Chika Ugwuodo Celestine

Does Cost of Debt Condition the Debt–Value Nexus? Quantile Regression Evidence from Nigerian Manufacturing Firms

Chika Ugwuodo Celestine, Onyinyechi Precious Edeh, Ovbe Simon Akpadaka & Innocent Chinedu Enekwe · Asian Journal of Economics, Business and Accounting · 2026

This paper investigates how the composition of corporate debt relates to shareholders’ wealth across the distribution of firm valuation in a high cost borrowing environment. Using a balanced panel of 43 listed Nigerian manufacturing firms from 2013 to 2023, we compare pooled Ordi...