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Does M-m Proposition 1 On Capital Structure And Firm's Value Stand? Evidence From Quoted Firms' In Nigeria
This study uses Nigerian data on quoted firms to consider one of the influential questions in corporate finance: Does M-M proposition 1 on capital structure and firm's value stand? We fit the three conventional panel data models; pooled regression, fixed effects and random effects models, to panel data, consisting of 10 cross-sectional units that are observed annually for six years from 2010 to 2015. The results show that, although, the fixed effects model outperformed the pooled regression model based on Likelihood ratio test, the random effects model, which assumes that the unobserved firm-specific factors are uncorrelated with the capital structure variables, however, outperforms the fixe
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