{"id":"https://openalex.org/W7225464792","doi":"https://doi.org/10.66490/jjsms.v7i3.2597","title":"Capital Structure and Financial Performance of Listed Oil and Gas and Consumer Goods Firms in Nigeria: A Comparative Panel Analysis (2011\u20132020)","display_name":"Capital Structure and Financial Performance of Listed Oil and Gas and Consumer Goods Firms in Nigeria: A Comparative Panel Analysis (2011\u20132020)","publication_year":2026,"publication_date":"2026-11-06","ids":{"openalex":"https://openalex.org/W7225464792","doi":"https://doi.org/10.66490/jjsms.v7i3.2597"},"language":"en","primary_location":{"id":"doi:10.66490/jjsms.v7i3.2597","doi":"https://doi.org/10.66490/jjsms.v7i3.2597","is_oa":true,"landing_page_url":"https://doi.org/10.66490/jjsms.v7i3.2597","pdf_url":"https://oer.tsuniversity.edu.ng/index.php/jjsms/article/download/2597/2239","source":{"id":"https://openalex.org/S7407062953","display_name":"JALINGO JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES","issn_l":"2659-0131","issn":["2659-0131","3026-9180"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I3133101575","host_organization_name":"Taraba State University","host_organization_lineage":["https://openalex.org/I3133101575"],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"JALINGO JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES","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://oer.tsuniversity.edu.ng/index.php/jjsms/article/download/2597/2239","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5161183921","display_name":"Samuel Akpovwre EYENUBO","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4400009034","display_name":"University of Delta Agbor","ror":"https://ror.org/04kkazx03","country_code":"NG","type":"education","lineage":["https://openalex.org/I4400009034"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Samuel Akpovwre EYENUBO","raw_affiliation_strings":["Department of Accounting and Finance , Faculty of Social Sciences , University of Delta , Agbor"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting and Finance , Faculty of Social Sciences , University of Delta , Agbor","institution_ids":["https://openalex.org/I4400009034"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5161181460","display_name":"Saturday Eboh DOMINIC","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4400009034","display_name":"University of Delta Agbor","ror":"https://ror.org/04kkazx03","country_code":"NG","type":"education","lineage":["https://openalex.org/I4400009034"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Saturday Eboh DOMINIC","raw_affiliation_strings":["Department of Accounting and Finance , Faculty of Social Sciences , University of Delta , Agbor"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting and Finance , Faculty of Social Sciences , University of Delta , Agbor","institution_ids":["https://openalex.org/I4400009034"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4400009034"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"7","issue":"3","first_page":"234","last_page":"250"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9463000297546387,"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":0.9463000297546387,"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":0.03970000147819519,"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/T12544","display_name":"Working Capital and Financial Performance","score":0.007899999618530273,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":1.0},{"id":"https://openalex.org/keywords/financial-performance","display_name":"financial performance","score":0.9580000042915344},{"id":"https://openalex.org/keywords/oil-and-gas-companies","display_name":"oil and gas companies","score":0.9190000295639038},{"id":"https://openalex.org/keywords/consumer-goods-companies","display_name":"consumer goods companies","score":0.9940000176429749},{"id":"https://openalex.org/keywords/debt-maturity","display_name":"debt maturity","score":0.7590000033378601},{"id":"https://openalex.org/keywords/short-term-debt","display_name":"short-term debt","score":0.9319999814033508},{"id":"https://openalex.org/keywords/long-term-debt","display_name":"long-term debt","score":0.9559999704360962},{"id":"https://openalex.org/keywords/debt-equity-ratio","display_name":"debt to equity ratio","score":0.984000027179718},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.9340000152587891},{"id":"https://openalex.org/keywords/sectoral-differences","display_name":"sectoral