and uses of funds, for 50 firms quoted on the Nigerian stock exchange listing was examined. Overall internal finance is far less important than external finance as a source of finance for the Nigerian firms studied. The order of financing being external debt followed by external equity and internal finance a distant third. This finding negates the financing hierarchy hypothesis that the firm's preference for sources of finance run from internal finance to external debt to external equity. External borrowing consist mainly of term-loans from financial institutions and working capital loans from commercial banks; with debentures contributing far less as a source of funds for a large percentage of the firms. The financing of capital expenditures appears to be done primarily through internal finance; and external finance plays a limited role with regards to capital expenditure. This is in agreement with the managerial theory of investment which state that the fundamental determinant of investment is the availability of internal finance; which is the most accessible part of the capital market and most amenable to managerial control. As such majority of the firms restrict their capital expenditure to within the internally generated funds. The positive relationship between cash flow (internal finance) and capital investment is evidence by the high percentage of firms with positive financial slack. The financial pattern and capital investment behavior seem not to vary significantly over the year range for which this study was conducted.en_US
dc.identifier.urihttp://hdl.handle.net/123456789/4155
dc.language.isoenen_US
dc.subjectFINANCING,en_US
dc.subjectPATTERN,en_US
dc.subjectCAPITAL,en_US
dc.subjectINVESTMENT,en_US
dc.subjectBEHAVIOUR,en_US
dc.subjectNIGERIAN,en_US
dc.subjectFIRMS,en_US
dc.subjectCASE,en_US
dc.subjectSTUDY,en_US
dc.subjectFIRMS,en_US
dc.subjectQUOTED,en_US
dc.subjectSTOCK,en_US
dc.subjectMARKET.en_US
dc.titleFINANCING PATTERN AND CAPITAL INVESTMENT BEHAVIOUR OF NIGERIAN FIRMS : A CASE STUDY OF 50 FIRMS QUOTED ON THE STOCK MARKETen_US
dc.typeThesisen_US
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