{"id":"https://openalex.org/W2394600731","doi":"https://doi.org/10.19026/ajbm.7.5163","title":"Another Look at Capital Structure and Corporate Performance in Emerging Markets: The Case of Nigeria","display_name":"Another Look at Capital Structure and Corporate Performance in Emerging Markets: The Case of Nigeria","publication_year":2015,"publication_date":"2015-02-15","ids":{"openalex":"https://openalex.org/W2394600731","doi":"https://doi.org/10.19026/ajbm.7.5163","mag":"2394600731"},"language":"en","primary_location":{"id":"doi:10.19026/ajbm.7.5163","doi":"https://doi.org/10.19026/ajbm.7.5163","is_oa":true,"landing_page_url":"https://doi.org/10.19026/ajbm.7.5163","pdf_url":null,"source":{"id":"https://openalex.org/S4210189597","display_name":"Asian Journal of Business Management","issn_l":"2041-8744","issn":["2041-8744","2041-8752"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4360969362","host_organization_name":"Maxwell Scientific Publication Corp.","host_organization_lineage":["https://openalex.org/P4360969362"],"host_organization_lineage_names":["Maxwell Scientific Publication Corp."],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Journal of Business Management","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.19026/ajbm.7.5163","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5010986360","display_name":"Sunday Osaretin Igbinosa","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I6406202","display_name":"University of Benin","ror":"https://ror.org/04mznrw11","country_code":"NG","type":"education","lineage":["https://openalex.org/I6406202"]}],"countries":["NG"],"is_corresponding":true,"raw_author_name":"Sunday Igbinosa","raw_affiliation_strings":["Department of Banking and Finance, Faculty of Management Sciences, University of Benin, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Banking and Finance, Faculty of Management Sciences, University of Benin, Nigeria","institution_ids":["https://openalex.org/I6406202"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5010986360"],"corresponding_institution_ids":["https://openalex.org/I6406202"],"apc_list":null,"apc_paid":null,"fwci":2.4223,"has_fulltext":false,"cited_by_count":12,"citation_normalized_percentile":{"value":0.90803905,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":87,"max":97},"biblio":{"volume":"5","issue":"1","first_page":"1","last_page":"12"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.975600004196167,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.975600004196167,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.02019999921321869,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.0010999999940395355,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.9990000128746033},{"id":"https://openalex.org/keywords/firm-performance","display_name":"firm performance","score":0.949999988079071},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.7590000033378601},{"id":"https://openalex.org/keywords/nigeria","display_name":"Nigeria","score":0.6380000114440918},{"id":"https://openalex.org/keywords/long-term-debt","display_name":"long-term debt","score":0.7900000214576721},{"id":"https://openalex.org/keywords/internal-financing","display_name":"internal financing","score":0.7919999957084656},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.7080000042915344},{"id":"https://openalex.org/keywords/return-on-equity","display_name":"return on equity","score":0.996999979019165},{"id":"https://openalex.org/keywords/debt-equity-mix","display_name":"debt-equity mix","score":0.859000027179718},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.765999972820282},{"id":"https://openalex.org/keywords/nigerian-stock-exchange","display_name":"Nigerian Stock Exchange","score":0.8410000205039978}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.6676417589187622},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.6572389602661133},{"id":"https://openalex.org/C40113805","wikidata":"https://www.wikidata.org/wiki/Q245930","display_name":"Return on capital","level":5,"score":0.605262815952301},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5906627178192139},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.5434480309486389},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5107636451721191},{"id":"https://openalex.org/C2778098874","wikidata":"https://www.wikidata.org/wiki/Q240691","display_name":"Retained earnings","level":3,"score":0.4992866516113281},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.4871806502342224},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.45476585626602173},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.44748765230178833},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.42938265204429626},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.42780590057373047},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.42226988077163696},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3577198088169098},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.18325692415237427},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.1308942437171936},{"id":"https://openalex.org/C58202505","wikidata":"https://www.wikidata.org/wiki/Q5035700","display_name":"Capital