differences","score":0.7789999842643738},{"id":"https://openalex.org/keywords/equity-financing","display_name":"equity financing","score":0.7889999747276306},{"id":"https://openalex.org/keywords/nigerian-listed-firms","display_name":"Nigerian listed companies","score":0.796999990940094}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.7132999897003174},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.699400007724762},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.6014000177383423},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.5946999788284302},{"id":"https://openalex.org/C148609458","wikidata":"https://www.wikidata.org/wiki/Q7021281","display_name":"Nexus (standard)","level":2,"score":0.5260999798774719},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.5123999714851379},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4652000069618225},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.4625999927520752},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.45329999923706055},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.424699991941452},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4221999943256378},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.40529999136924744},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3968999981880188},{"id":"https://openalex.org/C60675406","wikidata":"https://www.wikidata.org/wiki/Q2049349","display_name":"Panel analysis","level":3,"score":0.3887999951839447},{"id":"https://openalex.org/C101433766","wikidata":"https://www.wikidata.org/wiki/Q3543263","display_name":"Maturity (psychological)","level":2,"score":0.37529999017715454},{"id":"https://openalex.org/C40113805","wikidata":"https://www.wikidata.org/wiki/Q245930","display_name":"Return on capital","level":5,"score":0.37470000982284546},{"id":"https://openalex.org/C98014903","wikidata":"https://www.wikidata.org/wiki/Q832161","display_name":"Financial ratio","level":2,"score":0.3555999994277954},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.3488999903202057},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.3319000005722046},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.313400000333786},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.3125999867916107},{"id":"https://openalex.org/C52272595","wikidata":"https://www.wikidata.org/wiki/Q2210989","display_name":"Current ratio","level":3,"score":0.30090001225471497},{"id":"https://openalex.org/C44171179","wikidata":"https://www.wikidata.org/wiki/Q461319","display_name":"External debt","level":3,"score":0.28760001063346863},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.27950000762939453},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.2766999900341034},{"id":"https://openalex.org/C25188504","wikidata":"https://www.wikidata.org/wiki/Q178749","display_name":"Weighted average cost of capital","level":5,"score":0.27459999918937683},{"id":"https://openalex.org/C16969640","wikidata":"https://www.wikidata.org/wiki/Q1070805","display_name":"Capital adequacy ratio","level":3,"score":0.26499998569488525},{"id":"https://openalex.org/C122637931","wikidata":"https://www.wikidata.org/wiki/Q118084","display_name":"Unit (ring theory)","level":2,"score":0.2646999955177307},{"id":"https://openalex.org/C99656134","wikidata":"https://www.wikidata.org/wiki/Q2912993","display_name":"Ordinary least squares","level":2,"score":0.2599000036716461},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.2542000114917755},{"id":"https://openalex.org/C39896193","wikidata":"https://www.wikidata.org/wiki/Q380344","display_name":"Descriptive statistics","level":2,"score":0.25360000133514404}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.66490/jjsms.v7i3.2597","doi":"https://doi.org/10.66490/jjsms.v7i3.2597","is_oa":true,"landing_page_url":"https://doi.org/10.66490/jjsms.v7i3.2597","pdf_url":"https://oer.tsuniversity.edu.ng/index.php/jjsms/article/download/2597/2239","source":{"id":"https://openalex.org/S7407062953","display_name":"JALINGO JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES","issn_l":"2659-0131","issn":["2659-0131","3026-9180"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I3133101575","host_organization_name":"Taraba State University","host_organization_lineage":["https://openalex.org/I3133101575"],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"JALINGO JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES","raw_type":"journal-article"},{"id":"pmh:oai:ojs2.oer.tsuniversity.edu.ng:article/2597","doi":null,"is_oa":true,"landing_page_url":"https://oer.tsuniversity.edu.ng/index.php/jjsms/article/view/2597","pdf_url":null,"source":{"id":"https://openalex.org/S7407062953","display_name":"JALINGO JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES","issn_l":"2659-0131","issn":["2659-0131","3026-9180"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I3133101575","host_organization_name":"Taraba State University","host_organization_lineage":["https://openalex.org/I3133101575"],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2659-0131","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"doi:10.66490/jjsms.v7i3.2597","doi":"https://doi.org/10.66490/jjsms.v7i3.2597","is_oa":true,"landing_page_url":"https://doi.org/10.66490/jjsms.v7i3.2597","pdf_url":"https://oer.tsuniversity.edu.ng/index.php/jjsms/article/download/2597/2239","source":{"id":"https://openalex.org/S7407062953","display_name":"JALINGO JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES","issn_l":"2659-0131","issn":["2659-0131","3026-9180"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I3133101575","host_organization_name":"Taraba State University","host_organization_lineage":["https://openalex.org/I3133101575"],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"JALINGO JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.48510000109672546,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225464792.pdf","grobid_xml":"https://content.openalex.org/works/W7225464792.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2998946415","https://openalex.org/W7220829937","https://openalex.org/W2344385559","https://openalex.org/W7008635384","https://openalex.org/W4306676951","https://openalex.org/W7220481180","https://openalex.org/W4408253209","https://openalex.org/W4312600599","https://openalex.org/W4240351025","https://openalex.org/W4360978986"],"abstract_inverted_index":{"This":[0,155],"study":[1,143,156],"examines":[2],"the":[3,9,24,32,47,163,173,188],"effect":[4,86,120,138,151],"of":[5,12,38,162,191],"capital":[6,146,164],"structure":[7,147,194],"on":[8,46,87,89,121,152,180,187,213],"financial":[10,36,153],"performance":[11],"listed":[13,40],"oil":[14,73],"and":[15,17,35,61,74,84,101,118,125,129,136,198,215,218],"gas":[16,75,199],"consumer":[18,111,207],"goods":[19,112,208],"firms":[20,41,200,209],"in":[21,139,167,172],"Nigeria":[22],"over":[23],"period":[25],"2011-2020.":[26],"Secondary":[27],"data":[28],"were":[29,67],"extracted":[30],"from":[31,43],"annual":[33],"reports":[34],"statements":[37],"ten":[39],"(five":[42],"each":[44],"sector)":[45],"Nigerian":[48],"Exchange":[49],"Group":[50],"(NGX).":[51],"Descriptive":[52],"statistics,":[53],"Pearson":[54],"correlation,":[55],"panel":[56,62],"unit":[57],"root,":[58],"Pedroni":[59],"cointegration,":[60],"least":[63],"squares":[64],"regression":[65],"analyses":[66],"conducted":[68],"using":[69],"E-Views":[70],"9.0.":[71],"For":[72,110],"firms,":[76,113],"short-term":[77,203,214],"debt":[78,94,98,192,204],"ratio":[79,95,99,103],"(STDR)":[80],"had":[81,105,115,127,133],"a":[82,116,134,149,158,170],"positive":[83,106,117],"significant":[85,119,130],"return":[88],"assets":[90],"(ROA),":[91],"while":[92,123,206],"long-term":[93],"(LTDR),":[96],"total":[97],"(TDR),":[100],"debt-to-equity":[102,216],"(DTER)":[104],"but":[107],"insignificant":[108,137],"effects.":[109,131],"LTDR":[114],"ROA,":[122],"DTER":[124],"STDR":[126],"negative":[128,135],"TDR":[132],"both":[140],"sectors.":[141,182,196],"The":[142],"concludes":[144],"that":[145],"exerts":[148],"sector-dependent":[150],"performance.":[154],"provides":[157,185],"comparative":[159],"sectoral":[160],"analysis":[161],"structure-performance":[165],"nexus":[166],"Nigeria,":[168],"addressing":[169],"gap":[171],"literature":[174],"where":[175],"most":[176],"prior":[177],"studies":[178],"focused":[179],"single":[181],"It":[183],"also":[184],"evidence":[186],"differential":[189],"effects":[190],"maturity":[193],"across":[195],"Oil":[197],"should":[201,210],"optimise":[202],"utilisation,":[205],"reduce":[211],"reliance":[212],"financing":[217],"increase":[219],"equity":[220],"financing.":[221]},"counts_by_year":[],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2026-11-08T00:00:00"}
