Abstract
Purpose: There are limited scholarly works in Nigeria which examinethe influence of firm life cycle on financial performance. This studyhas filled this gap by examining the effects of firm life cycle onfinancial performance of listed firms in Nigeria.Design/Methodology/Approach: Correlational research design wasused and data were extracted 91 listed firms over a ten-year period(2010-2019) and analyzed using descriptive statistics (mean, standarddeviation, minimum mean and maximum mean) and inferentialstatistics (correlation coefficients and multiple regression analysis).Diagnostic checks such as normality, multicollinearity,heteroskedasticity, serial (auto) correlation and panel effects tests werecarried out and the results were used to decide the appropriate methodsof regression analysis.Findings: We find maturity stage to have positive and significanteffect on financial performance. However, we fail to find anysignificant effect at introductory, growth and shake-out stage.Implications/Originality/Value: The study, therefore, concludes thatthe maturity phase is the most critical stage and recommends thatmanagers should pay greater attention to their businesses, particularlyduring the period of maturity to avoid shakeout or decline.
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