formation","level":4,"score":0.12042126059532166},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.06859919428825378},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.19026/ajbm.7.5163","doi":"https://doi.org/10.19026/ajbm.7.5163","is_oa":true,"landing_page_url":"https://doi.org/10.19026/ajbm.7.5163","pdf_url":null,"source":{"id":"https://openalex.org/S4210189597","display_name":"Asian Journal of Business Management","issn_l":"2041-8744","issn":["2041-8744","2041-8752"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4360969362","host_organization_name":"Maxwell Scientific Publication Corp.","host_organization_lineage":["https://openalex.org/P4360969362"],"host_organization_lineage_names":["Maxwell Scientific Publication Corp."],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Journal of Business Management","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.19026/ajbm.7.5163","doi":"https://doi.org/10.19026/ajbm.7.5163","is_oa":true,"landing_page_url":"https://doi.org/10.19026/ajbm.7.5163","pdf_url":null,"source":{"id":"https://openalex.org/S4210189597","display_name":"Asian Journal of Business Management","issn_l":"2041-8744","issn":["2041-8744","2041-8752"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4360969362","host_organization_name":"Maxwell Scientific Publication Corp.","host_organization_lineage":["https://openalex.org/P4360969362"],"host_organization_lineage_names":["Maxwell Scientific Publication Corp."],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Journal of Business Management","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.5263000130653381,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":29,"referenced_works":["https://openalex.org/W122658894","https://openalex.org/W157807958","https://openalex.org/W1490635679","https://openalex.org/W1508531630","https://openalex.org/W1546993880","https://openalex.org/W1587222246","https://openalex.org/W1871913827","https://openalex.org/W1970676817","https://openalex.org/W1972264357","https://openalex.org/W2021963810","https://openalex.org/W2023116748","https://openalex.org/W2038877031","https://openalex.org/W2055749379","https://openalex.org/W2063955807","https://openalex.org/W2070134989","https://openalex.org/W2084310832","https://openalex.org/W2090556614","https://openalex.org/W2110603299","https://openalex.org/W2124597406","https://openalex.org/W2143841915","https://openalex.org/W2147538517","https://openalex.org/W2162238587","https://openalex.org/W2170790204","https://openalex.org/W2184528437","https://openalex.org/W2739797311","https://openalex.org/W2752617332","https://openalex.org/W3121131820","https://openalex.org/W3124114405","https://openalex.org/W3124161534"],"related_works":["https://openalex.org/W7095725354","https://openalex.org/W2994292903","https://openalex.org/W6958760138","https://openalex.org/W2972380385","https://openalex.org/W2179168854","https://openalex.org/W2804254797","https://openalex.org/W2513615396","https://openalex.org/W7124951443","https://openalex.org/W4320301679","https://openalex.org/W2899308125"],"abstract_inverted_index":{"The":[0,32],"paper":[1],"explores":[2],"the":[3,28,43,53,73,116,128],"long":[4,39,54,96],"and":[5,13,49,77,101,132],"short":[6,44],"run":[7,45],"dynamic":[8],"relationships":[9],"between":[10],"capital":[11,79,120],"structure":[12],"firm\u2019s":[14],"performance":[15,125],"variables":[16],"based":[17],"on":[18,27,83,91],"financial":[19],"statements\u2019":[20],"data":[21],"of":[22,66,75,119,130],"(62)":[23],"non-banking":[24],"firms":[25,37],"quoted":[26,36],"Nigerian":[29],"Stock":[30],"Exchange.":[31],"study":[33],"reveals":[34,70],"that":[35,71,80,87,95,111,121,127,134,142],"use":[38],"term":[40,97],"debts":[41,98,131],"in":[42,52],"to":[46,63,103,106,137],"boost":[47],"profitability":[48],"earnings":[50],"but":[51],"run,":[55],"as":[56],"they":[57,61],"become":[58],"more":[59],"profitable,":[60],"resort":[62],"internal":[64],"source":[65],"financing.":[67],"It":[68,109],"further":[69],"while":[72],"combination":[74,129],"debt":[76],"equity":[78,107,133,138],"optimizes":[81,89,122,135],"return":[82,90,136],"assets":[84],"differ":[85],"from":[86],"which":[88],"equity,":[92],"it":[93],"submits":[94],"contribute":[99],"positively":[100],"significantly":[102],"enhancing":[104],"returns":[105],"owners.":[108],"recommends":[110],"a":[112],"firm":[113],"should":[114,140],"determine":[115],"appropriate":[117],"mix":[118],"its":[123],"own":[124],"suggesting":[126],"owners":[139],"represent":[141],"optimum":[143],"structure.":[144]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":2}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
