Nexus between Capital Structure and Financial Performance of Quoted Oil and Gas Companies in Nigeria

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watch source This study examined the relationship between capital structure and financial performance of quoted oil and gas companies in Nigeria. The study used the secondary data retrieved from the various websites of the quoted oil and gas companies in Nigeria from 2013 to 2020. The financial performance was measured using Return on Capital Employed (ROCE) and this formed the dependent variable. The independent variable used is the capital structure measured by Total Equity to Total Asset (TETA) and Total Debt to Total Asset (TDTA). The variables were validated by conducting descriptive statistics, correlation test and the unit root test using the Augmented Dickey Fuller (ADF) and Phillips Perron (PP). A multiple regression models was employed for this study and was analysed with the aid of a statistical program (Eviews 12). The results of the study indicated that total equity to total asset has a positive and significant impact on return on capital employed and total debt to total asset has a positive and significant impact on return on capital employed. The study recommends that the oil and gas companies in Nigeria should increase their total equity to total asset as it increases the return on capital employed and should maintain the level of total debt to total equity as it increase the return on capital employed of the oil and gas companies, and that the percentage of total debt to total asset should be less in compare to the percentage of total equity to total asset.

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