Capital structure is the mixture of equity and debt used to finance investments while corporate investment strategy involves the selection of appropriate investments that will add to the value of an organisation on the long run. This study examined the relationship between corporate investment strategy and capital structure of selected listed oil and gas companies in Nigeria. Oil and gas industry was selected because of the huge investments involved in it and its contribution to the Nigerian economy. Corporate investment strategy was proxy with total investments while capital structure was proxy with Equity Finance (EQF), Debt Finance (DEF), Debt to Equity (DTE) and Leverage (LEV) in line with existing works. The panel data used were sourced from published financial statements of the companies for the period under study. The Hausman test conducted confirmed fixed effect model as most appropriate for the study. Findings are mixed. Both Equity Finance (EQF) and Debt Finance (DEF) have negative but significant relationship with corporate investment strategy. Debt to Equity (DTE) has a negative but not significant relationship. The positive relationship of Leverage (LEV) is not significant. While the findings confirm existing works, they negate others. The study concludes that the direction of the relationship and the significance depend on the attitude of managers who are expected to act in the best interest of shareholders. The study therefore recommends that corporate investments should be properly evaluated and funded with appropriate source in order to enhance the value to the firms.

The study was primarily undertaken to evaluate the processes of capital budgeting and investment decision in Nigeria. Particularly, it is an evaluation of the processes of capital budgeting and investment in capital assets in some manufacturing firms operating in Imo state. This study is aimed at evaluating the processes and procedures that Nigerian manufacturing firms adopt when budgeting for their long-term investments and the organizational structures that drive capital budgeting and investment decisions in the selected manufacturing firms as well as the impact of the economic environment on their ability to budget effectively. The study involved a survey of eight (8) out of the fourteen (14) active manufacturing firms in the state. A sample size of two hundred and forty (240) respondents was drawn from the selected firms, they were administered with structured questionnaire. The data collected were analyzed using tables, frequency, percentages , descriptive statistics, the t-test of population mean and the z-test of difference of means. The analysis revealed that: the firms budget for their capital investments using mainly the payback method of investment appraisal. The researcher therefore concluded that mangers tend to be overconfident in that they overestimate the precision of their information and their ability to control risk; and though the sampled firms understand the obvious advantages of the net present value and the other sophisticated investment appraisal techniques over the payback method, they still adopt the later because of the nature of their economic environment, their size, lack of sufficiently qualified personnel, paucity of funds and their weak organizational structure. The researcher recommended that firms should hire risk-averse managers to make investment decisions on their behalf because the manager's overconfidence serves to reduce the moral hazard that his risk aversion creates. Government at all levels in Nigeria should put in place a revolving fund to meet the long-term funding needs of the manufacturing sector which most of the banks are unwilling to provide at affordable interest rates. The present heavy tax burden on manufacturing firms by the Federal, States and Local governments should be discouraged.

This study examines the relationship between capital budgeting and corporate financing decisions of one hundred (100) quoted firms in Nigeria. Cross-sectional data were extracted from the Annual Reports of The Nigerian Stock Exchange Fact Book for the period 2011-2015. Multiple regressions with the aid of e-view (version 9.0) were used for data analysis. The Kao Residual Co-integration test was used to show if there is any interrelationship between the dependent and independent variables in the short and long run. The study also employed the diagnostic test to examine if the variables are normally distributed. The Parsimonious Error Correction Model was adopted to investigate if there is any discrepancy between the short and long run relationship. The Kurtosis analysis shows that bank finance, debt and equity ratios have a positively skewed movement on the fixed asset portfolio over the sample period. The average debt ratio indicates that firms borrow up to 88.2% of their resources usually from the capital market to finance their capital investment projects. The correlation matrix shows that bank finance has a positive and significant influence on fixed asset portfolio. Coefficient of determination (R) shows that all the independent variables account for 92.0% of variations in the fixed assets portfolio. The co-integration test shows that in the long run short term bank finance, debt and equity ratios related to the fixed asset portfolio. The study concludes that there is a significant interrelationship between capital budgeting and the corporate financing mix of quoted firms in Nigeria. Our results do not affirm The Separation Theorem which argues that corporate financing mix is irrelevant in determining capital investment decisions. It is recommended that in a developing economy, the deepening of financial markets would boost capital investment decisions with extensive macroeconomic impact through the investment multiplier.

