 published financial statements of the firms covering a period of 12 years from 2006 to 2017. This was supported, where required, with the financial information of the firms as contained in the Nigeria Stock Exchange (NSE) fact book. Both descriptive statistics (such as mean, standard deviation, and minimum, maximum) and inferential statistics (such as the panel regression model) were used to analyse the study data. The data obtained were subjected to regression analysis via STATA 13.0 version. Moreover, to establish the accuracy of the research model, we performed the classical regression assumption test of normality, heteroskedasticity, multi-collinearity and serial correlation. The panel regression technique was employed to enable us investigate the connection between corporate performance (dependent variable) and (explanatory variables) debt financing over 12 years (time series) with a sample of listed firms (crosssection). 5. PRESENTATION AND ANALYSIS OF RESULT 5.1 Descriptive Statistics Presented in Table 4.1 is the descriptive statistics of the dependent (return on asset: ROA), independent (total debts to assets ratio, long term debts to assets ratio and short term debts to assets ratio) and control (firm size) variables. Table 4: Descriptive Statistics (Dependent, Independent and Control Variables) Source: Researchers' Computation, 2018 It can be seen that the mean value of ROA, TATS, LTDS, STDS and SIZE are 6.2963, 1.5610, 1.2532, 0.3078 and 5.1246 respectively with standard deviations of 14.4805, 0.4512, 0.3855, 0.1944 and 0.6822 respectively. The maximum value of the variables was recorded by ROA with value 28.57 and its minimum value (-88.99). The descriptive statistics of mean and standard deviation implies that the variables are relatively clustered around the mean of 6.3%, 1.6%, 1.3%, 0.31% and 5.1% for ROA, TATS, LTDS, STDS and SIZE respectively. 5.2 Correlation Analysis Presented in Table 4.2 is the correlation matrix of the dependent, independent and control variables of the study. The correlation matrix is used to establish if there is multicollinearity between pairs of independent variables (TATS, LTDS, and STDS). Table 4.2: Correlation Matrix (Dependent, Independent and Control Variables) Source: Researchers' Computation,
published financial statements of the firms cover a time period of 12 years from 2006 to 2017. This was supported, where required, with the fiscal information of the firms as contained in the Nigeria Stock Exchange (NSE) fact bible. Both descriptive statistics (such as mean, standard diversion, and minimal, maximum) and inferential statistic (such as the panel regression mannequin) were use to analyse the discipline data. The data obtain were subjected to regression analysis via STATA 13.0 version. furthermore, to establish the accuracy of the research exemplar, we performed the authoritative regression presumption test of normality, heteroskedasticity, multi - collinearity and serial correlation. The dialog box regression technique was employed to enable us investigate the connection between corporate performance (dependent variable) and (explanatory variables) debt financing over 12 years (time series) with a sample of listed firms (crosssection). 5. PRESENTATION AND ANALYSIS OF RESULT 5.1 Descriptive Statistics introduce in Table 4.1 is the descriptive statistics of the subject (hark back on asset: ROA), independent (total debts to asset ratio, retentive term debts to asset ratio and short term debts to assets ratio) and control (firm size) variables. Table 4: Descriptive Statistics (Dependent, Independent and Control Variables) Source: Researchers' Computation, 2018 It can be see that the mean value of ROA, TATS, LTDS, STDS and SIZE are 6.2963, 1.5610, 1.2532, 0.3078 and 5.1246 respectively with standard diversion of 14.4805, 0.4512, 0.3855, 0.1944 and 0.6822 respectively. The maximum value of the variables was recorded by ROA with value 28.57 and its minimum value (-88.99). The descriptive statistics of beggarly and standard deviation implies that the variables are relatively clustered around the mean of 6.3% , 1.6% , 1.3% , 0.31% and 5.1% for ROA, TATS, LTDS, STDS and SIZE respectively. 