 juxtaposition between debt financing and corporate performance which suggests that debt financing can influence corporate performance. Against the narrow measures of debt financing which are common with most studies that have been carried out on the debt finance-performance dynamics; we attempted a more robust combination of debt finance choices in modelling for corporate performance. Based on data gleaned from the audited annual reports of fifteen (15) consumer goods firms listed in the Nigerian Stock Exchange (NSE) for the period 2006 to 2017, results of the panel regression technique revealed that total debt, long-term debt and short-term debt to asset ratios positively influence the performance of consumer goods firms in Nigeria. Based on the findings of the study, we recommend, among others, that there is need for the Nigerian firms to rely less on short-term debts, which forms the major part of their leverage, and focus more on developing internal strategies that can help improve their performance. Keywords: Short term debts, Long term debts, Total Debts, Corporate Performance, Consumer goods. 1. INTRODUCTION Corporate financing has somewhat become topical and attracted a great deal of public interest as a result of its significance regarding investment decisions and economic wellbeing of firms. Indeed, the topicality of the concept has manifested in various studies, both in the developed and emerging economies. Though in exhaustive, these studies have mainly emphasized the choice of debt against equity structure, otherwise referred to as firm's capital structure, with a single leverage variant the dominant variable. The idea of debt as a non-heterogeneous source of funds is a strong theoretical construct, but studies that transcend leverage decision and explore other dimensions of the debt choice are necessary. This is because the nature of debt finance and its incentive features can change with its maturity (short or long) and fund providers (capital markets or banks). Therefore, it is essential that a study of debts structure involves an examination of the individual effects of all debt variants such as short-term debt, long-term debt and total debt due to their different risk and return profiles (Zuraidah et al., 2012). Moreover, using different components as measure of debt structure as against narrow measure will normally reveal occurrence of mismatch of funding by firms (Chen, 2004; Khan, 2012; Zeitun & Tian, 2007), which can hardly be revealed by a constricted study of debt structure. Lucey and Zhang (2011) highlighted long and short term debt ratios as good measure of leverage ratios in developing countries because of the fund mismatch caused by limited long term debt. The financial system in emerging economies
juxtaposition between debt financing and corporate performance which suggests that debt financing can influence bodied operation. Against the minute measures of debt financing which are coarse with most study that have been carried out on the debt finance - performance moral force; we attempted a more robust combination of debt finance choices in modeling for corporate performance. free-base on data gleaned from the audited annual reputation of fifteen (15) consumer goods firms listed in the Nigerian Stock Exchange (NSE) for the period 2006 to 2017, results of the jury regression technique revealed that full debt, long - term debt and short - term debt to asset ratio positively influence the performance of consumer goods firms in Nigeria. Based on the finding of the study, we recommend, among others, that there is need for the Nigerian firms to rely less on short - term debts, which forms the major part of their leverage, and focus more on developing internal strategies that can help improve their operation. Keywords: inadequate term debt, Long term debts, Total Debts, Corporate Performance, Consumer goods. 1. initiation Corporate financing has somewhat become topical and attracted a great softwood of public interest as a result of its significance regarding investment decisions and economic wellbeing of firm. Indeed, the topicality of the concept has manifested in various studies, both in the developed and emerging economies. Though in exhaustive, these studies have mainly stress the choice of debt against equity structure, otherwise referred to as firm's das kapital structure, with a single leverage variant the dominant variable. The idea of debt as a non - heterogeneous source of funds is a solid theoretical construct, but study that exceed leverage decision and research other dimensions of the debt choice are necessary. This is because the nature of debt finance and its incentive feature can change with its maturity (brusque or long) and investment company providers (capital markets or banks). Therefore, it is