From the mid-1990s, the Nigerian Stock Exchange (NSE) has witnessed remarkable growth mainly due to privatization, new minimum capital requirements, improvements in market infrastructure, amongst a host of other factors. The vast potential of the nation’s secondary market is clearly indicated in its high rating by the International Finance Corporation (IFC) and Standard & Poors with respect to investment returns in dollar terms. Despite the growth in market capitalization, it is noted that when measured as a percentage of the Gross Domestic Product (GDP), it is still quite low. The investment performance of capital market securities should enhance the contribution of the capital market to economic development. This study investigates the investment performance of common stocks in Nigeria. In particular, this study examines the empirical conformity of some finance theories in Nigeria since most of such evidence are based on developed markets and evidence on emerging markets like Nigeria remains scanty. Secondary data, obtained from official sources, were utilized. Employing correlation and regression analyses, this study confirms the Modigliani-Miller (MM) capital structure irrelevance theorem, information content of dividends’ hypothesis, stock returns-systematic factors relation, and inflation-hedging capacity of common stocks. However, the Capital Asset Pricing Model (CAPM) and Price Earnings (P/E) Ratio- Growth relation lack strong empirical support. The implications of these findings are discussed. For instance, the “irrelevance result” and the “information content result” imply that chief finance officers should devote more effort on investment opportunities rather than seeking for opportunistic financing, and follow liberal dividend distribution policy to satisfy investors’ preference for regular income and resolve perceived uncertainty in the macroeconomy. Common stocks are effective hedgers against expected inflation but poor hedgers against unanticipated inflation which is the more significant component of inflation in Nigeria.

e study seeks to determine the main factors in uencing investment decisions of investors and how these factors are related to the investors' socioeconomic characteristics in the Nigerian Capital Market. e study covers individual investors using convenient sampling method to obtain information om 297 respondents through a modi ed questionnaire developed by Al-Tamimi (2005). Independent t-test, Analysis of variance (ANOVA) and post hoc tests were employed. e results indicate that the ve most in uencing factors on investment decisions of investors in Nigeria are past performance of the company's stock, expected stock split/capital increases/bonus, dividend policy, expected corporate earnings and get-rich-quick. Also, the ve least in uencing factors include religions, rumors, loyalty to the company's products/services, opinions of members of the family and expected losses in other investments. e study nds that the socioeconomic characteristics of investors (age, gender, marital status and educational quali cations) statistically and signi cantly in uenced the investment decisions of investors in Nigeria. With regard to the past performance of the company's stock as an assessing factor, groups of investors statistically di ered in factor assessment, as segments of a group considered the factor as the most important/unimportant. Since the identi ed most in uencing factors are usually classi ed as wealth maximising factors, the study recommends that the investment climate and the market environment be made iendly and conducive to a ract investors by creatively developing programmes and policies that impact on investors' decisions in order to maximise the value of the rms and enhance the wealth of the investors. e market players should re-organise the market and implement accommodating policies which will eliminate aud and resolve the leadership crisis in the market.

Abstract: This study investigates the factors that have influenced the share investment decisions of a sample of 2000 Nigerians. It is motivated by the observed significant investment in shares in Nigeria in recent years as well as the need to understand the behaviour of investors in ...

The study is set out to examine the application of investment appraisal technique on capital investment decisions of selected public establishments in Cross River State, Nigeria. The study adopted a descriptive survey method and self-administered questionnaire across 20 selected ministries, departments and agencies. The study revealed that investment appraisal methods are selected without taking cognizance of the capital projects that are suitable for them and based on these findings, the study recommended among others that the nature of capital projects should be used in determining the appropriateness of investment appraisal methods.