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CAPITAL STRUCTURE, PRODUCTION COST EFFICIENCY AND FINANCIAL PERFORMANCE OF LISTED AGRO-ALLIED FIRMS IN NIGERIA

CAPITAL STRUCTURE, PRODUCTION COST EFFICIENCY AND FINANCIAL PERFORMANCE OF LISTED AGRO-ALLIED FIRMS IN NIGERIA

 

Abstract: The debate on preference among financing options as regards technical efficiency in the corporate world remains inconclusive. Corporate operations are often financed using either debt/equity or both. The association between efficiency and financing options was examined using a 10- year balanced panel of quoted agro-allied firms in Nigeria between 2007 and 2016. The paper employed data envelopment analysis (DEA), stochastic frontier analysis (SFA) and fixed effect regression for its analysis. The impacts of long-term debt, short-term debt and tax liabilities on agro-allied firms’ performance measured by input-oriented technical efficiency and returns on assets were related. Firms’ technical efficiency was found to be positively related to their share capital, tax liabilities, and long-term debts. However, short-term debts had no effect on production efficiency and return on assets.

JEL classification: D24, D20, C10, C80, O40

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