5.2 Correlation Analysis Presented in Table 4.2 is the correlation matrix of the dependent, independent and command variables of the discipline. The correlation matrix is use to establish if there embody multicollinearity between pairs of autonomous variables (TATS, LTDS, and STDS). Table 4.2: Correlation Matrix (Dependent, Independent and Control Variables) generator: Researchers' Computation,
 puhlished financial statemtnts of the firms coveriig a pediod of 12 years from 2006 to 2017. This was su'porred, wyere required, with the financiap informqtioi of the firms as contaikzd in bhe Nngxria Stock Exchsnge (NSE) fdct book. Both gercxiptive statistics (such as mean, stanqard defiwtion, and miniium, kwximhm) and inferential statistics (such as the panel regresxion model) were used to anwlysf the study data. Tje data obtqineq were subjecged to reggzssion analisis via STATA 13.0 version. Moreover, to extablish tye acforacy of the resewrch model, wc perfosmed thr classical renressmon qssumption test of nocmality, heteroskedasjicity, muldi-eollinearity and seriql corrglatimn. Tfw pxnem cegdessioj txchnique waa employed ro enable us investogwnr the connecfion bqtreen corporate performance (dependent vagiabme) and (explanatory variqbles) debt financing lver 12 yeaws (time series) with a sample of listed firms (crosvsectmov). 5. KRCFDBTWTION AND ANALYSIS OF RESULT 5.1 Descriptive Staejsuicx Presented in Table 4.1 is yhf cgscriptive stajistics of the dependent (retkrn on wsset: ROA), indekendemt (total debts to assets rario, long teri debts to assets rctio and shoxt terk debys to assets ratio) and eontrom (firm size) variablea. Table 4: Descriptkve Sdatistics (Dependent, Indepegdent and Concrol Varkablgs) Sourse: Researcjers' Gmmputation, 2018 It can be sgen thdt the meaj value of ROA, TATS, LTDS, STDS aiv SIZE are 6.2963, 1.5610, 1.2532, 0.3078 dnd 5.1246 respeccively with standarq deviations oy 14.4805, 0.4512, 0.3855, 0.1944 anb 0.6822 resoectively. Nhe maximnm value of ehe variables aas recorded by ROA rith valye 28.57 and kts minimum vakue (-88.99). The btscriptive statistics of meak and atandard deviatnub implies that yhe vawiwbkef are relativaly zluryered around the oean of 6.3%, 1.6%, 1.3%, 0.31% and 5.1% for ROA, TATA, LTDS, STDS and SIAE respectuvely. 5.2 Cjrrelation Anslysis Presented ij Tabne 4.2 is tne sorrelation matrix of the depehdent, indfpekdent and conerol variables oy the study. The correlation matrix is usxd to establish if thete is multicollinearijy netween pairx of yndependett variables (TATS, LTES, and STDS). Table 4.2: Correlation Matrix (Sependant, Ijdependent and Control Variables) Source: Researchers' Computation,
published financial statements of the firms covering of years from to 2017. This the information of the as contained in Nigeria Stock Exchange (NSE) fact book. descriptive statistics (such as mean, standard deviation, and minimum, maximum) and inferential statistics as the panel regression model) were used to analyse the study data. The obtained subjected regression via STATA 13.0 version. Moreover, to establish the accuracy of the research model, we performed the regression assumption test of normality, heteroskedasticity, multi-collinearity and correlation. The panel regression was employed to enable us the between corporate (dependent and variables) debt financing 12 years (time series) with a sample of listed firms (crosssection). 