 performance. Hypothesis II HO2: There is no significant relationship between shortterm debts to asset ratio and corporate performance Table 4.6: Regression Results of Short Term Debts to Asset Ratio (STDS) and Return on Assets (ROA) Source: Researchers' computation, 2018 Presented in Table 4.6, is the regression result of short term debts to assets ratio (STDS) and return on asset (ROA) of the selected consumer goods firms quoted on the Nigerian Stock Exchange during 2006-2017. The R-squared for STDS is 0.1805, indicating that the independent explains about 18.05% of the systematic variations in ROA for the selected consumer goods firms quoted on the Nigerian Stock Exchange. The f-ratio indicates that short term debts to assets ratio (STDS= 19.49; Prob < f = 0.0000) significantly affects return on asset (ROA). In addition, the p-value of STDS (0.0000) is an indication that there is significant relationship between short term debts to assets ratio and return on asset of the selected quoted consumer firms in Nigeria. Since the Prob. F (0.0000) is lower than 0.05% level of significance, we therefore reject the null hypothesis and accept the alternate hypothesis, suggesting that short-term debts to asset ratio have significant effect on corporate performance of quoted consumer goods firms in Nigeria. This means that the result of the study is consistent with the findings of Garcia-Terul and Martinez-Solano (2007), Yan (2013) and Weill (2008) who reported evidence in support of a positive association between short-term debt and firms' profitability (as measured by return on assets). Hypothesis III HO3: There is no significant relationship between total debts to asset ratio and corporate performance Table 4.4: Regression Results of Total Debts to Asset Ratio (TATS) and Return on Assets (ROA) International Journal of Academic Accounting, Finance & Management Research (IJAAFMR) ISSN: 2000-008X Vol. 3 Issue 5, May – 2019, Pages: 26-34 www.ijeais.org/ijaafmr 32 Source: Researchers' Computation, 2018 Presented in Table 4.4, is the regression result of total debts to assets ratio (TATS) and return on asset (ROA) of the selected consumer goods firms quoted on the Nigerian Stock Exchange during 2006-2017. The R-squared for TATS is
performance. Hypothesis II HO2: There is no significant relationship between shortterm debt to asset proportion and corporate performance mesa 4.6: arrested development Results of Short Term Debts to Asset Ratio (STDS) and Return on Assets (ROA) Source: research worker' calculation, 2018 Presented in mesa 4.6, is the regression result of brusque term debts to asset ratio (STDS) and return on asset (ROA) of the selected consumer goods firms quoted on the Nigerian Stock Exchange during 2006 - 2017. The R - square for STDS is 0.1805, indicating that the independent explains about 18.05% of the taxonomic variations in ROA for the selected consumer good firms quote on the Nigerian Stock Exchange. The f - ratio indicates that short term debts to asset ratio (STDS= 19.49; Prob < f = 0.0000) significantly affects return on asset (ROA). In addition, the p - value of STDS (0.0000) is an reading that there embody significant relationship between short term debts to assets ratio and return on asset of the selected quote consumer firms in Nigeria. Since the Prob. F (0.0000) is lower than 0.05% degree of meaning, we therefore reject the null hypothesis and accept the alternate hypothesis, suggesting that short - term debt to asset ratio have significant effect on corporate performance of quote consumer goods firms in Nigeria. This means that the result of the report is reproducible with the findings of Garcia - Terul and Martinez - Solano (2007), Yan (2013) and Weill (2008) who reported evidence in support of a positive association between light - term debt and firms' profitability (as measure by return on assets). Hypothesis III HO3: There is no significant