FIRM CHARACTERISTICS AND FINANCIAL PERFORMANCE OF LISTED MANUFACTURING COMPANY IN NIGERIA

This study investigates the impact of firm characteristics on the financial performance of listed manufacturing companies in Nigeria, with a specific focus on firm size, firm age, and ownership structure. Employing a quantitative approach, the research analyzes secondary data from 50 manufacturing firms over a five-year period (2020-2024), utilizing descriptive statistics, correlation analysis, and regression analysis to assess the relationships between these characteristics and Return on Assets (ROA). The findings reveal a significant positive correlation between firm size and ROA, indicating that larger firms tend to exhibit better financial performance, primarily due to operational efficiencies and economies of scale. Conversely, the study found no significant relationship between firm age and ROA, suggesting that older firms do not necessarily outperform their younger counterparts in terms of financial returns. Additionally, ownership structure was shown to have a negligible impact on ROA, indicating that variations in ownership concentration do not significantly affect financial performance within the context of Nigerian manufacturing companies. These results challenge traditional assumptions regarding the advantages of firm age and ownership concentration, highlighting the need for a more nuanced understanding of the dynamics affecting financial outcomes. The implications of this research are significant for stakeholders, including managers, investors, and policymakers, as it underscores the importance of optimizing operational efficiencies in larger firms while reevaluating the perceived benefits of firm age and ownership structure. The study contributes to the existing literature on corporate governance and financial performance in emerging markets, providing valuable insights for enhancing the competitiveness of the Nigerian manufacturing sector