This study evaluated the effect of equity ownership structure on the financial performance of selected quoted manufacturing companies in Nigeria. The focus of the evaluation is on the relationship between ownership structure variables (managerial, institutional and foreign) on firm performance (Return on Equity and Return on Asset). Data were collected for this study through secondary source for the period 2011 – 2020. 60 manufacturing firms listed on the Nigerian Stock Exchange were purposively sampled. Data were collected on variables such as institutional owners’ equity, managerial ownership equity, foreign ownership equity, Total Assets, shareholders’ fund and earnings after interest and tax will be collected from the Annual Reports of the companies. Data collected will be analyzed using tables, descriptive statistics, correlation and regression analysis. Also, the data collected were subjected to pooled General Least Square, Random and Fixed Effects regression model in testing the hypotheses of the study. It was discovered that all the variables i.e. (ROTA, ROE, MON, LEV, LASSET, ION, FON and AGE) had correlation coefficients that were very low and they are less than 0.9 having either positive or negative values. It was discovered that all the series show a high level of consistency being that their mean and median values are within the maximum and minimum values of the series. Too the deviation of the actual data from their mean value are exceptionally high, typically demonstrated by the relatively high value of the standard deviations. The study recommended that improvement should be made on corporate governance to focusing on sound equity ownership structure in order to attract foreign investors. Likewise, Industrial investors should emphasize the importance for the inclusion of institutional investors inclusion in companies,’ ownership structures and collision between the directors and dominant shareholders should be prevented.
Keywords: Manufacturing Companies, Nigeria, Ownership Structure, Performance
