Nowadays, information on stock price movement has become paramount in making an investment decision and a good knowledge of the factors that determine stock prices and the ability to predict stock prices are added advantages in the developing economies. Therefore, this study seeks to determine the impact of earnings on the stock price of healthcare firms in Nigeria. The study relied on the linear panel modeling approach of fixed effect and random effect while the Hausman test was applied for the model selection. The panel data set used for the study was sourced from the NSE annual fact book for the periods 2011 to 2020. The result of the random effect model estimated revealed that earnings per share EPS , dividend yield DDY and firm size FSZ have no significant impact on the stock price of healthcare firms in Nigeria. The only exception is book value per share BVPS which is positive and had a significant impact on the stock prices of healthcare firms in Nigeria at the 0.01 significant levels. This study, therefore, concludes that BVPS is the perfect predictor of stock price movement in the healthcare sector. As a result, the study recommends among other findings that Book Value per Share should be considered when making investment decisions in the healthcare firms in Nigeria. Aniedozie Obiamaka Mercy | Prof Alphonsus S. Anichebe | Dr. Emeka-Nwokeji, N. A "Effect of Changes in Earning on Stock Prices of Listed Healthcare Sector of the Nigerian Stock Exchange" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-4 , June 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50335.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/50335/effect-of-changes-in-earning-on-stock-prices-of-listed-healthcare-sector-of-the-nigerian-stock-exchange/aniedozie-obiamaka-mercy
Impact of Accounting Information on Stock Price Volatility (A Study of Select...inventionjournals
This document summarizes a research study that examined the impact of accounting information on stock price volatility of selected quoted manufacturing companies in Nigeria from 2005-2014. The study used annual report data from 5 manufacturing companies, including earnings per share, book value per share, price-earnings ratio, and dividend per share. The results of the analysis found that accounting information has a strong positive significant impact on stock price volatility. Therefore, reliable accounting information is important for investors to make informed decisions and for companies to have less volatile stock prices. The study recommends proper regulation of accounting information disclosure to increase transparency.
Abstract
The study examines the effect of corporate information on equity investors' decision making in listed non-financial firms in Nigeria. The population comprises all the listed non-financial firms in Nigeria and a filtering sampling technique was used to arrive at forty-eight (48) sampled firms covering the periods of 2012 to 2019. The hypotheses were tested using the Robust Fixed effect (RE) regression model after conducting some diagnostics tests like Pearson correlation, Variance Inflator Factor, Heteroscedasticity and Hausman Specification. The results show that firm growth (FG) and firm size (FS) have a significant positive effect on market price of shares (MPS) of quoted non-financial firms in Nigeria for the period under review. The study recommends among others, that the management of non-financial firms in Nigeria should put the growth level of their firms into consideration by ensuring a consistent increase in the value of their revenues yearly to attract more investments from the equity investors in the capital market. Their five-year growth rate should also be provided to all the stakeholders in their financial statements. Also, the non-financial firms should consolidate their firms to form a large capital base that would make them take advantage of large scale production to attract more equity investors to their firms in Nigeria.
Keywords: Corporate Information; Equity Investors; Decision Making; Non-Financial Firms
Cash Flow Activities and Stock Returns Evidence from Nigerian Consumer Goods ...ijtsrd
Proponents believe that increase in cash flows could potentially increase the stock returns of consumer goods firms quoted in Nigeria Stock Exchange while opponents argue and equally criticize that fact. Hence, this study examined the effects of cash flow on stock returns of consumer goods firms for a period of 2010 2019. The study was anchored on agency theory. Panel data were gotten from the Nigerian Stock Exchange NSE and the data collected were analyzed using multiple regression analysis. The findings revealed Cash flows from operating activities has no significant effect on stock returns of consumer goods firms in Nigeria, cash flow from investing activities does not have significant effect on the stock returns of consumer goods firms in Nigeria, Cash flows from financing activities has no significant effect on stock returns of consumer goods firms in Nigeria, Free cash flow has positive and significant effect on stock returns of consumer goods firms in Nigeria. On the basis of the findings of the study, it was recommended among others that there is need for consumer goods industry to improve on their operating cash flow by making money available for this purpose for the general benefit of the economy. The management should embark on effective intermediation drive which will provide deep source of fund for this industry. Government should adopt a viable policy that will enable this industry to expand their scope of business and firm size of this industry should be improved. The study also revealed that if free cash flow will be well managed, it will affect the stock returns policy of a firm positively. Ojimba, Francisca | Okegbe, T. O. | Ifurueze, M. S. "Cash Flow Activities and Stock Returns: Evidence from Nigerian Consumer Goods Firms" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47626.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/47626/cash-flow-activities-and-stock-returns-evidence-from-nigerian-consumer-goods-firms/ojimba-francisca
