Live Covid-19
United States 89,360,080
Cases: 89,360,080
Deaths: 1,042,678
Recovered: 84,916,391
Active: 3,401,011
India 43,471,282
Cases: 43,471,282
Deaths: 525,139
Recovered: 42,836,906
Active: 109,237
Brazil 32,358,451
Cases: 32,358,451
Deaths: 671,466
Recovered: 30,846,850
Active: 840,135
France 31,083,859
Cases: 31,083,859
Deaths: 149,533
Recovered: 29,620,989
Active: 1,313,337
Germany 28,293,960
Cases: 28,293,960
Deaths: 141,189
Recovered: 26,702,200
Active: 1,450,571
United Kingdom 22,720,345
Cases: 22,720,345
Deaths: 180,330
Recovered: 22,145,429
Active: 394,586
Italy 18,523,111
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Deaths: 168,353
Recovered: 17,469,969
Active: 884,789
Russia 18,433,394
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Deaths: 381,165
Recovered: 17,861,605
Active: 190,624
South Korea 18,368,857
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Active: 139,561
Turkey 15,123,331
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Spain 12,734,038
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Vietnam 10,746,470
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Argentina 9,367,172
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Deaths: 129,070
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Active: 74,768
Japan 9,329,520
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Deaths: 31,281
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Active: 162,876
Netherlands 8,184,179
Cases: 8,184,179
Deaths: 22,378
Recovered: 8,063,483
Active: 98,318
Australia 8,162,153
Cases: 8,162,153
Deaths: 9,930
Recovered: 7,905,095
Active: 247,128
Iran 7,238,126
Cases: 7,238,126
Deaths: 141,389
Recovered: 7,062,657
Active: 34,080
Colombia 6,175,181
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Deaths: 140,070
Recovered: 5,984,546
Active: 50,565
Indonesia 6,088,460
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Deaths: 156,737
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Active: 16,790
Mexico 6,034,602
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Deaths: 325,716
Recovered: 5,192,957
Active: 515,929
Poland 6,015,634
Cases: 6,015,634
Deaths: 116,429
Recovered: 5,335,673
Active: 563,532
Portugal 5,171,236
Cases: 5,171,236
Deaths: 24,149
Recovered: 4,745,321
Active: 401,766
Ukraine 5,017,038
Cases: 5,017,038
Deaths: 108,638
Recovered: 4,906,519
Active: 1,881
North Korea 4,744,430
Cases: 4,744,430
Deaths: 73
Recovered: 4,736,220
Active: 8,137
Malaysia 4,566,055
Cases: 4,566,055
Deaths: 35,765
Recovered: 4,500,856
Active: 29,434
Thailand 4,525,269
Cases: 4,525,269
Deaths: 30,667
Recovered: 4,470,490
Active: 24,112
Austria 4,438,883
Cases: 4,438,883
Deaths: 18,792
Recovered: 4,314,940
Active: 105,151
Israel 4,344,800
Cases: 4,344,800
Deaths: 10,958
Recovered: 4,259,884
Active: 73,958
Belgium 4,225,222
Cases: 4,225,222
Deaths: 31,903
Recovered: 4,122,858
Active: 70,461
South Africa 3,993,843
Cases: 3,993,843
Deaths: 101,793
Recovered: 3,880,462
Active: 11,588

Moderating Effect of Organizational Growth on Debt to Equity Ratio

Moderating Effect of Organizational Growth on Debt to Equity Ratio

ABSTRACT

This focus of this study is to examine the moderating effect of organizational growth on debt to equity ratio. The purpose of the study was to determine; to ascertain the moderating effect of organizational growth on debt to equity ratio. This study adopts the ex-post facto i.e. after the fact or event. The paper uses secondary data only extracted from the Annual Reports and Accounts of 16 sampled firms out of the insurance companies in Nigeria representing 50% of the population. Random sampling technique is employed to select the firms so as to ensure that all the firms have equal chance of representation and also depending on availability of data. Multiple regression is used as a tool of analysis for the study covering a period of 11 years (2006-2016) using Statistical Package for Social Scientists (SPSS). The population of this study is the thirty-two (32) quoted insurance firms on the Nigerian Stock Exchange (NSE) as at 31st December, 2016. The result of the study revealed that Growth has an insignificant negative effect on Debt to Equity Ratio. The study concluded that while growth, tangibility and age do not have significant effect on Debt to Equity Ratio of quoted insurance firms in Nigeria, size and profitability have significant effect on Debt to Equity Ratio. The study recommended that the impact of growth variable on capital structure should be considered by financial managers when making debt financing decisions. The increase in the Gross Premium of the Insurance firms should be sustained over the years through aggressive marketing strategy, competitiveness and introduction of new products and negative growth should be avoided as much as possible so as to avoid incurring debt and minimize the risk of bankruptcy.

Keywords: Organizational Growth; Debt to Equity; Nigerian Stock Exchange

Authorship
1Ugwu, Kevin Okoh, 2Obasuyi, George D., and 3Silas, Chinweze Echefu

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