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SUMMARY
On the basis of the discussed findings of this research work, the facts have been clearly confirmed that all the variable were not significant on the firm performance (ROA) which is in-line with the study of Cheng, Cullinan and Zhang (2014), who conducted a study on the impact of free cash flow on performance using Chinese listed real estate firms and concluded that a negative relationship exists between them. Though the study made use of accounting profit, the author failed to control for growth opportunities among firms. In addition, the study related free cash flow with contemporaneous profits, with no consideration for the overlapping effect. As a result, the study documented evidence that contradicts established free cash flow hypotheses. Gregory (2005) investigated the effect of free cash flow on the performance of firms involved in mergers and revealed that mergers with a higher level of free cash flow perform better than those with low free cash flow. And also contradict the study of Amah, Ekwe and Uzoma (2016) examines the relationship between cash flow and performance in the Banking sector of Nigeria. The study involved a survey of four (4) Banks quoted in the Nigeria Stock Exchange. Data were obtained from the annual report and accounts of selected Banks. The data were subjected to statistical analysis using correlation technique. The result of the study revealed that operating cash flow has a significant and strong positive relation with performance in the Banking sector in Nigeria, it was also reified that investing cash flow and financing cash flow have negative and weak relationship. Which also didn’t go in-line with the study of Nwanyanwu (2015) carried out a study on cash flow and organizational performance of Nigerian Hospitality and Print Media using 45 small and medium enterprises from the two sectors, The result indicated that a significant strong positive relationship between cash flow position and net profit. Consequently, cash flow position determines the extent of net profit performance of organizations in the hospitality and print media.
