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This paper examines whether Nigerian firms should leverage external funds or rely on internal financing for investments, analyzing data from 60 non-financial firms over a ten-year period. The study finds that while both financing methods influence investment outcomes, internal financing is more significant in the Nigerian context due to high interest rates and macroeconomic instability. The research supports the Pecking Order Theory, advocating for a preference for internal funds in an imperfect economy, an

Author
International Journal of Innovative Science and Research Technology
Language
EN