essential that a study of debts structure involve an examination of the individual effects of all debt version such as short - term debt, farseeing - term debt and total debt due to their different hazard and return profiles (Zuraidah et al. , 2012). Moreover, using different components as measure of debt structure as against narrow-minded measuring stick will normally reveal occurrence of mismatch of funding by firms (Chen, 2004; Khan, 2012; Zeitun & Tian, 2007), which can hardly be revealed by a compress study of debt structure. Lucey and Zhang (2011) highlighted farseeing and short term debt ratios as good measure of leverage proportion in developing countries because of the fund mismatch induce by limited long condition debt. The financial system in emerging economies
 judtaposition between debt financing and eirporave perfkrmance dhich suggests that debt finencibg cab influence corporate oerformanbe. Againsr tht narrow measures of debt finandlng wkirh are common wlth most stgdies that hava cezn carried out on the debt finance-pewformanve dynamics; we ajtempued a mkge robust combination of debt fjnance bhoices in modellong for corporate performajce. Hased on data gleajed from thg auquted annual feports of fifteen (15) cohsumer goods firms listed in thd Nigzrian Stock Ezchwtge (NSE) for the ieriod 2006 to 2017, rcxults mf the lanel regressipn vechbique revealed that tmtal debt, long-term debt and skort-term debt to asser eatiov povitixwly inrlnende the pecformance or consumer toods firms in Nigetiw. Based on the findiggf of the study, we recommend, among otherv, tgat there is need for tye Nigerian firms to tely less jn short-term debts, which forms the major part of dheir uevtrqge, ave vocus more on developing internal strategies egau csn help improvc their performancr. Neurords: Short tgrm debca, Mong term debts, Tohal Debjs, Corporate Pewforkance, Consumer goods. 1. INTROEUCTION Corpjeate financing has somewhat bzcome jopicak and attracted a great deam of public interest xs a result of igs xicnificance regarding invesement decmsionx and ezonokic wejlbeing of firms. Indeed, the topicapity lf the conceot has manifested in various stnvies, both in jhe deneloped aud emevging economies. Though in exhcustive, chese rtudies hane mainly emphasized the choice ox debt againsv equity ftruxturw, otherdkse referred tp as firm's capital wtructure, with a slngle meverage varianc uhw dominant varoabue. Ehv ivea os debt as a nmn-hegerubeneojs source on fjnds is a strong theorethcal construct, but stucics that ttanscend jeverage decixion and explore ouher dmmensiuns og tre debt choice are necessary. Tgis is befaufe the naturq of debt financz and its incentive features can change xith its maturity (shorj or long) and fund prpyiders (capitel marhets or bdnks). Therefore, it is essential that a study of debts strucfure itvolvfs an examination of the individual effects of all debt variants such as whort-txri debt, long-ferm debt aud cotal dqbt vux to their differvnt risk and return profiles (Zureidah et an., 2012). Moreover, using different cokpunents as mearure of debt structure aa againsy narrow measure will normally teveal occurrence of miskatch of fundjng by firos (Chen, 2004; Khan, 2012; Zeiyun & Tnan, 2007), wyich cab havdly be revealdd ny a constrlctev scudy of debt structure. Lucey and Zhang (2011) hlghlighted long end short tevm debt ratiof as good measurs of peverxge ratios in developing cointries because of tve fund mismatch baused by limoted lotg term debt. The financhal system in emerging economies
juxtaposition between debt financing and corporate performance that financing can corporate performance. Against financing are common with studies that have carried out on the debt finance-performance we attempted a more robust combination of debt finance choices in modelling for performance. Based on data gleaned from the audited annual reports of fifteen (15) goods listed the Stock Exchange (NSE) for the period 2006 to 2017, results of the panel regression technique revealed total debt, long-term debt and short-term debt to ratios positively influence the of consumer goods firms in Based the findings the we among others, that is need for the Nigerian firms to rely less on short-term debts, which forms the major part their leverage, more on internal that help improve their Short term debts, Long term debts, Performance, Consumer goods. 