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Original research EXPLORING THE NEXUS BETWEEN CORPORATE LIFE CYCLE AND FINANCIAL PERFORMANCE OF LISTED NON-FINANCIAL FIRMS IN NIGERIAPages 241-256
Abstract
The study aimed to investigate the critical relationship between the corporate life cycle and financial performance of listed non-financial firms in Nigeria. The study‘s population consisted of one hundred and sixty-one (161) publicly traded firms listed on the floor of the Nigerian Exchange Group (NGX) as of December 31, 2021. Five financial performance variables namely return on assets (ROA), return on equity (ROE), net profit margin (NPM), and earnings per share (EPS) and two stages (growth and decline stages) were assessed. Based on the fixed and random effect panel data regression, the study found that ROA, ROE, NPM, and EPS are significantly influenced by the growth and maturity stages in the Corporate Life Cycle of firms while ROE and NPM are not significantly affected by growth and maturation stages. Consequently, management of firms are encouraged to adopt the 'perking's order' of financing their operations.
Keywords: Corporate Life Cycle, Profit Margin, Earnings Per Share, Financial Performance, Equity.
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Williams Okpebenyo, 
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