Download This PaperInfluence of Firm Financial Characteristics on Leverage of Manufacturing Firms Listed Companies in Nairobi Securities Exchanges
American Based Research Journal, Vol. 8 Issue 03, March 2019
12 Pages Posted: 21 May 2020
Date Written: March 1, 2019
Abstract
Securities exchanges have greater roles to play in regard to economic and social development in both developed and developing economies. Hence, this paper examined the influence of firm financial characteristics on the leverage of manufacturing listed companies in Nairobi securities exchange. Panel data was collected from annual financial statements and panel regression modelling was adopted to analyze the data. Operating cash flows had a significant moderating effect on the influence of firm financial characteristics on the leverage of manufacturing listed firms in Nairobi securities exchange.
Keywords: Financial characteristics, Firm size, Profitability, Tangibility, Growth opportunities
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