Impact of Financial Structure on Corporate Performance of Listed Foods and Beverages Firms in Nigeria

ABSTRACT The main purpose of this study is to examine the impact of financial structure on corporate performance of listed food and beverage firms in Nigeria. The research focused on fifteen (15) food and beverages firms listed on the Nigeria Exchange Group for the period of ten (10) years (2013-2023). The variables of the study were restricted to: total debt ratio, debt to equity ratio and interest cover ratio. The study found a negative significant association between debt to asset and financial performance (ROA) and DETA. On model 2, DTAS has a positive and significant impact on ROE. Also, found a negative and statistically significant association between impact of DETA on ROA while DTEQ on ROE shows a positive and statistically significant impact against financial performance of listed conglomerate firms in Nigeria. The interest cover reveals a negative and significant influence of DTEQ on ROA, and shows a negative and statistically significant impact of ROE. Based on the conclusion, it recommends that, management of Nigerian listed conglomerate firms should increase their commitments into debt to equity in order to improve financial performance of the business operation. The study considered only those firms that meet up with the criterion to form the adjusted population. Therefore, the findings and recommendations of the study may not apply to the firms that were not covered by the study.