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ABSTRACT
The study investigates the impact of Capital structure (short term debt to equity, long term debt to equity, total debt to equity ratio, long term debt to total asset ratio, short term debt to total asset ratio and debt to asset ratio) on the financial performance of quoted oil and gas firms in Nigeria. The panel data used was obtained from annual reports and accounts of selected oil and gas firms under study. The investigation was performed using ten (10) years data for the period from 2012 to 2021. The panel data analysis technique was used to analyze the impact of capital structure on oil and gas firm performance. The results of the fixed effect regression reveal that long term debt to equity, total debt to equity ratio and debt to asset ratio has a significant negative impact on the financial performance of insurance firms which support the argument of the pecking order theory of capital structure. It was also established that long term debt to total asset ratio and short term debt to total asset ratio has significant positive influence on the performance of quoted insurance firms in Nigeria. The study recommends that management should try to achieve optimum level of capital structure and efficient utilization and allocation of resources. This will help to achieve the targeted level of productive efficiency and improve financial performance in oil and gas firms in Nigeria.
