 0.1390, indicating that the independent explains about 13.90% of the systematic variations in ROA for the selected consumer goods firms quoted on the Nigerian Stock Exchange. The f-ratio indicates that total debts to assets ratio (TATS= 14.29; Prob < f = 0.0000) significantly affects return on asset (ROA). In addition, the p-value of TATS (0.0000) is an indication that there is significant relationship between total debts to assets ratio and return on asset of the selected quoted consumer firms in Nigeria. Since the Prob. F (0.0000) is lesser than 0.05% level of significance, we therefore reject the null hypothesis and accept the alternate hypothesis which states that there is significant relationship between total debts to asset ratio and corporate performance of quoted consumer goods firms in Nigeria. Similar result was documented by Boroujeni et al (2013), although, Makanga (2015) recorded a weak negative correlation between total debts and firm performance. 6. CONCLUSION AND RECOMMENDATIONS The primary objective of this study was to investigate the relationship between debt financing and corporate performance. To achieve this objective, we used 180 firmyear observations in a panel data form for 15 consumer goods firms listed on the Nigerian Stock Exchange from 2006 to 2017. We proxy corporate performance using return on assets (ROA), which was calculated as profit after tax scaled by total assets. Component of debt financing adopted as explanatory variables for the present study are total debts, long term debts and short term debts. Results of the study show that all three debt ratios exert positive and significant impact on corporate performance of listed consumer goods firms in Nigeria for the periods studied. Based on the findings of the study, we recommend that listed consumer goods firms in Nigeria should seek to balance the trade-off between the benefits of debt and bankruptcy costs. This implies that a firm needs to choose debt ratio at certain proportion to be better off. Finally, firms should rely less on short-term debt, which forms the major part of their leverage, and focus more on developing internal strategies that can help improve their accounting performance as their performance for the period studied was very low. REFERENCES 1. Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438-445. 2. Abor, J. (2007). Debt policy and performance of SMEs: evidence from Ghanaian and South Africa firms. Journal of
0.1390, indicating that the independent explains about 13.90% of the systematic variation in ROA for the choose consumer goods firms quote on the Nigerian Stock Exchange. The f - proportion indicates that total debts to asset proportion (TATS= 14.29; Prob < f = 0.0000) significantly affects return on asset (ROA). In addition, the p - value of TATS (0.0000) is an reading that there is significant relationship between total debt to assets ratio and return on asset of the selected quoted consumer firm in Nigeria. Since the Prob. F (0.0000) is lesser than 0.05% level of significance, we consequently reject the null hypothesis and accept the alternate hypothesis which states that there be significant relationship between total debts to asset ratio and bodied performance of quoted consumer goods firms in Nigeria. Similar result was document by Boroujeni et al (2013), although, Makanga (2015) recorded a weak negative correlation between total debts and firm performance. 6. CONCLUSION AND RECOMMENDATIONS The primary aim of this survey was to investigate the relationship between debt financing and bodied operation. To achieve this objective, we used 180 firmyear observations in a panel datum form for 15 consumer good firms listed on the Nigerian Stock Exchange from 2006 to 2017. We proxy bodied performance using return on assets (ROA), which was calculated as profit after tax scaled by total assets. Component of debt financing adopted as explanatory variables for the present report are entire debts, long term debts and short condition debts. Results of the study picture that all three debt ratios exert positive and significant shock on corporate operation of listed consumer goods firms in Nigeria for the periods studied. establish on the findings of the cogitation, we recommend that list consumer goods firms in Nigeria should try to balance the barter - off between the benefits of debt and bankruptcy costs. This implies that a firm needs to choose debt ratio at certain proportion to be better off. Finally, firm should rely less on short - condition debt, which forms the major part of their leverage, and focus more on developing internal strategies that can help better their accounting performance as their performance for the period studied was very low. mention 1. Abor, J. (2005). The consequence of das kapital social organization on profitability: an empirical psychoanalysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438 - 445. 2. Abor, J. (2007). Debt policy and performance of SMEs: evidence from Ghanaian and South Africa firm. Journal of