Effect of Voluntary Disclosure on Corporate Performance of Quoted Manufacturi...ijtsrd
The objective of the study is to examine the effect of voluntary disclosure on corporate performance of quoted manufacturing companies in Nigeria. The study specifically examined the effect of voluntary disclosure on ROA, ROE, and NPM. The population of the study was drawn from manufacturing firms quoted on the floor of the Nigerian Stock Exchange. financial year. The study was based on secondary sources of data, collected from annual financial reports. The study used content analysis to analyse the voluntary disclosure items. The study finds that voluntary disclosure has a significant negative effect on profitability return on assets, return on equity and net profit margin . The study therefore recommends, among others, manufacturing firms to enhance voluntary disclosure based on a cost benefit analysis of such, and also, help “bridge the gap†between financial numbers and the true economics underlying the company’s transaction. Voluntary disclosure is also recommended as a medium to curtail the shenanigans of earnings management. Ikemefuna, Victor C. | Onuora, J. K. "Effect of Voluntary Disclosure on Corporate Performance of Quoted Manufacturing Companies in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42600.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/42600/effect-of-voluntary-disclosure-on-corporate-performance-of-quoted-manufacturing-companies-in-nigeria/ikemefuna-victor-c
Macroeconomic Variables and Financial Sector Output in Nigeriaijtsrd
The study investigated the effect of selected macroeconomic variables on the financial sector of Nigeria from 1986 to 2018. The study employed monetary target variables, namely money supply, interest rate, inflation rate, exchange rate and credit to private sector as proxies for macroeconomic variables while the outputs from financial sector on as dependent variable. The data obtained from the Central Bank of Nigeria Statistical Bulletin, were tested subjected to Augmented Dickey Fuller ADF test of stationarity, descriptive statistics, and Autoregressive Distributive Lag ARDL . The results revealed that macroeconomic variables has 99 significant short run effect but no significant long run effects on financial sector output in Nigeria. Specific findings revealed that money Supply M2 and Exchange Rate EXR have significant positive relationships with growth of the financial sector at current and third lags, respectively but inflation rate has a significant negative effect on financial sector output in the current period, while Interest rate INT and Credit to Private Sector had no significant effect on financial sector output within the short run periods in Nigeria. It thus recommended that the government employ inflation stabilisation policies and encourage export, and close borders to import on financial services into Nigeria. Dr. Loretta Anayoozuah | Prof. Steve N. Ibenta | Dr. Ikenna Egungwu "Macroeconomic Variables and Financial Sector Output in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37966.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/37966/macroeconomic-variables-and-financial-sector-output-in-nigeria/dr-loretta-anayoozuah
Effect of Financial Reporting Quality on Corporate Performance Evidence from ...YogeshIJTSRD
This study determined the relationship between discretionary accruals, non discretionary accruals, on return on investment. Data for this study were obtained from secondary sources only. The study adopted an ex post facto research design. The secondary data were obtained from annual reports of 22 listed banks in Nigeria Stock Exchange. The sample banks were obtained using the stratified sampling technique while the sample size was obtained using the random sampling technique. The variables that were considered in this study are financial reporting quality and corporate performance, which were represented by the effect of discretionary accruals, and non discretionary accruals on return on investment. Data analyses were carried out using Ordinary Least Square statistical tools with aid of E view 9 and the level of significance used to test the hypothesis was 5 . The findings show that there is negative but significant relationship between discretionary accruals, non discretionary accruals and return on investment. Based on the findings, the study recommended that management of listed banks should ensure that they adopt best practices in financial reporting like Automated financial reporting solutions because there is direct relationship between abnormal accruals and return on investment. Anichukwu, Salome A | Ekwueme, Chizoba M "Effect of Financial Reporting Quality on Corporate Performance: Evidence from Listed Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-3 , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd39835.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/39835/effect-of-financial-reporting-quality-on-corporate-performance-evidence-from-listed-banks-in-nigeria/anichukwu-salome-a
