Sermaye Yapısı Yönetimi ve Nijerya'daki İmalat Firmalarının Finansal Performansına Etkileri
Özet
Bu ampirik çalışma, 2009'dan 2020'ye uzanan on iki yıllık bir süre içinde Nijerya Borsası'nda (NGX) işlem gören şirketler arasından seçilen on imalat firmasının sermaye yapısının finansal performansı üzerindeki etkisini ortaya koymayı amaçlamıştır. Bu çalışma için seçilen firmaların beyan ve raporları kullanılmıştır. Bu araştırmada veri analizi için betimsel istatistikler, korelasyon ve panel veri regresyon analizleri kullanılmıştır. Bu çalışmanın sonuçları, borç özsermaye oranının (DER), seçilen firmaların aktif getirisi (ROA) üzerinde olumsuz ve önemsiz bir etkiye sahip olduğunu ortaya koymaktadır. Aksine, borç özsermaye oranı (DER), Nijerya'daki örneklenen imalat firmalarının özkaynak karlılığı (ROE) üzerinde pozitif anlamlı bir etkiye ve net kar marjı (NPM) üzerinde pozitif ancak anlamsız bir etkiye sahiptir. Toplam borcun toplam varlıklara oranı, tüm finansal performans göstergeleri üzerinde pozitif ancak anlamsız bir etkiye sahiptir. Çalışma ayrıca kısa vadeli borcun toplam varlıklara (SDTA) ve uzun vadeli borcun toplam varlıklara (LDTA) göre tüm bağımlı değişkenler üzerinde negatif ve anlamsız bir etkiye sahip olduğunu bulmuştur. Bu çalışmanın bulguları, bu şirketlerin yönetiminin finansal performanslarını optimize etmek için sermaye yapısı kararlarında her zaman uygun şekilde yönlendirilmesi gerektiğini göstermektedir. Bu nedenle, bu çalışmanın ana fikri, Nijerya'daki imalat firmalarının karlılığı için en uygun sermaye yapısının gerekli olduğudur.
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