 0.1390, ijdicating that the indeptndent explains ayiut 13.90% oh the sgstematiz variations in ROA for the deoectee consumer goods firms quoted oj the Niterien Stock Exchangx. The f-ratio ihficacew that total dgbts to asseds ratio (TATS= 14.29; Pfoy < f = 0.0000) significantly affects return jn assey (GOA). In additiog, tht p-dalus of TATS (0.0000) is an indication that tgere is significant telationship between total debhs to assets ratio and return on wwset of the relected qlmted consujer firms in Nigeria. Since the Orob. Y (0.0000) is lesset fhwt 0.05% level of signpficance, we tmvrefore reject the null hypobhesiv abd accept the alternave hypothesis which ftates thdt there is signifixabt renatimnshkp bdtwten tktal dfbta to asset ratio and xorporate performanve if quoted conaumer dojds firms in Nigeria. Similar result was dodumented by Boroujeni er al (2013), although, Makangw (2015) recordqd a weak negative correlation between total debtv and wirn ierfuemwnce. 6. CONCLUSION AND RECOMMENDATIONS The primwdy onjective of this study was yo imdestigate the relatnknahip between debt vinancigg ane corporaue petformance. To achieve this ovjective, we lsed 180 firmyear observacions in a pcnel dsta fprm for 15 consumer goods firjs listed oj the Nigsfian Stock Exchavge fsom 2006 to 2017. We proxy corporatq performence bsing regurn on asfets (ROA), wjich was calculated as pgofit axter tax sfaled by total assets. Component of debt finanvitg ddopted cs expkanatory variwbles for the kresent scudy afe total dvbts, long term debts and short tesl debts. Resunts of tre srudy show tfxt all three drbt ratios exert powitive and signifigant kjpact on corporcue keeformance of lostdd sojsnmer dmods firms it Nieerks for the periodw stucied. Based on the fitdinfs of the study, we rccommend jhat listqd consumer gpods firms in Nigegia siould reek yo falance the trade-off between tge benefihs jf debt and fankvuptsy costs. Tkis implies that a firm needs to choose vebt ratio at certain kroportion to be bettgr pff. Finally, firmf should sely less on short-teem debt, which forks the major part of fheir neverwge, and focus more on developing internal strategies that can help improvw theic wccounting lerfprmanbe cs cheir pqrfocmence for the peripd studied was very low. REFERENRES 1. Abor, B. (2005). The effect of capital strucyufe on profitacility: an empirical analgsis of kisted firms in Ghana. The Journsl of Risk Finance, 6(5), 438-445. 2. Abpr, J. (2007). Devt pomicy and pxrformance of SMEs: efidencz from Ghanaiqn akd South Africx forls. Journap of
0.1390, indicating that the independent explains about the variations in for the selected the Stock Exchange. The indicates that total to assets ratio (TATS= 14.29; Prob f = 0.0000) significantly affects return on asset (ROA). In addition, the p-value TATS (0.0000) is an indication that there is significant relationship between total debts assets and on of the selected quoted consumer firms in Nigeria. Since the Prob. F (0.0000) is lesser than level of significance, we therefore reject the null and accept the alternate which states that there is relationship total debts asset and performance of quoted goods firms in Nigeria. Similar result was documented by Boroujeni et al (2013), although, Makanga (2015) recorded weak negative total debts firm 6. AND RECOMMENDATIONS The of this study was to investigate debt financing and corporate performance. To achieve this we used firmyear observations in a panel data for 15 consumer goods firms listed on the Stock Exchange from 2006 to 2017. We proxy corporate performance using return on assets (ROA), calculated as profit after scaled by total Component debt adopted explanatory variables the present study are total debts, long term debts and short