Financial Structure and the Financial Performance of Quoted Consumer Goods Fi...ijtsrd
The study investigated the effect of financial structure on the financial performance of quoted consumer goods firms in Nigeria. The study used profit after tax PAT to represented financial performance as the dependent variable while financial structure was disintegrated into Short Term Debt STD , Long Term Debt LTD , share capital SC and retained earnings RE as the independent variable. The data for the study were obtained from the Financial Statement and Annual Reports of the selected firms. The data set comprised fifty 50 observations comprising five year time series data spanning 2010 to 2019 from ten firms in the consumer goods sector. The panel regression technique based on Fixed and Random Effects were used for data analyses. The Hausman test showed that the Fixed Effect model is more suitable for the study. The findings revealed that STD and SC have significant positive effects on the PAT of consumer goods firms in Nigeria while LTD and RE were found to have positive but no significant effect on the PAT of consumer goods firms in Nigeria. The study conclude that b working capital management is an efficient tool for the consumer goods subsector in Nigeria. Among the contributions of the study is the use of all the four sources of funds and the use of profit after tax that tends to capture the overall effect of the various fund sources on the holistic profitability of the consumer goods firms. The recommendations included use of share capital for long term investment and working capital management for operations. Daniel, Prince Chinwendu | Dr. Joseph A. Nduka "Financial Structure and the Financial Performance of Quoted Consumer Goods Firms in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37967.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/37967/financial-structure-and-the-financial-performance-of-quoted-consumer-goods-firms-in-nigeria/daniel-prince-chinwendu
Understanding Stock Returns as a Combination of Speculative and Fundamental G...ijtsrd
The Indian stock market returns are largely speculative in nature. Taking twenty stocks off of the Sensex, the Total return of the stock was split into the fundamentally arising returns and the speculative return. This revealed the speculative nature of the Indian Stock market. What this means is that, the good stocks with strong fundamentals may have a low total return as a result of low speculative returns, similarly fundamentally weak stocks may potentially have high speculative returns, resulting in high total returns. Thus, a bifurcation of this sort can help investors with different investment objectives, horizons and risk appetite, invest to achieve their goals. Sanishtha Bhatia | Anshika Lara | Danvi Shah | Shanav Jalan | Shreejit Sawant "Understanding Stock Returns as a Combination of Speculative and Fundamental Growth: An Emperical Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31742.pdf Paper Url :https://www.ijtsrd.com/economics/finance/31742/understanding-stock-returns-as-a-combination-of-speculative-and-fundamental-growth-an-emperical-study/sanishtha-bhatia
Impact of Accounting Information on Stock Price Volatility (A Study of Select...inventionjournals
This document summarizes a research study that examined the impact of accounting information on stock price volatility of selected quoted manufacturing companies in Nigeria from 2005-2014. The study used annual report data from 5 manufacturing companies, including earnings per share, book value per share, price-earnings ratio, and dividend per share. The results of the analysis found that accounting information has a strong positive significant impact on stock price volatility. Therefore, reliable accounting information is important for investors to make informed decisions and for companies to have less volatile stock prices. The study recommends proper regulation of accounting information disclosure to increase transparency.
Abstract
The study examines the effect of corporate information on equity investors' decision making in listed non-financial firms in Nigeria. The population comprises all the listed non-financial firms in Nigeria and a filtering sampling technique was used to arrive at forty-eight (48) sampled firms covering the periods of 2012 to 2019. The hypotheses were tested using the Robust Fixed effect (RE) regression model after conducting some diagnostics tests like Pearson correlation, Variance Inflator Factor, Heteroscedasticity and Hausman Specification. The results show that firm growth (FG) and firm size (FS) have a significant positive effect on market price of shares (MPS) of quoted non-financial firms in Nigeria for the period under review. The study recommends among others, that the management of non-financial firms in Nigeria should put the growth level of their firms into consideration by ensuring a consistent increase in the value of their revenues yearly to attract more investments from the equity investors in the capital market. Their five-year growth rate should also be provided to all the stakeholders in their financial statements. Also, the non-financial firms should consolidate their firms to form a large capital base that would make them take advantage of large scale production to attract more equity investors to their firms in Nigeria.
