Determinants of capital structure of Nigerian non -- financial firms.

The research report presents empirical findings on the determinants of capital structure of selected sample population of non-financial firms of Nigeria. The study was based on quantitative research orientation, and descriptive research design. Secondary data was obtained from 2000-2012 Standard and Poor (S&P) Nigeria Stock Exchange's twenty seven non-financial firms as sample population for the study. ... Major research findings of the study revealed the impact of liquidity in the leverage of Nigerian non-financial firms as a result of institutional factors such as size, return, growth, tangibility, liquidity and dividend on firms' impact and methods of financing. Also, the visibility of static Trade-off Theory as more constant in determining the wave of capital structures of Nigerian non-financial firms. The study concludes by reiterating that even though the selected firms used for the study is not a reflection of all the non-financial firms in Nigeria, however, it asserts that most Nigerian's non-financial firms experience high leverage and dividend payments to investors (foreign and local) as well as experience low liquidity, which needs to be minimized of avoided. In sum, further empirical research is required, especially with the most recent data of S&P and Fitch's (2014) global ratings of Nigeria's economic performance as the leading economy in Africa (Chima, 2014). --Leaf iii.