Abstract
The corporate governance structure delineates the allocation of rights and responsibilities among diverse stakeholders within a business enterprise. Anticipated to impact the realization of corporate objectives with minimal costs, corporate governance mechanisms furnish the means to monitor performances. This study investigated the effect of ownership structure on capital structure of the selected insurance firms in Nigeria. The study uses secondary data which were extracted from fourteen (14 sampled insurance firms listed in the Nigerian Group Exchange (NGX) for the period 1992-2022. The study used Multiple Regression analysis of data and fixed effect result was accepted based on the Hausman specification test result. The results showed reveals that firm ownership concentration has a positive significant effect on the capital structure of insurance firms in Nigeria, managerial ownership has a negative significantly positive effect on the capital structure of insurance companies in Nigeria in Nigeria. Furthermore, the control variable, firm age, has a statistically significant negative effect on the capital structure of the sampled firms in Nigeria. Based on the findings and conclusion the study recommends among others that, the study recommended that they should be training for board members and executives on best practices in corporate governance and capital structure management. This can help firms navigate the challenges associated with ownership concentration and make informed financial decisions.
Published Version
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