Keywords: Corporate Information; Equity Investors; Decision Making; Non-Financial Firms
Cash Flow Activities and Stock Returns Evidence from Nigerian Consumer Goods ...ijtsrd
Proponents believe that increase in cash flows could potentially increase the stock returns of consumer goods firms quoted in Nigeria Stock Exchange while opponents argue and equally criticize that fact. Hence, this study examined the effects of cash flow on stock returns of consumer goods firms for a period of 2010 2019. The study was anchored on agency theory. Panel data were gotten from the Nigerian Stock Exchange NSE and the data collected were analyzed using multiple regression analysis. The findings revealed Cash flows from operating activities has no significant effect on stock returns of consumer goods firms in Nigeria, cash flow from investing activities does not have significant effect on the stock returns of consumer goods firms in Nigeria, Cash flows from financing activities has no significant effect on stock returns of consumer goods firms in Nigeria, Free cash flow has positive and significant effect on stock returns of consumer goods firms in Nigeria. On the basis of the findings of the study, it was recommended among others that there is need for consumer goods industry to improve on their operating cash flow by making money available for this purpose for the general benefit of the economy. The management should embark on effective intermediation drive which will provide deep source of fund for this industry. Government should adopt a viable policy that will enable this industry to expand their scope of business and firm size of this industry should be improved. The study also revealed that if free cash flow will be well managed, it will affect the stock returns policy of a firm positively. Ojimba, Francisca | Okegbe, T. O. | Ifurueze, M. S. "Cash Flow Activities and Stock Returns: Evidence from Nigerian Consumer Goods Firms" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47626.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/47626/cash-flow-activities-and-stock-returns-evidence-from-nigerian-consumer-goods-firms/ojimba-francisca
Effect of Voluntary Disclosure on Corporate Performance of Quoted Manufacturi...ijtsrd
The objective of the study is to examine the effect of voluntary disclosure on corporate performance of quoted manufacturing companies in Nigeria. The study specifically examined the effect of voluntary disclosure on ROA, ROE, and NPM. The population of the study was drawn from manufacturing firms quoted on the floor of the Nigerian Stock Exchange. financial year. The study was based on secondary sources of data, collected from annual financial reports. The study used content analysis to analyse the voluntary disclosure items. The study finds that voluntary disclosure has a significant negative effect on profitability return on assets, return on equity and net profit margin . The study therefore recommends, among others, manufacturing firms to enhance voluntary disclosure based on a cost benefit analysis of such, and also, help “bridge the gap†between financial numbers and the true economics underlying the company’s transaction. Voluntary disclosure is also recommended as a medium to curtail the shenanigans of earnings management. Ikemefuna, Victor C. | Onuora, J. K. "Effect of Voluntary Disclosure on Corporate Performance of Quoted Manufacturing Companies in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42600.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/42600/effect-of-voluntary-disclosure-on-corporate-performance-of-quoted-manufacturing-companies-in-nigeria/ikemefuna-victor-c
Macroeconomic Variables and Financial Sector Output in Nigeriaijtsrd
The study investigated the effect of selected macroeconomic variables on the financial sector of Nigeria from 1986 to 2018. The study employed monetary target variables, namely money supply, interest rate, inflation rate, exchange rate and credit to private sector as proxies for macroeconomic variables while the outputs from financial sector on as dependent variable. The data obtained from the Central Bank of Nigeria Statistical Bulletin, were tested subjected to Augmented Dickey Fuller ADF test of stationarity, descriptive statistics, and Autoregressive Distributive Lag ARDL . The results revealed that macroeconomic variables has 99 significant short run effect but no significant long run effects on financial sector output in Nigeria. Specific findings revealed that money Supply M2 and Exchange Rate EXR have significant positive relationships with growth of the financial sector at current and third lags, respectively but inflation rate has a significant negative effect on financial sector output in the current period, while Interest rate INT and Credit to Private Sector had no significant effect on financial sector output within the short run periods in Nigeria. It thus recommended that the government employ inflation stabilisation policies and encourage export, and close borders to import on financial services into Nigeria. Dr. Loretta Anayoozuah | Prof. Steve N. Ibenta | Dr. Ikenna Egungwu "Macroeconomic Variables and Financial Sector Output in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37966.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/37966/macroeconomic-variables-and-financial-sector-output-in-nigeria/dr-loretta-anayoozuah
Effect of Financial Reporting Quality on Corporate Performance Evidence from ...YogeshIJTSRD
This study determined the relationship between discretionary accruals, non discretionary accruals, on return on investment. Data for this study were obtained from secondary sources only. The study adopted an ex post facto research design. The secondary data were obtained from annual reports of 22 listed banks in Nigeria Stock Exchange. The sample banks were obtained using the stratified sampling technique while the sample size was obtained using the random sampling technique. The variables that were considered in this study are financial reporting quality and corporate performance, which were represented by the effect of discretionary accruals, and non discretionary accruals on return on investment. Data analyses were carried out using Ordinary Least Square statistical tools with aid of E view 9 and the level of significance used to test the hypothesis was 5 . The findings show that there is negative but significant relationship between discretionary accruals, non discretionary accruals and return on investment. Based on the findings, the study recommended that management of listed banks should ensure that they adopt best practices in financial reporting like Automated financial reporting solutions because there is direct relationship between abnormal accruals and return on investment. Anichukwu, Salome A | Ekwueme, Chizoba M "Effect of Financial Reporting Quality on Corporate Performance: Evidence from Listed Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-3 , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd39835.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/39835/effect-of-financial-reporting-quality-on-corporate-performance-evidence-from-listed-banks-in-nigeria/anichukwu-salome-a