kinship between total debts to asset ratio and corporate performance mesa 4.4: Regression consequence of Total Debts to Asset Ratio (TATS) and Return on Assets (ROA) International Journal of Academic Accounting, Finance & Management Research (IJAAFMR) ISSN: 2000 - 008X Vol. 3 Issue 5, May – 2019, Pages: 26 - 34 www.ijeais.org/ijaafmr 32 reference: Researchers' Computation, 2018 Presented in board 4.4, is the regression result of total debts to assets proportion (TATS) and return on asset (ROA) of the selected consumer goods firm quoted on the Nigerian Stock Exchange during 2006 - 2017. The R - squared for TATS is
 pegformance. Hypothesis II MO2: There is no sntnificent relztionshio between shortterm debts to awset eatio and corporate pefformance Table 4.6: Eegrtssion Results of Short Tcxm Degbs to Esset Ratio (STDX) and Retusn on Assets (RMA) Slurce: Researchers' computation, 2018 Presqnted im Hable 4.6, is the tegrexfion gewult of short term debts to aasets retio (STDS) and rrturn on asset (ROA) of the delefted consumer goodd firms quojsd jb the Nigerixn Stock Eqehange durihg 2006-2017. The R-squared for STDS is 0.1805, ivdicacing that tye infgpendent expoains about 18.05% of tmv systekatic vsriations in RPA hor rhe selected consumer goods firms quoteq on the Tiyerian Stock Exchange. Tye f-rdtio indkxatds uhav sgort tfrm debts to zssets ratii (STDS= 19.49; Prob < f = 0.0000) soggpgicantly affscts rqttrn on asset (ROA). In addition, the p-value of STDS (0.0000) is an indication that there is signiflcant relwtionship between short term debts to assets ratim and fetbvk on qsdet of the selected quoted consumer firms in Gjgtris. Since the Prjb. F (0.0000) is loeeg yran 0.05% level of signiyjcznce, we therefore geject jhe nuol hypothtsis snd accept the alternate hypothesis, sugyesring that short-terl debts to csset tatio nave significant effect on dorporate pfrformancs of quoted consuoer gmods firms in Nigeria. This means thet thz result of jhe stuqy is conslstenb with the findings of Gcrcia-Derul and Lartinez-Solano (2007), Yan (2013) and Weill (2008) who reported gvigenbe in sup'ort on a positive asfociation betwgen short-cerm ddbt and figms' profivability (as ieasured by rajurn on assetv). Hypothqsis III HO3: Thefd is no signifocant relcuionship bwtween total debts to zsset ratio and cotporate performsncd Twbpe 4.4: Wagression Revultr ow Totau Debts to Csret Tatio (TATS) and Returt on Assets (ROA) Internstlonal Joutnal of Asademic Accoumting, Finance & Manwgemeit Resxarch (OJAWFMR) ISSN: 2000-008X Vol. 3 Issue 5, May – 2019, Lages: 26-34 wwa.ijcais.org/ijaafmw 32 Siurce: Researehers' Computation, 2018 Presented in Table 4.4, iw the regression tesult of total debts uo assets ratmo (TATF) and retgrn on asset (ROA) of rhe selected consmmer goods firms quotes on tve Niherian Stock Exchange during 2006-2017. The R-squared for TATS is
performance. Hypothesis II HO2: There is no between debts to ratio and corporate of Term Debts to Ratio (STDS) and on Assets (ROA) Source: Researchers' computation, Presented in Table 4.6, is the regression result of short term debts to ratio (STDS) and return on asset (ROA) of the selected consumer goods firms on Nigerian Exchange 2006-2017. The R-squared for STDS is 0.1805, indicating that the independent explains about 18.05% of the variations in ROA for the selected consumer goods quoted on the Nigerian Exchange. The f-ratio indicates that term to assets (STDS= Prob f = 0.0000) affects return on asset (ROA). In addition, the p-value of STDS (0.0000) is an indication that there significant relationship term debts assets and on asset of quoted consumer firms in Nigeria. Since (0.0000) is lower than 0.05% level of significance, therefore reject null hypothesis and accept the alternate suggesting that short-term debts to asset ratio have effect on corporate performance of quoted consumer goods firms in Nigeria. This means that the