1. INTRODUCTION Corporate financing has become topical attracted a great deal of public as a result of its significance regarding investment and economic wellbeing of firms. Indeed, the topicality of the concept has manifested in various in the developed and economies. Though in these have emphasized choice of against equity structure, otherwise referred to as firm's capital structure, with single leverage variant the dominant variable. The idea of debt non-heterogeneous of funds is strong theoretical construct, but that leverage decision and explore of debt This because nature of debt finance its incentive features can change its maturity (short or markets or banks). Therefore, it is essential that study of debts structure involves an examination the individual effects of all debt variants such as short-term debt, long-term and total to their different risk and return profiles (Zuraidah al., 2012). Moreover, using components as measure of debt structure as against narrow will reveal occurrence mismatch of funding firms (Chen, 2004; 2012; Zeitun & which can be by of debt structure. Lucey and Zhang highlighted and short term debt ratios good leverage ratios in developing countries because of the fund mismatch caused by limited long term financial system in emerging
 juxtaposition between debt fInancing anD corpOraTe pErFormAnce Which suggests tHAt deBt financing can influencE corpOrATe peRFoRmancE. AgainsT ThE NArrOw MeAsuReS Of Debt fInaNcing whIch are commOn wItH most studies THaT have been cArrIed out on the dEbt FinancE-pErfORmancE dyNamicS; we attEMpted a More robusT cOMbinatIOn of debT FInAnce Choices in modellinG FoR Corporate perfoRmance. baSEd ON DatA glEaned from tHe AuditED annual REpORTS of FIfteen (15) consumeR goods firms LIstEd in thE NIgeRIan StoCk ExcHaNGe (NsE) for the perIod 2006 tO 2017, results oF the paNEl regreSSion tecHnique RevEalEd thAT tOtAl dEbT, LonG-TeRm dEBt aNd short-tErM dEbt to AsseT RATIos pOsiTiveLy infLuence the perfOrmAnce OF coNsumeR goodS firMs In NigEria. BaSed on ThE findings of the sTudy, We recommeNd, aMoNg oThErs, thAT there Is nEed For the NIgerian FIrmS tO RELy Less on short-term debTs, WHIcH forms thE major PArT oF Their levErAge, And fOCUs morE on dEVeLoping inTernal STrAtEgies thAt Can helP iMprOve Their PErfoRmance. keywords: short TErm debts, Long teRM debts, Total DeBTs, cORpORate perFormance, ConSumeR GoodS. 1. INTroDuCTioN CorPoratE fINaNCing has somewhat becoMe TopicaL and aTtracted a greaT deal of pubLIC Interest As a rESuLT of its significAnce rEgarding inVEstment dEcisiOns and ecOnomic welLBEing of fiRms. indEed, The TOPiCality of the coNCEpt hAs ManifesTed In varioUs sTudIes, BotH iN the develOped and eMeRgInG eConOmies. tHough in eXhAusTiVe, tHese sTUdies hAve maInly EmPhASizEd the chOIcE OF debT aGaInst EquItY struCturE, OthErwise rEferred to As fIRm's cApItAl strucTure, with a singLe Leverage vaRiAnt The domINAnt variaBle. The idea of debt as a non-hETerogenEouS sourCe of Funds is a sTroNg theoRetICal conStruct, But stUdIes THAt traNSCeNd lEvErage decisION anD explOrE othEr dimenSions of the debt choiCE arE necessary. ThiS is BecaUSE tHe nATuRE of DeBT fiNANce and its incentIve featureS cAN cHange with iTS maTuRity (shoRt or lonG) and fUNd proviDers (capitAl markets Or BankS). tHerEfore, it is eSsential That a studY Of debTS sTructUre InvolvEs An eXaminAtion oF The IndivIdual eFfEcts of All deBt Variants Such as short-term debt, long-Term deBt and TotAl debt due To tHEir Different Risk And return pRofIleS (ZuraIdaH Et al., 2012). MOreoVEr, UsiNG diffErenT ComponentS As MeaSURe Of debt strucTURE as AgainSt nARrow meAsurE will normally reveAL occurrence of mIsmaTCH of FunDIng bY fIrms (Chen, 2004; Khan, 2012; ZeItuN & TIAN, 2007), which caN hArdly be reveAled by a cOnSTrictEd studY of debT structURE. LUCey and zhanG (2011) hiGhlighted LonG aND short tErM dEBt ratiOs as GoOd measUre of lEVeraGE Ratios in developiNg couNTRies bECauSe of tHe Fund misMAtch Caused by liMited long teRm debt. the fInancIal systEm In emerGinG eConomies
 juxtaposition between deb t financin g and  co rpo ra te p erfo rmance which s u gges ts that debt financing  canin f luen c ecorpo rate pe r fo r m anc e.  A gai ns t  t he na rro w measu res of deb t f in ancing which ar e common w ith  most studie s t hat ha ve  be e n car rie d out  on th e  debtfinance-p er f ormanc e  dynami c s ;we a ttempted a more r o bu s t combinationof deb tf in a n cecho ices in mo de lling for cor p or a t e  pe r formance. Bas ed on datag lea ned fr om  th e  audit ed an nu a l r eports of f ifte en (15) c onsume r  goodsf irms li sted i n t heNige r ia nSto ck Exc h an ge( NSE ) for th epe riod2006 t o 2017 , r esul ts of  the panel re gre ssio n  te chniq ue re veal ed  that  total  debt ,long-term debtandshort-ter m d eb t t oasset ratios  po sit ively i nfluenc e  th ep e r fo rmance of consumer  g o o ds  firms i n Nige r ia .B ased onth e f indi n g s ofthes tu dy, we r ecomme n d,  a mong ot he rs, th at  th ere  is n e ed f or the  Nigeria n fir m s to rely less on short-term de b t s, whic h f orms the ma jorp artof t h ei r l e verag e, an df oc u s more on developin gintern al st rategies that  can helpi m p rove the ir p e rf o rmance. Keywor ds: S hort termd ebts, Lo ng te rm debts , Total D e b ts, Corp ora tePer for m a nc e, Consumer g o o ds.1.  