Financial Structure and the Financial Performance of Quoted Consumer Goods Fi...ijtsrd
The study investigated the effect of financial structure on the financial performance of quoted consumer goods firms in Nigeria. The study used profit after tax PAT to represented financial performance as the dependent variable while financial structure was disintegrated into Short Term Debt STD , Long Term Debt LTD , share capital SC and retained earnings RE as the independent variable. The data for the study were obtained from the Financial Statement and Annual Reports of the selected firms. The data set comprised fifty 50 observations comprising five year time series data spanning 2010 to 2019 from ten firms in the consumer goods sector. The panel regression technique based on Fixed and Random Effects were used for data analyses. The Hausman test showed that the Fixed Effect model is more suitable for the study. The findings revealed that STD and SC have significant positive effects on the PAT of consumer goods firms in Nigeria while LTD and RE were found to have positive but no significant effect on the PAT of consumer goods firms in Nigeria. The study conclude that b working capital management is an efficient tool for the consumer goods subsector in Nigeria. Among the contributions of the study is the use of all the four sources of funds and the use of profit after tax that tends to capture the overall effect of the various fund sources on the holistic profitability of the consumer goods firms. The recommendations included use of share capital for long term investment and working capital management for operations. Daniel, Prince Chinwendu | Dr. Joseph A. Nduka "Financial Structure and the Financial Performance of Quoted Consumer Goods Firms in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37967.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/37967/financial-structure-and-the-financial-performance-of-quoted-consumer-goods-firms-in-nigeria/daniel-prince-chinwendu
Understanding Stock Returns as a Combination of Speculative and Fundamental G...ijtsrd
The Indian stock market returns are largely speculative in nature. Taking twenty stocks off of the Sensex, the Total return of the stock was split into the fundamentally arising returns and the speculative return. This revealed the speculative nature of the Indian Stock market. What this means is that, the good stocks with strong fundamentals may have a low total return as a result of low speculative returns, similarly fundamentally weak stocks may potentially have high speculative returns, resulting in high total returns. Thus, a bifurcation of this sort can help investors with different investment objectives, horizons and risk appetite, invest to achieve their goals. Sanishtha Bhatia | Anshika Lara | Danvi Shah | Shanav Jalan | Shreejit Sawant "Understanding Stock Returns as a Combination of Speculative and Fundamental Growth: An Emperical Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31742.pdf Paper Url :https://www.ijtsrd.com/economics/finance/31742/understanding-stock-returns-as-a-combination-of-speculative-and-fundamental-growth-an-emperical-study/sanishtha-bhatia
This document examines the relationship between capital market development and economic growth in Nigeria from 2008 to 2018. It uses market capitalization, interest rate, and inflation rate as proxies for capital market development and GDP as the measure of economic growth. Multiple regression analysis is employed to analyze the data. The results suggest that the stock market has a positive but insignificant effect on economic growth in Nigeria. It is recommended that capital market regulators be more flexible to promote innovation without compromising investor protection. The government should also improve infrastructure to create a better business environment and boost productivity and economic activity.
Characteristics of Nigerian Deposit Money Banks and Their Financial Outcomeijtsrd
The purpose of this research was to examine the connections between DMB profitability and various company characteristics in Nigeria. This study used panel data regression to evaluate five hypotheses on how market share, liquidity, credit risk, interest rate spread, and leverage affect bank profitability. Secondary data was gathered from the financial statements of the 19 deposit money banks listed on the international and local markets of the Nigerian Stock Exchange NSE between 2012 and 2021. The success of Nigerian banks is strongly influenced by their market share, liquidity, interest rate spread, and leverage. There was a connection between credit risk and ROA, however it was weak and not statistically significant. The report recommended that the Central Bank of Nigeria CBN create policies to enable banks increase their market share, rather than seeking to limit the number of firms in the banking sector. Dr. Confidence J. Ihenyen | Okpobo, Timinipre Joseph | Monron, Ezekiel Lawrence "Characteristics of Nigerian Deposit Money Banks and Their Financial Outcome" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56303.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/56303/characteristics-of-nigerian-deposit-money-banks-and-their-financial-outcome/dr-confidence-j-ihenyen
Effect of Government Policies on Price Stability in Nigeriaijtsrd
