Firm Attributes and Sustainable Growth of Listed Industrial Goods Firms in Nigeria

This study was conducted to investigate the effect of firm attributes on sustainable growth of listed industrial goods firms in Nigeria. The scope of this study covers a period of 10 years ranging from 2014 to 2023. The firm specific characteristics proxies adopted in the study were profitability, dividend policy, working capital and capital structure . In testing for the effect of the variables on sustainable growth of listed industrial goods firms in Nigeria, the study conducted panel least square regression before proceeding to check for inconsistencies with the basic assumptions of the OLS regression. These diagnostics tests include test for multicollinearity as well as test for heteroscedasticity. Findings from the study show that profitability has a negative insignificant effect on sustainable growth; capital structure has a negative insignificant effect on sustainable growth; dividend policy has a positive insignificant effect on sustainable growth; and working capital has a positive significant effect on sustainable growth of the industrial goods firms under study. The study concluded that only the variable of working capital appears to significantly influence sustainable growth rate of listed industrial goods firms in Nigeria. Profitability, capital structure and dividend policy have no significant effect on sustainable growth rate. Based on the findings of this study, It is recommend that management of these industry goods companies should advocate for policies that will enhance swift conversion of inventory to cash to improve firm growth. This could range from the provision of cash discussant to customer to encourage purchase.