Moderating Effect of Financial Leverage On CEO Remuneration, Employee Turnover, And Financial Performance of Listed Non-Financial Firms in Nigeria

The financial performance of listed non-financial firms in Nigeria has raised concerns regarding the influence of corporate disclosure practices and the role of financial leverage. This study examined the moderating effect of financial leverage on CEO remuneration, employee turnover and financial performance of listed non-financial firms in Nigeria. An ex-post facto research design was adopted, using secondary data obtained from the annual reports and financial statements of 71 purposively selected firms from a population of 103 listed non-financial firms on the Nigerian Exchange Group as at 31 December 2025. The study covered the period from 2013 to 2025. CEO remuneration disclosure and employee turnover disclosure were measured using the CEO Remuneration Disclosure Index (CEORDI) and Employee Turnover Disclosure Index (ETODI), respectively, while financial performance was measured using Return on Asset Growth (ROAGR). Financial leverage, measured by the debt-to-equity ratio, served as the moderating variable, while firm size was included as a control variable. Data were analysed using trend analysis, descriptive statistics, correlation analysis, diagnostic tests and panel regression techniques with EViews 13. The findings revealed that CEO remuneration disclosure had a negative but statistically insignificant effect on financial performance, while financial leverage negatively and significantly moderated the relationship. Conversely, employee turnover disclosure had a positive and statistically significant effect on financial performance, with financial leverage positively and significantly moderating the relationship. The study concluded that the effects of corporate disclosure on financial performance differed according to the type of disclosure and the moderating role of financial leverage. It recommended improved corporate disclosure practices, stronger regulatory monitoring and enforcement, prudent debt management, and effective employee retention strategies to enhance transparency, accountability and financial performance.