The Effect of Ownership Structure on Firm Performance of Listed Consumer Goods Firms in Nigeria

Abstract

The study analysed the influence of ownership structure on the firm performance of fifteen (15) listed consumer goods firms in Nigeria from 2011 to 2021. The firm's performance was proxied by return on assets and enterprise value. The ownership structure was measured by the chief executive officer (CEO), board, and block ownership. The findings show that CEO ownership significantly positively affects the return on assets of listed consumer goods firms in Nigeria. Board and block ownership have an insignificant influence on the return on assets of listed consumer goods firms in Nigeria. Similarly, block ownership significantly positively affects the enterprise value of listed consumer goods firms in Nigeria. CEO and board ownership have an insignificant effect on the enterprise value of listed consumer goods firms in Nigeria. The study recommends that block owners should be allowed to use their skills and experience to help companies achieve their goals.