INTROD UCT ION Cor por ate  fi nan ci ng has so mewhat b ec om eto pic al an d  attract ed  agr eat  deal of pub lic i nter es ta s a  result of i ts s ig ni fica nce  r egard ingi nve stmentdecisions  an d  eco no mi c wellb eing of firms .Indeed, th etop icalit y of the c oncept has manifested i n  variou s s tudie s, b oth in th e d evelop eda nd eme rgingecono mi es. T hough i nexh au stive, the s e  st udies  h avemainlyemphasized the cho i ceof debt again stequi t y  s tru c tu r e,ot h erw i s e referred to a s firm's c ap i ta l structur e , w it h a sin gle lev erage variant  the domi nant vari ab le.T h e i dea of deb t as a n on-hetero g eneou s  s ource  of  funds  i s a  stro ng the o ret icalconstr uc t, but  stud ie s that t ranscend leverage decis ion an d exp lor e other d ime n sio ns of the  deb t choice a renec essar y.T his i s be c au set he na ture of debt f i na nce a nd  its incent i v e  fe ature s c a n chan ge w ith its maturity( short or long)  and f und  pr o vide rs  (capital mark ets  o r banks).Th erefore, it  is esse nt i al th at a s tudy o f debts s tr u ctureinvo lve s an exam ina ti o n of th ein d ividua l ef fe cts of  all d e bt v a r iants such as sh ort-t e r m deb t , l ong-t er m debta nd t otal debtdue to thei r diff eren t ris k and r et urn pr ofi le s (Zuraida h  et al.,2012) . Moreo ve r, u sin g diff eren t compo nent sasmeasure o f de b tst r uct ureas ag ai nstnarrow me a sure wil l n o rmallyre vea l occurr e nc e of mismatc h o f fun d i ng by firm s  (Ch e n, 2004;  Khan,  2012;  Zeitun & T ia n, 2007 ),w h ich can h ardly ber eve al ed b y a cons tr icte dstu dy  of debt struct ure. Luc ey and Z h a ng (20 11) high l ighted  l ong and shor t ter md ebt rat i o s a s goodm eas ure  of  lev era ge r a tios in developing count ries  beca u seof th e fun dmismatch caus ed by li m ited long ter m debt. The fin a nci a l sy ste m  i nemergingeco n omies 
 juxtaposition_between debt_financing and corporate performance_which suggests_that_debt financing_can_influence corporate performance._Against the narrow_measures of debt financing_which are common_with_most studies that have been carried out on the debt finance-performance dynamics; we attempted_a_more robust_combination_of_debt finance choices in modelling_for corporate performance. Based on_data gleaned_from the audited annual reports of fifteen (15)_consumer_goods firms listed_in the Nigerian Stock Exchange (NSE) for the period_2006 to 2017, results of the_panel regression technique_revealed_that_total debt, long-term debt_and short-term debt to asset ratios_positively influence the performance of consumer_goods firms in Nigeria. Based on the_findings of the study, we recommend,_among others, that there is_need for_the Nigerian firms to rely_less on short-term_debts, which_forms the major_part of their leverage, and focus_more on developing_internal strategies that can help improve_their_performance. Keywords: Short_term_debts,_Long term_debts, Total Debts,_Corporate_Performance, Consumer_goods._1. INTRODUCTION Corporate financing has somewhat_become_topical and attracted a great deal of_public interest as a_result_of its significance regarding_investment decisions and economic wellbeing_of firms. Indeed, the topicality of_the concept_has manifested_in various studies, both in the developed and emerging economies. Though_in exhaustive, these studies have mainly_emphasized the choice of_debt against_equity_structure, otherwise referred_to_as firm's_capital structure, with a single leverage variant_the dominant_variable. The idea of debt as_a non-heterogeneous source of_funds_is a strong theoretical construct, but_studies that transcend leverage decision and_explore other dimensions of the_debt_choice_are necessary. This is because_the nature of debt finance and_its incentive features_can change with its maturity (short or_long)_and fund providers (capital markets or_banks)._Therefore, it is essential that a_study_of_debts structure involves an examination_of the individual effects of all_debt variants such as short-term debt, long-term debt and_total debt due_to their different risk and_return_profiles_(Zuraidah et al., 2012). Moreover, using different components as measure_of debt_structure as against_narrow measure will normally reveal occurrence of mismatch of funding_by firms (Chen, 2004; Khan, 2012; Zeitun_& Tian, 2007), which can hardly be revealed by a constricted_study of debt structure. Lucey and Zhang (2011)_highlighted long and short term debt ratios_as good measure of_leverage_ratios in developing countries because of the_fund_mismatch_caused_by limited long_term debt. The_financial system in_emerging economies