This study examined the effect of monetary and fiscal policies on price stability in Nigeria using a data rich framework spanning from 1986 2020. The main problem with the macro economic policies that prompted this study was the fact that despite the series of the CBN Monetary Policy Committee decisions and government tax and expenditure implementation there is apparently no useful effect on inflation price . The study employed Auto regression Distributed Lag ARDL Bound Test for Co integration of data analysis depending upon the time series properties of the data that confer mixed order of integration in addition to the conduct of the unit root test and Error Correction Model ECM estimation. The ADF test revealed that LNCPI, EXR, GSDMD, GEXP, GTX and M2 were stationary at 1 1 while RIR, MPR and BOP at 1 0 . Pesaran, Shin and Smith 2001 established that the ARDL bounds technique allows a mixture of 1 1 and 1 0 variables as regressors. Hence, we proceed to perform the ARDL bounds test for integration. The results of the ARDL bounds revealed that the null hypotheses were all rejected implying that a long run effect exists among monetary and fiscal policies variables and CPI in a multivariate framework. ECM coefficient of 0.2942 conforms with expectation. Durbin Watson statistic 0f 1 9925 revealed that the model seems not to have any case of autocorrelation. The result of our analysis shows that fiscal policy rather than monetary policy exerts a more potent effect on price stability in Nigeria. The study recommends that both monetary and fiscal policies should be complementary in order to be effective in taming inflation in Nigeria. Onehi, Damian Haruna | Ibenta, Steve Nkem | Adigwe, Patrick, K. | Emejulu, Ikenna Justin "Effect of Government Policies on Price Stability in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-1 , February 2023, URL: https://www.ijtsrd.com/papers/ijtsrd52766.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/52766/effect-of-government-policies-on-price-stability-in-nigeria/onehi-damian-haruna
This study aims to examine and analyze the influence of internal factors (Net Profit Margin,
Current Ratio, Debt to Equity Ratio, Total Asset Turn Over, and Price Earning Ratio) and macro economic
(Inflation and Interest Rate) on stock return. The object of research is companies from contruction, property
and real estate sector listed on Indonesia Stock Exchange in 2017. The sample selection procedure is purposive
sampling.
This study brings to an academia table the discussion on whether investment incentives are a
motivator or a gift and also explores the moderating effects of Investors‟ Perceptions on Stock market
Performance. By use of key word characters the search initially identified 93 published and unpublished research
papers and after a tentative scrutiny, 66 papers were selected in a random sampling manner in order to give the
birth to this discussion paper. Exploratory research design was used. The key objective of this article was to
investigate on the question as to whether incentives are a gift or a motivator. The study findings reveal than
investor perceptions affects stock market performance more than incentives do. The paper concludes that the
availability, adequacy, and timeliness of relevant information about marketable securities are important for both
pricing efficiency and market confidence. Investment incentives work well in an ideal world to promote
investment while investors‟ perceptions are relevant in the real world. Hence, stock market incentives were
concluded as being a gift and not a motivator for investors to make investment decisions at the stock market.
Corporate Earnings, Dividend Payment, and Share Price Movements of Deposit Mo...Premier Publishers
This study sought to examine the dynamic relationship between corporate earnings, dividend payments and market prices of Nigerian deposit money banks’ shares. Time series and cross-sectional data covering seven years (2009-2015) were sourced from the selected banks published annual reports and accounts. Using both panel data regressions and granger causality tests, the static and dynamic relationships amongst corporate earnings, dividend information and market prices of shares were examined. Results from the study revealed that both corporate earnings and dividend payout have positive and significant impact on market price of shares. It was also discovered that corporate earnings and dividend information granger cause market prices of Nigerian banks shares. It is therefore recommended amongst others that management of Nigerian banks should place emphasis on profitability in all their operations; design appropriate dividend policy that should maximize stock returns and above all deposit money banks corporate managers should consider several other variables such as investment opportunities, available financing, tax and prevailing interest rates before declaring dividend to shareholders.
The Growing Need of Corporate Attributes and Timeliness of Financial Reportingijtsrd
This study examined the Growing Need of corporate attributes and Timeliness of Financial Reporting in Nigeria. Cross sectional data was sourced from financial statement of quoted banks. Number of days was modelled as a function of total assets, influence of industry sector, size of audit firm, profitability and number of employees. After cross examination of the validity of the pooled effect, fixed effect and the random effect, the study accepts the fixed effect model. The result found that profitability and influence of industry sector have positive relationship with timeliness of financial report of the selected bank. The panel unit root proved that the variables are stationary at first difference while the causality test found one unidirectional relationship with size of audit firm to timeliness of financial reporting. From the regression summary, the study concludes that corporate attributes have significant relationship with timeliness of financial reports. We recommend that corporate attributes that affect negative timeliness of financial reporting should be discouraged or properly managed and factors that enhance timeliness of financial reporting should be encouraged. Dr. Odogu Laime Isaac | Dr. Zebaghafa Sunday | Okpobo Timinipre Joseph "The Growing Need of Corporate Attributes and Timeliness of Financial Reporting" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-2 , April 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd54026.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/54026/the-growing-need-of-corporate-attributes-and-timeliness-of-financial-reporting/dr-odogu-laime-isaac
48 variable macroeconomics on stock return 25 ags 2019Aminullah Assagaf
This study examines the effect of macroeconomic variables (inflation, interest rates, money supply, exchange rates) on stock returns of companies listed on the Indonesia Stock Exchange from November 2016 to June 2018. Using multiple linear regression analysis on monthly data, the study found that macroeconomic variables have a significant effect on stock returns. Specifically, changes in inflation rates, interest rates, money supply, and the Rupiah exchange rate influence the overall stock price index and company stock returns in Indonesia. The results indicate macroeconomic conditions impact stock market performance.
