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

Uwalomwa Uwuigbe (), Olusegun Olowe () and Agu Godswill ()
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Uwalomwa Uwuigbe: Covenant University, Ota Ogun State, Nigeria
Olusegun Olowe: Covenant University, Ota Ogun State, Nigeria
Agu Godswill: Covenant University, Ota Ogun State, Nigeria

Acta Universitatis Danubius. OEconomica, 2012, issue 8(6), 77-87

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.

Keywords: Nigeria; Dividend Payout; Financial Leverage; Financial Performance; Share Price (search for similar items in EconPapers)
Date: 2012
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