Abstract

This study investigated the extent of equity financing and financial performance in Nigerian listed non-financial firms. It also examined the impact of equity on financial performance in the manufacturing industry with a view of providing information on the effect of equity financing on the financial performance of listed non- financial firms in Nigeria from 2014-2023. This study used secondary data. The study covered 31 non-financial firms listed on the Nigerian Exchange Group. Five (5) non-financial firms were purposively selected to ease data capturing and effectiveness of the research work. Data on total equity and Profit after tax were collected from the audited financial statement of selected listed non- financial firms from 2014-2023.Descriptive analysis involved the use of mean, median, standard deviation etc. to evaluate the selected variables. Inferential statistics was adopted on the panel regression model. This involved estimating a dynamic model using the system of pooled OLS, Fixed effect and Random effect.The random effect shows that t-stat and p-value of TEQ and ROE are 2.156299 and 0.0361 respectively. it’s decided that equity has significant effect on the financial performance of manufacturing industry in Nigeria. This study concluded that equity finance is utilized either public offer or right issue to influence financial performance of manufacturing firms in Nigeria.