Request Paper

Abstract
This paper was designed to examine the effect of off-balance sheet Financing on Shareholders Investment Decision in Manufacturing firms using Guinness Nigeria Plc as a study of evidence. Both primary and secondary source of data were adopted. Population132 Questionnaires were distributed and ninety-nine were returned. Upon presentation and analysis of data, hypotheses were tested empirically using ordinal regression. The research revealed the following: In hypothesis 1, F (1, 97) = 1442.311, P < 0.001, which indicates that the F&NFI can play a significant role in shaping SID (b = .698, P < 0.001), R2= .937 which depicts that the model explains 93.7% of the variance in SID, t-statistics of 37.978 and p-value < 0.001. Therefore, we reject the null hypothesis and accept the alternative hypothesis. In hypothesis 2, F (1, 97) = 973.540, P < 0.001, which indicates that the TFV can play a significant role in shaping SID (b = .1.025, P < 0.001), R2= .909 which depicts that the model explains 90.9% of the variance in SID, t-statistics of 31.202 and p-value < 0.001. Therefore, we reject the null hypothesis and accept the alternative hypothesis. In hypothesis 3, F (1, 97) = 1020.780, P < 0.001, which indicates that the PFS can play a significant role in shaping SID (b = .729, P < 0.001), R2= .913, t-statistics of 31.950 and p-value < 0.001. Therefore, we reject the null hypothesis and accept the alternative hypothesis. Investors do not analyze financial statement before making an investment decision. Published financial statement of a company does not show true and fair view. Majority of the respondents agreed that information contained in the company’s annual report could be reliable for effective investment decision. The researcher recommends that all public limited enterprise should continue to publish their financial statement every year; hence it helps shareholders in making investment decision. Key words: Off balance sheet financing, shareholders’ investment decision