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首页> 外文期刊>International Journal of Food and Agricultural Economics >COMPARATIVE STUDY OF THE DETERMINANTS OF CAPITAL STRUCTURE OF QUOTED AND UNQUOTED AGRO-BASED FIRMS IN NIGERIA
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COMPARATIVE STUDY OF THE DETERMINANTS OF CAPITAL STRUCTURE OF QUOTED AND UNQUOTED AGRO-BASED FIRMS IN NIGERIA

机译：尼日利亚无定额和非定额农业企业资本结构决定因素的比较研究

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The study examined the determinants of capital structure decision and compared the capital structure of quoted and unquoted agro-based firms in Nigeria. Data collected through a multi- stage random sampling from the financial statements of 28 quoted and 60 unquoted agro-based firms for the period 2005-2010 were analyzed using descriptive statistics, Z-test and Ordinary Least Square (OLS) regression. The result revealed significant differences in capital structure (long term debt and total debt use) between quoted and unquoted agro-based firms. Short-term debts constituted a higher proportion of total debts of both sampled groups. The regression result showed that firm size, asset structure andgrowth coefficients had significant positive relationships with both long and short term debt finance for both listed and unlisted agro-based firms respectively. Result further showed that age of firms, educational status of CEO, export status of firms, and gender of firm owners were positive and significantly related to long term debt for both listed and unlisted firms. Also, highly profitable firms depended on internally generated revenue, thereby lending credence to the pecking order theory (POT). Therefore, The study showed that pecking order theory dominated the financing behavior of agro-based firms in Nigeria while the agency cost argument was only relevant for listed agro-based firms. Hence, policies that would enhance the acquisition of tangible assets, encourage exportation, ensure appropriate record keeping and encourage the use of more long term finance in place of short-term finance should be pursued.
机译：该研究检查了资本结构决策的决定因素，并比较了尼日利亚有报价和无报价的农业公司的资本结构。使用描述性统计，Z检验和普通最小二乘（OLS）回归分析了通过多阶段随机抽样从2005年至2010年间28家有报价和60家无报价的农业公司的财务报表中收集的数据。结果表明，有报价和无报价的农业公司之间的资本结构（长期债务和债务总使用）存在显着差异。短期债务在两个抽样组的总债务中所占比例较高。回归结果表明，上市公司和非上市农业公司的公司规模，资产结构和增长系数分别与长期和短期债务融资有显着正相关。结果进一步表明，上市公司和非上市公司的公司年龄，首席执行官的教育程度，公司的出口状况以及公司所有者的性别都是正向的，并且与长期债务密切相关。同样，高利润的公司依赖于内部产生的收入，从而为啄序理论（POT）提供了依据。因此，研究表明，啄序理论主导了尼日利亚农业企业的融资行为，而代理成本理论仅与上市农业企业有关。因此，应该采取政策来加强有形资产的获取，鼓励出口，确保适当的记录保存，并鼓励使用更多的长期融资来代替短期融资。

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