Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria

Registration ID: IJNRD_202791

Published ID: IJNRD2310086

DOI: Click Here to Get

Ezeoma, Kelechi Iheonukara , Ohale L. , Nteegah Alwell

Company income tax, value added tax, financial leverage

This study investigates the extent to which both direct and indirect taxes affect corporate financial leverage for listed non-oil exporting companies in Nigeria using the panel data framework. While direct taxation is proxied by company income tax, indirect taxation is proxied by value added tax. The study involves nine (9) listed non-oil exporting companies and covers the period from 2015 to 2022. The companies are Beta Glass, Cadbury Nigeria, Dangote Cement, Flour Mills, Guinness Nigeria, Nestle, Okomu Oil Palm, PZ Cussons, and Unilever Nigeria. The empirical analysis is based on a dynamic panel data model that incorporates firm size, profitability, and corporate governance as control variables. First, we compare the performance of the three conventional panel estimation methods (pooled regression, fixed effects, and random effects) based on Likelihood Ratio and Hausman specification tests and find that the specified model is consistent with the fixed effects theory. More specifically, our findings show that cross-sectional heterogeneity, arising mainly from the differences in organizational culture, organizational leadership, and/or management style, is an important aspect of the dynamic relationship between corporate taxation and financial leverage. Further, in contrast with the trade-off theory, we find that debt capital is not significantly related to both company income tax and value added tax. Hence, we conclude that corporate taxation is not a significant explanatory factor for corporate financial leverage.

Published Paper   E-Certificate

Ezeoma, Kelechi Iheonukara, Ohale L., & Nteegah Alwell (October-2023). Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(10), a744-a751. https://ijnrd.org/papers/IJNRD2310086.pdf

Volume 8 Issue 10, October-2023

Pages : a744-a751

Paper Reg. ID: IJNRD_202791

Published Paper Id: IJNRD2310086

Downloads: 000121981

Research Area: Management

Country: Choba, Rivers, Nigeria

Published Paper PDF: https://ijnrd.org/papers/IJNRD2310086.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2310086

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Publisher: IJNRD (IJ Publication) Janvi Wave | IJNRD.ORG | IJNRD.COM | IJPUB.ORG

This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition

Call For Paper - Volume 10 | Issue 10 | October 2025

IJNRD is a Scholarly Open Access, Peer-reviewed, and Refereed Journal with a High Impact Factor of 8.76 (calculated by Google Scholar & Semantic Scholar | AI-Powered Research Tool). It is a Multidisciplinary, Monthly, Low-Cost Journal that follows UGC CARE 2025 Peer-Reviewed Journal Policy norms, Scopus journal standards, and Transparent Peer Review practices to ensure quality and credibility. IJNRD provides indexing in all major databases & metadata repositories, a citation generator, and Digital Object Identifier (DOI) for every published article with full open-access visibility.

The INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (IJNRD) aims to advance applied, theoretical, and experimental research across diverse fields. Its goal is to promote global scientific information exchange among researchers, developers, engineers, academicians, and practitioners. IJNRD serves as a platform where educators and professionals can share research evidence, models of best practice, and innovative ideas, contributing to academic growth and industry relevance.

Indexing Coverage includes Google Scholar, SSRN, ResearcherID-Publons, Semantic Scholar (AI-Powered Research Tool), Microsoft Academic, Academia.edu, arXiv.org, ResearchGate, CiteSeerX, ResearcherID (Thomson Reuters), Mendeley, DocStoc, ISSUU, Scribd, and many more recognized academic repositories.

How to submit the paper?

By Our website

Click Here to Submit Paper Online

By Mail

Send your paper to editor@ijnrd.org

Important Dates for Current issue

Paper Submission Open For: October 2025

Current Issue: Volume 10 | Issue 10 | October 2025

Impact Factor: 8.76

Last Date for Paper Submission: Till 31-Oct-2025

Notification of Review Result: Within 1-2 Days after Submitting paper.

Publication of Paper: Within 01-02 Days after Submititng documents.

Frequency: Monthly (12 issue Annually).

Journal Type: IJNRD is an International Peer-reviewed, Refereed, and Open Access Journal with Transparent Peer Review as per the new UGC CARE 2025 guidelines, offering low-cost multidisciplinary publication with Crossref DOI and global indexing.

Subject Category: Research Area

Call for Paper: More Details