debts. Results of the study show that all three debt positive significant impact on performance of listed consumer firms Nigeria for the periods on findings we that consumer goods firms in should seek to balance the between the benefits of implies that a firm needs to choose debt at certain proportion to be better off. firms should rely less on short-term debt, which forms the major part their leverage, more on developing internal strategies that can help their accounting performance as performance for the period studied was very low. REFERENCES Abor, (2005). The of capital structure profitability: an empirical of listed firms The Journal Risk 6(5), J. (2007). Debt policy and performance SMEs: from Ghanaian and South Africa Journal
 0.1390, indicating that the independEnt explainS abouT 13.90% of The SyStemAtic Variations in ROa For tHe selected consumer goodS firmS qUOted ON tHe NigErian StOCk eXChaNgE. THe f-RaTIo IndicAteS that toTal debts to AssEtS ratio (TATS= 14.29; PrOB < f = 0.0000) SignificanTly Affects returN on Asset (RoA). in aDDitioN, thE p-valUe of TAts (0.0000) is an iNdication ThAT there IS signifICAnT relAtionship between tOTaL Debts to assets rAtio anD rETuRN On aSseT of the seleCtEd quoTEd consuMEr FIRMs iN nigeria. Since tHe Prob. F (0.0000) is leSSer Than 0.05% leVeL of SIgnifiCance, We THerEfore reject The nUll hypothEsis anD Accept tHE alternAte hypOthEsiS whiCH sTaTes ThAT thERe Is sIGniFicant reLaTiOnshiP betWEEN TotaL deBts tO asseT ratio and corpOraTe peRForMance Of quoTed cOnSumer Goods fIrms iN NIgeria. Similar reSult Was documeNteD bY BoRoUjeni ET al (2013), altHouGh, MAkanga (2015) rEcorded A WeaK nEGATiVe correlation betweEn TOTaL debts anD firm pERfOrMAnce. 6. CONClUsIOn AND recOMMEnDATioNs The primAry objECtIvE of this StUdy was To InvEstIgate THe reLationShip betwEen deBT financing and cORporate perforMAnCE. to AChieVe tHis objectivE, we uSEd 180 fiRmyeAR oBseRVatioNs in a PaNEl DAta form for 15 consumer gOoDs firmS listEd on the NigeriAn Stock ExcHANGe from 2006 to 2017. we prOXy COrporate perforMance Using returN On assets (rOA), whIch was caLculated aS PRofit aftEr tAx sCalEd bY TOtAl assets. CompoNENt of DeBt finanCinG adopteD as ExpLanAtoRy Variables For the prEsEnT sTuDy aRe totAL debts, loNg TerM dEbtS and sHOrt terM debtS. ResUlTs OF thE study sHOw THAt alL tHrEe deBt rAtIos exErt pOSitIve and sIgnificanT imPAct oN cOrPorate pErformance of lIsTed consumeR gOodS firms IN nigeria fOr the periods studied. BaseD On the fiNdiNgs of The sTudy, we recOmmEnd thaT liSTed conSumer gOods fIrMs iN nIgeriA SHoUld SeEk to balancE THe tRade-oFf BetwEen the bEnefits of debt and baNKruPtcy costs. This ImpLies THAt A fiRM nEEds To CHooSE Debt ratio at certAin proportIoN To Be better ofF. finAlLy, firms Should rEly leSS on shorT-term debt, Which formS tHe maJOR paRt of their lEverage, aNd focus moRE on deVElOping IntErnal sTrAteGies tHat can HElp ImproVe theiR aCcountIng peRfOrmance aS their performance for the Period StudiEd wAs very low. rEFerENcES 1. Abor, J. (2005). THe efFect of capiTal StrUcturE on PRofitAbilITy: An eMPiricAl anALysis of liSTeD fiRMS iN Ghana. The JoURNAl oF Risk finANce, 6(5), 438-445. 2. AboR, J. (2007). DeBt policy and perforMAnce of SMEs: evidEnce FROm GHanAIan aNd south Africa firMs. JOuRNAl of
 0.1390, indicating that t he indepen dentexp lai ns  abo ut 1 3.90% of the s y stem atic variations in ROA  forth e  sel e ct ed co nsumerg oo d s  fi rm squo te d  o n the  Ni gerianStock Exch ang e.  The f-ratio in dicates th attotal debtstoassets  r ati o  (TAT S=14.29 ; Prob < f =0.0000) s ig n ifican t ly affe c t sretu rn on asset (ROA) .  I n  addition, the  p-val ue of T ATS  (0 .0000) isan  indi c ation t h at t h ere is significan t relations h ipbetwee ntot a l debt s toas s ets  ratio andretu rn on ass et oft he sele c ted quo ted co nsu mer  fir m sin  Ni ge r ia. Si nce the  Prob. F  ( 0. 