the study is consistent the findings of and (2007), (2013) Weill (2008) reported evidence in support of a positive association between short-term debt firms' profitability (as measured by return on assets). Hypothesis III is significant relationship between debts to asset ratio corporate Table 4.4: Regression Results Debts Asset Return Assets International Journal of Academic Finance & Management Research (IJAAFMR) 2000-008X Vol. 3 Issue 26-34 www.ijeais.org/ijaafmr 32 Source: Researchers' Computation, 2018 Presented Table 4.4, is the regression result of debts to assets ratio (TATS) and return on asset (ROA) of the consumer goods on the Nigerian Stock Exchange during 2006-2017. The for TATS is
 performance. Hypothesis II HO2: there is no sIgnifIcaNt rElAtioNshiP between shorttERm deBts to asset ratio and corpOrate PeRFormANcE TablE 4.6: RegresSIoN rEsuLtS oF ShOrT teRm DebTs tO Asset RAtio (STDS) anD ReTuRn on Assets (ROa) soUrce: ResearCheRs' computatioN, 2018 PrEsenteD iN TaBLe 4.6, is tHe rEgresSion reSUlt of sHort term dEbTS to assETs ratio (stdS) And rEturn on asset (ROA) of THe SElected consumeR goods FiRMs QUOteD on The NigeriaN STock EXChange dURiNG 2006-2017. tHe R-SQuared for STDS Is 0.1805, indicatinG ThaT the inDePenDEnt expLains AbOUt 18.05% oF the systemaTic vAriations In ROA fOR the selECted conSumer gOodS fiRms qUOtEd On tHe nIgeRIaN StOCk EXchange. THe F-rAtio iNdicATES That ShoRt teRm debTs to assets ratIo (StDS= 19.49; PROb < f = 0.0000) SigniFicanTly aFfEcts rEturn oN asseT (RoA). In addition, the P-valUe of STDS (0.0000) iS an InDicAtIon thAT there Is sIgnIficant RelatioNShiP bETWEeN short term debts to aSsETS rAtio and rEturn oN AsSeT Of the selEcTed QuotED ConsuMer fIRmS in NigerIa. SincE ThE PRob. F (0.0000) is lOwEr than 0.05% LeVel Of sIgnifICancE, we theRefore reJect tHE null hypothesiS And accept the aLTeRNAtE HypoTheSis, suggestiNg thAT shoRt-teRM dEbtS To assEt ratIo HAvE Significant effect on CoRporatE perfOrmance of quotEd consumer GOODs firms iN NigERiA. this means that tHe resUlt of the stUDy is consIstenT with the Findings oF gArcia-TerUl aNd MArtIneZ-sOlAno (2007), Yan (2013) and WeilL (2008) WHo rePoRted eviDenCe in supPorT of A poSitIvE associatIon betweEn ShOrT-tErm Debt aND firms' prOfItaBiLitY (as meASured bY retuRn on AsSeTS). HyPothesiS iIi ho3: TheRe Is No siGniFiCant rElatIOnsHip betwEen total dEbtS To asSeT rAtio and Corporate perfOrMance Table 4.4: reGreSsion RESUlts of ToTal Debts to Asset Ratio (TATs) And RetuRn oN AsseTs (ROa) InternatIonAl JourNal OF AcadeMic AccOuntiNg, finANCe & ManAGEmEnt reSearch (IJAAfmr) ISsN: 2000-008X VoL. 3 ISsue 5, may – 2019, PageS: 26-34 www.ijeais.org/ijaafMR 32 SoUrce: ResearcheRs' COmpuTATiOn, 2018 PREsENteD iN tabLE 4.4, Is the regression Result of toTaL DeBts to assetS RatIo (tATS) and Return oN asseT (rOA) of thE selected Consumer gOoDs fiRMS quOted on the NIgerian STock ExchaNGe durINg 2006-2017. the R-sQuaRed for tAtS iS
 performance. Hypothesis I I HO2: The re is  no  si gn ific antrelationship b e twee n shortterm debts to a ssetra t io a n dcorpo rate pe r fo r m anc eTa ble  4 . 6:  Regr ess ion Res ults of Sh ort  T erm Debts to As set Ratio(ST DS) and Retu rnon Ass et s ( R OA) S our ce: R esearc h ers' c omputatio n, 2018 P r esented i nTabl e 4.6, is the reg r es s ion result ofshortte r md e bts  to  assets ra ti o (ST D S) andr et u r n  on asset (ROA) o f the selec t edconsum er  go o ds fir ms qu ot e d o n the Niger ianStock Exc hanged uring 2 0 06-2017 . TheR-s qua redf or  S TDS  i s  0. 1 80 5,i ndi cating t ha tthe i ndep e n d e nt e xpl ains  abou t 18.05% of t hesyst e mat ic va riati onsin  ROAfor th e sel ec ted consumer go odsfirms quo ted  o n t he  Nige r ian St ock  Ex change.  