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An Assessment of the Determinants of Share Price in Nigeria: A Study of Selected Listed Firms

Author

Listed:
  • Uwalomwa Uwuigbe

    (Covenant University, Ota Ogun State, Nigeria)

  • Olowe, Olusegun

    (Covenant University, Ota Ogun State, Nigeria)

  • Agu Godswill

    (Covenant University, Ota Ogun State, Nigeria)

Abstract

This study examined the determinants of share prices in the Nigerian stock exchange market. To achieve the objective of this study, a total of 30 listed firms in the Nigerian stock exchange market were selected and analyzed for the study using the judgmental sampling technique. Also, the Nigerian stock exchange fact book and the corporate annual reports for the period 2006-2010 were used for the study. The paper basically modelled the effects of financial performance, dividend payout and financial leverage on the share price of listed firms operating in the Nigerian stock exchange market using the regression analysis method. The study as part of its findings observed that there is a significant positive relationship between firms’ financial performance and the market value of share prices of the listed firms in Nigeria. Consequently, the paper concludes that firms’ financial performance, dividend payouts and financial leverage are strong determinants of the market value of share prices in Nigeria.

Suggested Citation

  • Uwalomwa Uwuigbe & Olowe, Olusegun & Agu Godswill, 2012. "An Assessment of the Determinants of Share Price in Nigeria: A Study of Selected Listed Firms," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 8(6), pages 77-87, December.
    • Handle: RePEc:dug:actaec:y:2012:i:6:p:77-87
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    Cited by:

    1. Charles O. Manasseh & Nnah M. Iroha & Kingsley I. Okere & Ifeoma C. Nwakoby & Ogochukwu C. Okanya & Nnenna Nwonye & Onuselogu Odidi & Oliver I. Inyiama, 2022. "Application of Markov chain to share price movement in Nigeria (1985–2019)," Future Business Journal, Springer, vol. 8(1), pages 1-14, December.
    2. Evans Nkuah & Hadrat Yusif, 2016. "Investigating the Effect of Dividend Policy on the Wealth of Stockholders of Listed Companies on the Ghana Stock Exchange," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(7), pages 1-47, July.
    3. Kehinde Adesina & Uwalomwa Uwuigbe & Olubukola Ranti Uwuigbe & Osariemen Asiriuwa & Sylvester Oriabe, 2017. "Dividend Policy and Share Price Valuation in Nigerian Banks," EuroEconomica, Danubius University of Galati, issue 1(36), pages 185-195, May.

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