IYAFEKHE Christian (FIMPD, ACA, ACTI, PhD)1
&
JOHNSON Stephen Oyewole (M.Sc, FCA)2
Department of Accounting,
Faculty of Management Sciences
University of Benin,
Edo State, Nigeria
Accounting Department, Faculty of Management and Social Sciences
Wellspring University,
Edo State
For Correspondence, email: christian.iyafekhe@unibem.edu
Abstract
The study examined the impact of capital structure on firms’ value of listed oil & gas firms in Nigeria. The study further examined the moderating effect of their nexus between capital structure and firms value of listed oil & gas firms in Nigeria. The source of data employed involved the collection of data from listed oil & gas firms on Nigeria Exchange Group’s website. The study adopted the ex-post factor research design. The sample consisted of nine (9) listed oil & gas firms in Nigeria Exchange Group for a period of 9 years (2014 to 2022). The data gathered was analyzed using the panel least square. The result of the study revealed that equity capital has positive and significant effect on firm value of listed oil and gas firms in Nigeria. Secondly, the moderating effect of board meeting on the nexus between equity capital and firms value was positive and significant. Lastly, the moderating effect of board meeting on the relationship between long term debt and firm value of listed oil & gas firms was negative and significant. Therefore, board meeting is the only corporate governance variable that has moderating effect between equity capital, long term debt and firm value. The study recommended that the frequency of board meeting in oil & gas firms in Nigeria should be increased so as to have an apple time to discuss the success of the organization as regards capital structure.
Keyword: Capital Structure, Firm Value, Corporate Governance
