THE INFLUENCE OF FIRM ATTRIBUTES ON FINANCIAL PERFORMANCE OF  LISTED NIGERIA CONSUMER GOODS FIRMS: A MODERATING EFFECT OF  LEVERAGE

Authors

ADENLE Oluwatimileyin Esther Osun State University, Osogbo, Osun State, Nigeria
AJIBOYE Olayinka Olayemi Department of Business Education, Accounting, Osun State College of Education, Ila Orangun
OJUADE Gideon Adedayo Bursary Department, Obafemi Awolowo University (OAU), Nigeria
SULAIMAN Aminat Adebukunola Department of Accountancy, School of Business &Management Studies, Federal Polytechnic Offa, Kwara State, Nigeria
ADEOYE Lukmon Adewale Osun State University, Osogbo, Nigeria
AYENI Funmilola Tosin Redeemer’s University, Ede, Bursary Department, Nigeria

Board Independence, Gender Diversity, Firm Size, Financial Performance,, Leverage

This study examined moderating effects of leverage on the nexus between firm attributes and

financial performance. The study period ranges from 2013 to 2021. Fourteen (14) out of twenty

one (21) listed Nigerian consumer goods firms were purposefully chosen. This study used panel

regression, correlation analysis, and descriptive statistics for the data estimation. The results

indicate that board independence and firm size positively and significantly affect return on assets,

while board gender diversity does not significantly impact ROA. Also, the study found that

leverage has a noteworthy and positive moderating effect on the relationship between board

independence, board gender diversity, firm size, and ROA evidenced by t-statistics and p-values

of (2.23, 2.08, 2.12) and (0.026, 0.038, 0.034) respectively. In conclusion, this research suggests

that leverage moderates the relationship between firm attributes and financial performance, and

it also recommends that companies should strike a balance in their financing strategies to avoid

excessive debt risk. They should also, diversify their boards, and exercise caution in the use of

debt financing, regardless of their size and age.