A study regarding analyzing recessionary impact on fundamental determinants o...Alexander Decker
This document analyzes the impact of fundamental factors on stock prices in India during normal and recessionary periods. It summarizes previous literature that found variables like earnings per share, price-earnings ratio, dividend per share, and book value significantly impacted stock prices. The study aims to compare how these fundamental factors influence stock prices for BSE 200 companies during normal vs. recession periods using panel data techniques. Preliminary results found earnings per share positively impacted prices during normal periods, while price-earnings ratio and growth negatively impacted prices during the recession. The study seeks to provide insights on investment decisions.
A study regarding analyzing recessionary impact on fundamental determinants o...Alexander Decker
This document analyzes the impact of fundamental factors on stock prices in India during normal and recessionary periods. It finds that during normal periods from 2000-2007, earnings per share had a positive and significant impact on stock prices, while coverage ratio had a negative impact. During the recession from 2007-2009, price-earnings ratio positively and significantly impacted stock prices, while growth had a negative effect. Overall, the study aims to compare the influence of fundamental factors like book value, dividends, earnings, etc. on stock prices during different economic conditions in India.
Liquidity and Financial Performance A Correlational Analysis of Quoted Non Fi...ijtsrd
This study explored the interactions between liquidity and the financial performance of quoted non financial firms in Ghana. The study was correlational as it sought to examine the relationship between liquidity and the firms' viability. From the Pearson Product Moment Correlation Coefficient technique of data analysis, liquidity had a significant relationship with the firms' financial performance as measured by ROA, but insignificant relationship with the firms' financial performance as measured by ROE and ROCE. Based on the findings, the study recommended among others that, the firms can improve their final bottom line by proficiently handling their liquid resources. Yusheng Kong | Mohammed Musah | Andrew Osei Agyemang "Liquidity and Financial Performance: A Correlational Analysis of Quoted Non-Financial Firms in Ghana" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25248.pdfPaper URL: https://www.ijtsrd.com/management/accounting-and-finance/25248/liquidity-and-financial-performance-a-correlational-analysis-of-quoted-non-financial-firms-in-ghana/yusheng-kong
Effect of Investor Sentiment on Future Returns in the Nigerian Stock Marketijtsrd
Study investigated the effect of investor sentiment on future returns in the Nigerian stock market for a period covering first quarter of 2008 to fourth quarter of 2015.The OLS regression and granger causality techniques were employed for data analyses. The results showed that (1) investor sentiment has a significant positive effect on stock market returns even after control for fundamentals such as Industrial production index, consumer price index and Treasury bill rate; (2) there is a uni-directional causality that runs from change in investor sentiment (?CCI) to stock market returns (Rm). Derived finding showed that the inclusion of fundamentals increased the explanatory power of investor sentiment from 3.96% to 33.05%, though at both level, investor sentiment (?CCI) has low explanatory power on stock market returns. The study posits existence of a dynamic relationship between investor sentiment and the behaviour of stock future returns in Nigeria such that higher sentiment concurrently leads to higher stock prices. Udoka Bernard Alajekwu* | Cyprian Okey Okoro | Dr. Michael Chukwumee Obialor | Prof. N. S. Ibenta"Effect of Investor Sentiment on Future Returns in the Nigerian Stock Market" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-5 , August 2017, URL: http://www.ijtsrd.com/papers/ijtsrd2256.pdf http://www.ijtsrd.com/management/marketing-management/2256/effect-of-investor-sentiment-on-future-returns--in-the-nigerian-stock-market/udoka-bernard-alajekwu
Impact of profitability, bank and macroeconomic factors on the market capital...inventionjournals
Panel data has been collected for 44 Middle Eastern banks that are operated during 2005 to 2014 in different Middle Eastern countries. Secondary data has been collected primarily through the DataStream database. The study is conducted to investigate the impact of profitability, bank and macroeconomic factors on the market capitalization of the Middle Eastern banks. Results of Hausman test have explained that fixed effect model is appropriate for the analysis. The result of multiple regression have shown that market capitalization has positive relationship with ROI while negative relationship with credit risk, inflation, and year dummy for the Middle Eastern banks. Furthermore, no relationship has been observed between market capitalization and the ROA, ROE, growth and exchange rate for the Middle Eastern banks.