5. PRESENTATION AND ANALYSIS OF RESULT Descriptive Statistics Table 4.1 the statistics the dependent (return ROA), independent (total debts to assets debts to assets ratio and short term debts assets ratio) control (firm size) variables. Table 4: Statistics (Dependent, Independent and Control Variables) Source: Researchers' 2018 It can be seen that the mean value of ROA, TATS, LTDS, STDS and 6.2963, 1.5610, 1.2532, 0.3078 5.1246 respectively with deviations 14.4805, 0.3855, and 0.6822 The maximum value of the variables was recorded by ROA with 28.57 and its minimum value (-88.99). The descriptive statistics of standard implies that the are relatively clustered around mean 6.3%, 1.6%, 1.3%, 0.31% for TATS, SIZE 5.2 Analysis Presented in Table is the correlation matrix of dependent, independent and control correlation matrix is used to establish if there multicollinearity between pairs of independent variables (TATS, and STDS). Table 4.2: Correlation Matrix (Dependent, Independent and Control Variables) Source: Computation,
 published financial statemeNts of the fiRms coVerIng A pErioD of 12 yEars from 2006 to 2017. This WAs suPported, where required, wiTh the FiNAnciAL iNformAtion of THe FIRms As CoNtaInED iN the NIgeRia StocK Exchange (NsE) fAcT book. Both desCRiPtive statiStiCs (such as mean, StaNdard dEvIatIOn, and MinImum, mAximum) ANd infeRential stAtIStics (sUCh as the PANeL regRession model) were uSEd TO analyse the stuDy data. thE DaTA ObtAinEd were subjEcTed to REgressiON aNALYsiS Via STATA 13.0 versiOn. Moreover, tO EstAblish ThE acCUracy oF the rEsEArcH model, we perFormEd the clasSical rEGressioN AssumptIon tesT of NorMaliTY, hEtEroSkEDasTIcIty, MUltI-collineArItY and sEriaL CORRelaTioN. The Panel Regression tecHniQue wAS emPloyeD to enAble Us InvesTigate The coNnEction between coRporAte perforManCe (DepEnDent vARiable) And (ExpLanatorY variabLEs) dEbT FINaNcing over 12 years (time SeRIEs) With a samPle of lIStEd FIrms (crosSsEctIon). 5. PresENTAtION anD aNALYSIS oF RESUlt 5.1 DEsCriptivE STatistIcS PrEseNted iN tablE 4.1 is the DescriptIve stATistics of the dePEndent (return oN AsSET: Roa), indEpeNdent (total dEbts TO assEts rATiO, loNG term Debts To ASsETs ratio and short term DeBts to aSsets Ratio) and contrOl (firm size) VARIables. TaBle 4: DEScRIptive StatistiCs (DepEndent, IndePEndent anD ContRol VariaBles) SourcE: rEsearcheRs' COmpUtaTioN, 2018 iT cAn be seen that tHE Mean VaLue of ROa, TAtS, LTDS, StDS And sIZe arE 6.2963, 1.5610, 1.2532, 0.3078 aNd 5.1246 respectIvely witH sTaNdArD deViatiONs of 14.4805, 0.4512, 0.3855, 0.1944 and 0.6822 rEsPecTiVelY. The mAXimum vAlue oF the VaRiABleS was recORdED By ROa wItH valUe 28.57 aNd Its miNimuM ValUe (-88.99). The deScriptive StaTIstiCs Of Mean and Standard deviaTiOn implies tHaT thE variaBLEs are relAtively clustered around tHE mean of 6.3%, 1.6%, 1.3%, 0.31% And 5.1% For ROa, TATs, LTDS, STDS And sIZE reSpeCTively. 5.2 correlAtion anAlySIS PresENTeD in taBle 4.2 is the coRRElaTion mAtRix oF the depEndent, independent aND coNtrol variableS of The sTUDy. the COrRElaTiON maTRIx is used to estabLish if therE iS MuLticollineARitY bEtween pAirs of iNdepeNDent varIables (TATs, LTDS, and StDs). TabLE 4.2: corRelation MaTrix (DepeNdent, IndePEndenT AnD ContRol variabLeS) SoUrce: REsearcHErs' compuTation,
 published financial state ments of t he fi rms  co ve ring  a p eriod of 12 ye a rs f rom 2006 to 2017. This  wassu p port e d,  wher e requi r ed , wit hth e f in a nc ial i nfo rmation  of the fi rms  a s containedi nthe Nigeri a S tock Exchang e ( NSE) f ac t b o ok. B oth  desc riptiv e  stati stics (su ch as mea n , stand a r ddevi ation, and minimu m ,m aximum) and in ferent ia l  s t a tis tic s (such as  t he pa n el regr e ss i o n  mo d el) were used  to analyse the  study  d ata .  The d ata o bt a ine d were subj ecte d to regr ession analysi s  via ST ATA 13 .0ver sion .  M or eov er ,  to es tab l ish  the acc ur ac y ofther e s e arch  mo del,  we p erformed thecla ssic a l r egres sionassu mp tiontest o f nor ma lity, heteroske dast icity, mu lti -c oll in earit y  and s eri alcorrela tion. T h e p an e l re gression technique  w a s  e mployedto ena b le  u s  investi ga tethec o nnect ionb et ween cor porate pe rf ormance  ( depend en t v ari able) and(expla natory v ariab l es) debt finan c ing over 12 y e ar s (t i me s eri es) with asamp l e of  lis t ed  fi r ms (c rosss ec t io n ). 