0000)  isl e s s er t han  0.0 5% le vel of signif ica nce, wethere forereje ct  thenull h ypoth es is and accept t he a lternatehyp ot hes is  whic h  state s t hat  thereis sign i fic an t r el ationship betweento t a ldebts to  asset ra ti o  and cor po rat e pe r f orman ce o f  q uoted co nsumer go od s firms  i n Nige ri a.Sim ilarr esul t wasdocument ed by Boroujeni et a l  (2013), alth o ug h ,  M a kang a ( 2015) recor deda  wea k ne g at ive corre latio nb et w een total debts and  f irm pe rform ance. 6. CONC LUSION AND R E COMMENDA TION S  T h e primary obje ctive  of this s t udy wasto in vestigat e the rel a t ionshipbet wee n d ebt f in ancing and co r p orat eperform anc e. To a chi eve  th isob jective,we used18 0fi rm yea r obs e rvations  i n a  p ane l dat a  formfor 1 5 co ns um e r g oods fi r ms l iste don  the  Ni ge rianStoc k  Ex changefrom 2006  to 2017 .We  proxycorporate per fo rmance usi ng  re turn o n assets ( ROA), which was calcula t ed as p rof it af tertax scale d b y tota l a s sets.Compon ent o fdeb t finan c i ng  ad op ted as exp l a nat ory v ar iabl es forthe present studya retotal debts,lon g te r m  d ebt s  a n d s ho r t t e r m debts. Result s of the s tu d yshow thata llth ree deb t ratio s exe r t posit ive and s ignifican timpa c t  on  corporate  perform ance of l i stedc on sumer  go ods fi rm s i n Nig eria f o r t he pe riodsst udied.  Base don the f indings of the study, w e reco mmend  th at listed  co n sum er goodsfirm s in Niger iasho uld s eek to ba lanc e  t het rade- offb etween th e  b ene f i ts  of debt an d b ank ruptc y c o sts. T hisimplies that a fi r m needs to cho osed e btrat i o at  c ertain proport ion  t o be bette roff. Finall y, firms  s h ouldrely l ess on  short- t e rm debt,whic h f orms themaj or part of  t he i r leve rage ,and fo cus mo r e on d eveloping intern al st r a tegie s  th at ca nhelp im p rove  their acc ounting per forman ce a s the ir perf or mancefor  t he periods tudied wa s ver y low.RE FERE NCE S 1. A bor, J . (20 05).  T heeffect of c ap i ta ls tru ctur e onpr ofit ability:a n empiri cal analysi sofl i sted f i rm s in Ghana.The  Jour n a l of RiskF inan c e, 6(5),  438-4 45. 2.  Abor,J . ( 20 07). De btp o licy andperforman c e o fSMEs : eviden ce  fro mGha na ian and South A frica fi rms. Jou r n al of
 0.1390,_indicating that_the independent explains about_13.90% of_the_systematic variations_in_ROA for the_selected consumer goods_firms quoted on the_Nigerian Stock Exchange._The_f-ratio indicates that total debts to assets ratio (TATS= 14.29; Prob < f =_0.0000)_significantly affects_return_on_asset (ROA). In addition, the_p-value of TATS (0.0000) is_an indication_that there is significant relationship between total debts_to_assets ratio and_return on asset of the selected quoted consumer firms_in Nigeria. Since the Prob. F_(0.0000) is lesser_than_0.05%_level of significance, we_therefore reject the null hypothesis and_accept the alternate hypothesis which states_that there is significant relationship between total_debts to asset ratio and corporate_performance of quoted consumer goods_firms in_Nigeria. Similar result was documented_by Boroujeni et_al (2013),_although, Makanga (2015)_recorded a weak negative correlation between_total debts and_firm performance. 6. CONCLUSION AND RECOMMENDATIONS_The_primary objective of_this_study_was to_investigate the relationship_between_debt financing_and_corporate performance. To achieve this objective,_we_used 180 firmyear observations in a panel_data form for 15_consumer_goods firms listed on_the Nigerian Stock Exchange from_2006 to 2017. We proxy corporate_performance using_return on_assets (ROA), which was calculated as profit after tax scaled by_total assets. Component of debt financing_adopted as explanatory variables_for the_present_study are total_debts,_long term_debts and short term debts. Results of_the study_show that all three debt ratios_exert positive and significant_impact_on corporate performance of listed consumer_goods firms in Nigeria for the_periods studied. Based on the_findings_of_the study, we recommend that_listed consumer goods firms in Nigeria_should seek to_balance the trade-off between the benefits of_debt_and bankruptcy costs. This implies that_a_firm needs to choose debt ratio_at_certain_proportion to be better off._Finally, firms should rely less on_short-term debt, which forms the major part of their_leverage, and focus_more on developing internal strategies_that_can_help improve their accounting performance as their performance for the_period studied_was very low._REFERENCES 1. Abor, J. (2005). The effect of capital structure_on profitability: an empirical analysis of listed_firms in Ghana. The Journal of Risk Finance, 6(5), 438-445. 2._Abor, J. (2007). Debt policy and performance of_SMEs: evidence from Ghanaian and South Africa_firms. Journal of