Structural Determinants of Financial Sustainability of Listed Financial Companies in Nigeria
DOI:
https://doi.org/10.33003/fujafr-2023.v1i1.9.49-64Keywords:
Ownership determinant, Financial sustainability, Managerial ownership, Institutional ownership, Foreign ownershipAbstract
The study examined the effect of structural determinant of financial sustainability of listed financial companies in Nigeria from 2012-2021. The study adopted longitudinal research design with panel multiple regression model was used for the analysis. The study found that managerial ownership has a positive significant effect on financial sustainability, institutional ownership has negative insignificant effect on financial sustainability while foreign ownership has positive insignificant effect on financial sustainability of listed financial companies in Nigeria. Based on the finding, the study recommends that managers should be encouraged to acquire more shares since it will lead them to be more committed to the company’s operations that can increase financial sustainability of the company. Also, the banks should encourage foreign investors to acquire shares because the resultant distribution of ownership among different groups can impact on managerial opportunism, which subsequently has implications for managerial behavior and corporate performance. This, they will monitor and check the management behaviour whenever necessary.
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