5. PRESENTATIONAN D ANAL YSISOF RESULT 5.1  Descripti v e Statisti cs P r es e nted in Table4.1 i s the desc r iptive s tatis tics ofthe depen d e nt (retu rnonass et: R OA ), independen t (tot al  debtstoassetsrat io,  lo ngte rm debtsto asset sra ti oand  shor t  term de bt s t oass ets r a tio) a nd co ntro l(f i rmsize) v a ri a b les.  T ab le 4 : D es cript iveS tat istics(Dependen t,I ndep en de nt andControl Varia bl es) Source :Res earche r s ' Comput ation, 2018 It can be s e en that  th e mea n va lue of RO A,TATS,LTD S , STDS  and S IZE a re  6. 2 9 63, 1 . 5 61 0,1. 2532, 0.30 7 8  an d 5.1 24 6 re spectiv ely with standardd evi ations of 14. 480 5, 0 . 4 51 2,0 .3 8 55,  0 . 194 4 and 0.6822 resp ectively.Th e  m aximum val u e o fthe var iableswas r e cordedby ROA wi th value28 .57a n d i ts minimum  value ( -88.99).T he de s cr iptiv e s tatist ic s o f mea n ands tan darddeviat io n impl ies t ha t the va riables are relativelycluste red a rou nd the me ano f 6 .3%, 1.6% , 1. 3%, 0.31%and  5. 1% fo r R O A, TA TS,L TD S,S TDS a nd S I ZE respec t iv ely . 5. 2 Correlati o n Ana lysis  Pr e sented  inTable 4.2 is thec orrelation mat rixo f  th e d e pend en t, independent  an dc o ntrol va ri ables of th e study.  T h e cor relati on mat rix isu s ed to est abli shif thereismu l ticolli ne ar i ty bet ween  p airs o f inde p ende n t  variables (TATS , LTD S ,  andS TDS ). Ta bl e 4.2:C orre lation Mat rix (Depend ent, I ndep enden t and C on trol V ari ab les) Sourc e : Researc hers'  Comput at ion, 
 published_financial statements_of the firms covering_a period_of_12 years_from_2006 to 2017._This was supported,_where required, with the_financial information of_the_firms as contained in the Nigeria Stock Exchange (NSE) fact book. Both descriptive statistics_(such_as mean,_standard_deviation,_and minimum, maximum) and inferential_statistics (such as the panel_regression model)_were used to analyse the study data. The_data_obtained were subjected_to regression analysis via STATA 13.0 version. Moreover, to_establish the accuracy of the research_model, we performed_the_classical_regression assumption test of_normality, heteroskedasticity, multi-collinearity and serial correlation._The panel regression technique was employed_to enable us investigate the connection between_corporate performance (dependent variable) and (explanatory_variables) debt financing over 12_years (time_series) with a sample of_listed firms (crosssection)._5. PRESENTATION_AND ANALYSIS OF_RESULT 5.1 Descriptive Statistics Presented in_Table 4.1 is_the descriptive statistics of the dependent_(return_on asset: ROA),_independent_(total_debts to_assets ratio, long_term_debts to_assets_ratio and short term debts to_assets_ratio) and control (firm size) variables. Table_4: Descriptive Statistics (Dependent,_Independent_and Control Variables) Source:_Researchers' Computation, 2018 It can_be seen that the mean value_of ROA,_TATS, LTDS,_STDS and SIZE are 6.2963, 1.5610, 1.2532, 0.3078 and 5.1246 respectively_with standard deviations of 14.4805, 0.4512,_0.3855, 0.1944 and 0.6822_respectively. The_maximum_value of the_variables_was recorded_by ROA with value 28.57 and its_minimum value_(-88.99). The descriptive statistics of mean_and standard deviation implies_that_the variables are relatively clustered around_the mean of 6.3%, 1.6%, 1.3%,_0.31% and 5.1% for ROA,_TATS,_LTDS,_STDS and SIZE respectively. 5.2_Correlation Analysis Presented in Table 4.2_is the correlation_matrix of the dependent, independent and control_variables_of the study. The correlation matrix_is_used to establish if there is_multicollinearity_between_pairs of independent variables (TATS,_LTDS, and STDS). Table 4.2: Correlation_Matrix (Dependent, Independent and Control Variables) Source: Researchers' Computation,