An Evaluation of Firm Characteristics and Financial Performance of Listed Oil and Gas Companies in Nigeria


  • Foluso Olugbenga Aribaba Federal University Oye-Ekiti
  • Abdul-Lateef Olamide Ahmodu College of Social and Management Sciences Wesley University
  • Yakibi Ayodele Afolabi Federal University Oye-Ekiti
  • Isiaka Kolawole Egbewole Federal University Oye-Ekiti
  • Sariat Iyabo Salaam Federal University Oye-Ekiti
  • Babablola Raphael Adesunloro Federal University Oye-Ekiti


Firm Characteristics; Financial Performance and Oil and Gas Companies


The study examined the effect of firm characteristics on the financial performance of Nigerian-listed oil and gas companies. The information was obtained from the indices report of twelve (12) oil and gas companies listed on the Nigerian Stock Exchange (NSE) market between the periods 2015 - 2019 which covers the period before and after the economic downturn experienced in Nigeria. The data collected were analyzed using the pool and cross-sectional data. Descriptive statistics were used to examine the characterization of variables while the pooled least square technique was used to investigate the empirical relationship of the variables. The regression result shows that about 69% of the variation in financial performance is explained by the independent variable of Firm Size, Financial Leverage, Ownership Impetrated and Firm Age. Apart from these variables, there are other factors responsible for the financial performance of listed oil and gas companies in Nigeria. The findings revealed that there is a negative relationship between Firm Size and Ownership Impetrated on financial performance, while Financial Leverage and Firm Age showed a positive relationship on the financial performance of listed oil and gas companies in Nigeria. Based on these findings, the study recommends that businesses adopt a culture of capitalising and reporting all expenditures on their products.

Author Biographies

Foluso Olugbenga Aribaba, Federal University Oye-Ekiti

Department of Business Administration, Faculty of Management Sciences, Federal University Oye-Ekiti, Ekiti State, Nigeria

Abdul-Lateef Olamide Ahmodu, College of Social and Management Sciences Wesley University

Department of Management Sciences, College of Social and Management Sciences Wesley University, Ondo. Nigeria

Yakibi Ayodele Afolabi, Federal University Oye-Ekiti

Associate Professor of Management and Entrepreneurship
Department of Business Administration, Faculty of Management Sciences, Federal University, Oye-Ekiti, Ekiti State, Nigeria

Isiaka Kolawole Egbewole, Federal University Oye-Ekiti

PhD, Department of Public Administration, Federal University Oye-Ekiti, Ekiti State,

Sariat Iyabo Salaam, Federal University Oye-Ekiti

Department of Business Education, Faculty of Education, Federal University, Oye-Ekiti, Ekiti State, Nigeria

Babablola Raphael Adesunloro, Federal University Oye-Ekiti

PhD, Department of Accounting, Faculty of Management Sciences, Federal University Oye-Ekiti, Ekiti State, Nigeria


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Business Administration and Business Economics