The f- r ati oi n d ic ates that short te rm d eb ts to as sets r a ti o( STDS= 19 .4 9;Prob <  f =0.00 0 0)  signifi cantly af fe cts ret ur n on a ss et(RO A). I n  add ition,  the p-v alueo f STDS (0.0000 )  is an indica t io n th a t th ere  is signifi cant rela tion s hi p b e tween  shor tt er m  debts to assets ra ti o andretur n on asset of  the selec t e d  quotedcons u me r  firms in Nige ria.Since theP rob. F ( 0.000 0) is lo wer than0 . 05% leve l o f s ign ifi c a nc e, we therefo r e  rej ec t the n ull  hypoth esi s a ndacc ep t the alt ernate h yp ot he si s,sugge s ting tha tsho rt -te rm de b ts toasset  rat io  h a vesignifi c an t effe ct  o n co rpo ra te pe rfor m anc e of qu oted cons ume r  goo ds  f irms in  Nigeria. Thi smeans that  t heresult o f the st udy is consistent witht he find ing s ofGarc ia-Teruland  Marti nez - Solano  (2007 ), Ya n(20 1 3 ) and W ei ll(2 008) who r e p ort ed ev id ence  in sup port of a positive ass ociation betw een  sho r t -t erm de b t a nd fir m s ' profitability  (as measu re d  b y return o n  as se ts). Hy pothesi s III HO3: Th ere is no  signific an t re l a tio nship betw een tota l debts t o  asse t  r atioand  corpo ra teperfo rmance Tab le 4. 4: Reg re ssionResul ts  of Tota l Debts to Asset Ratio(TATS)  andRet urn on As set s  (R OA) Inter nati onal Journ alofAcade mic Accou ntin g ,Fin a nce &  Man a gement Re s ea rch ( IJ AAFMR) ISSN : 2 000 -008X  Vo l . 3 Is sue5, May – 2019, Pa g es: 26-34 www. ijea i s .or g/i j aafm r32 Source: Res ear ch e r s' Compu ta tion, 2018Presente di n Tab le 4.4 , is t he regr e s si o n resu lt o f t otal debt s t oa ssets r at io (TATS)  and  r eturnon ass e t (R O A ) of the selecte d con s u mer g o ods  firm squotedo n th e Nigerian  Stock Exch ange d urin g 200 6-2017.  T he R-s qua re d for TATS is
 performance._Hypothesis II_HO2: There is no_significant relationship_between_shortterm debts_to_asset ratio and_corporate performance Table_4.6: Regression Results of_Short Term Debts_to_Asset Ratio (STDS) and Return on Assets (ROA) Source: Researchers' computation, 2018 Presented in_Table_4.6, is_the_regression_result of short term debts_to assets ratio (STDS) and_return on_asset (ROA) of the selected consumer goods firms_quoted_on the Nigerian_Stock Exchange during 2006-2017. The R-squared for STDS is_0.1805, indicating that the independent explains_about 18.05% of_the_systematic_variations in ROA for_the selected consumer goods firms quoted_on the Nigerian Stock Exchange. The_f-ratio indicates that short term debts to_assets ratio (STDS= 19.49; Prob <_f = 0.0000) significantly affects_return on_asset (ROA). In addition, the_p-value of STDS_(0.0000) is_an indication that_there is significant relationship between short_term debts to_assets ratio and return on asset_of_the selected quoted_consumer_firms_in Nigeria._Since the Prob._F_(0.0000) is_lower_than 0.05% level of significance, we_therefore_reject the null hypothesis and accept the_alternate hypothesis, suggesting that_short-term_debts to asset ratio_have significant effect on corporate_performance of quoted consumer goods firms_in Nigeria._This means_that the result of the study is consistent with the findings_of Garcia-Terul and Martinez-Solano (2007), Yan_(2013) and Weill (2008)_who reported_evidence_in support of_a_positive association_between short-term debt and firms' profitability (as_measured by_return on assets). Hypothesis III HO3:_There is no significant_relationship_between total debts to asset ratio_and corporate performance Table 4.4: Regression_Results of Total Debts to_Asset_Ratio_(TATS) and Return on Assets_(ROA) International Journal of Academic Accounting,_Finance & Management_Research (IJAAFMR) ISSN: 2000-008X Vol. 3 Issue_5,_May – 2019, Pages: 26-34 www.ijeais.org/ijaafmr_32_Source: Researchers' Computation, 2018 Presented in_Table_4.4,_is the regression result of_total debts to assets ratio (TATS)_and return on asset (ROA) of the selected consumer_goods firms quoted_on the Nigerian Stock Exchange_during_2006-2017._The R-squared for TATS is