International Journal of Academic Multidisciplinary Research (IJAMR)   Year: 2024 | Volume: 8 | Issue: 6 | Page No.: 1-27 Capital Structure And Market Valuation Of Quoted Agricultural Firms In Nigeria Download PDF Engr. YABRIFA, FELIX DISEYE and Dr. AMANAWA, DAVID EBIEGBERI Abstract: This study examined how capital structure affects the market valuation of publicly traded agricultural enterprises in Nigeria. The study was led by four distinct aims, research questions, and hypotheses. The study proxied capital structure (independent variable) by debt-to-assets ratio, debt-to-equity ratio, long-term debt ratio, and short-term debt ratio. In contrast, market valuation (dependent variable) was measured by market capitalization. The study was anchored on the Trade-off theory, Agency Cost theory, Pecking Order theory, and Miller and Modigliani (M-M) Theory. An ex post facto research design was used in the investigation. The study used panel data collected from the Nigerian Exchange Group (NGX) Fact Book. The data analysis technique adopted was the Panel Least Square (PLS) regression technique. The hypotheses formulated were tested at a 5% significance level using p-values obtained from the regression analysis. The findings of the study showed that there is a positive and significant relationship between debt-to-assets ratio and market capitalization, there is a positive and significant relationship between debt-to-equity ratio and market capitalization, there is a positive and significant relationship between long-term debt ratio and market capitalization, and lastly, there is a positive and significant relationship between short-term debt ratio and market capitalization of quoted agricultural firms in Nigeria. The study concluded that capital structure positively and significantly affects the market valuation of quoted agricultural firms in Nigeria. Among others, It was recommended that agricultural firms use more of a long-term debt ratio as it increases their market valuation. Also, agricultural firms in Nigeria should continue to strategically plan and manage their debt structure to improve their profitability and market valuation.