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February 14, 2026SHILAP Revista de lepidopterologíaOpen Access

Capital Structure and Profitability of Small Pharmaceutical Firms: Evidence From the Alternative Investment Market

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Authors

NANurudeen A. AkinolaRARod Apps

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Overview

Investigates capital structure’s effect on profitability in small pharmaceutical firms, suggesting important implications for decision-makers.

Key Points

  • This research examines how capital structure influences profitability in small pharmaceutical firms listed on AIM.
  • Analyzed a five-year panel dataset from 2018 to 2022
  • Estimated three regression models: Ordinary Least Squares, Fixed Effects, Random Effects
  • Measured profitability using return on assets (ROA) and return on equity (ROE)
  • Found a significant negative relationship between short-term debt and ROA
  • Identified a negative relationship between debt-to-equity ratio and ROE
  • Observed a positive relationship between firm size and both ROA and ROE

Cite This Study

Akinola et al. (2025) studied this question.

synapsesocial.com/papers/699011032ccff479cfe57543https://doi.org/10.65672/fs.2025.4.1
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