Determinants of stock price movements in nigeria evidence from monetary varia...Alexander Decker
This document summarizes a research article that examined the determinants of stock price movements in Nigeria from 1985 to 2010. The researchers used cointegration tests and regression analysis to analyze the relationship between stock prices and various macroeconomic variables, including monetary policy factors like interest rates, exchange rates, and money supply as well as inflation and political instability. The results showed no long-run relationship between the variables, but inflation was found to be a major determinant of stock price movements in Nigeria. The study recommends that monetary authorities pay attention to changes in money supply and inflation given their impact on stock prices.
Determinants of Business Performance in the Nigerian Manufacturing Sectorijtsrd
This document summarizes a study that examined the determinants of business performance in Nigeria's manufacturing sector between 1980-2018. The study used secondary data from the Central Bank of Nigeria and an econometric model to analyze the impact of various macroeconomic variables (financial intermediation, infrastructure, market size, exchange rate, interest rate, and inflation rate) on business performance. The results found that financial intermediation, infrastructure, and market size had a positive impact on manufacturing, while exchange rate, interest rate, and inflation had a negative impact. All variables conformed to the study's expectations except infrastructure and inflation rate, and most were statistically significant, indicating they are good determinants of business performance in Nigerian manufacturing. The study recommends over
Macroeconomic Determinants of Investment Decision in Nigeria: IS-LM-BP-RP App...iosrjce
The paper examines the macroeconomic determinants of investment decision in Nigeria using IS-LMBP-RP
approach. The data series employed were gathered from various sources such as National Bureau of
Statistics, Central Bank of Nigeria statistical bulletin and World Bank data base. The study employs the
theoretical propositions of IS-LM-BP-RP which was developed by Gray and Melone (2008). Considering the
backward bending of BP curve, the empirical results in the study confirm the validity of the backward bending of
BP curve in the Nigerian economy. The result equally indicates that if Mundell-Fleming model is used to
formulate policies in Nigeria, the risk factors will be significant enough to affect the validity of the policy. Based
on the policy responses to backward bending of BP curve analyzed in this paper, we recommend that moderate
expansionary monetary policy should be adopted and this will reduce the high risk premium brought about by
the high increase in the level of interest rate and thus increase the level of output.
Financial development and economic growth in nigeriaAlexander Decker
The document discusses the relationship between financial development and economic growth in Nigeria. It analyzes previous literature on the topic which shows mixed findings on the direction of the relationship. The study aims to contribute new evidence on how financial development impacts economic growth in Nigeria using time series data and econometric modeling. Preliminary results suggest a long-run relationship between financial development indicators like bank credit and economic growth as measured by GDP. However, some variables like lending rates did not have the expected effect. The paper concludes with recommendations for policies to strengthen this relationship and foster growth.
Financial reporting quality has been said to play an important role in reducing information asymmetry. Thus, firms with high financial reporting quality may enhance more investors’ decision. Hence, the basic objective of this study is to determine whether earnings quality influence investors’ decision. The sample consisted of 10 manufacturing companies listed on the Nigerian Stock Exchange Market. The study period is 5 years (2010-2014). Data on accrual quality, volume of investment, Size, age and growth rate and earnings per share were drawn from the published annual report and accounts of the sampled companies. Correlation matrix, Vector auto regressive estimation and Pooled OLS model were employed for the analysis. Diagnostic tests for post estimation were also performed on the model. The result of the Ramsey Reset test shows a p-value of 0.2105, implying that model has no omitted variables. Also, Wooldridge test for autocorrelation in panel data indicates no first-order autocorrelation, showing a p-value of 0.3642. We calculated accruals quality based on the modified accrual model proposed by Mac Nichols in 2002. In this paper, the absolute value of residual error represents the financial reporting quality. This threshold is based on the idea that accruals reduce the smoothing initiated by the change in the cash flow and thus increase the earnings awareness. The study finds evidence of a positive association between investors’ decision and financial reporting quality.
The effect of earnings announcement on share prices in ghanaAlexander Decker
This study examined the effect of earnings announcements on share prices on the Ghana Stock Exchange from 2010 to 2013. The researchers analyzed abnormal returns for 10 selected companies during a 21-day event window surrounding earnings announcement dates, using the market model and event study methodology. The results found that abnormal returns around earnings announcements were not statistically significant, inconsistent with the efficient market hypothesis. This suggests that the Ghana stock market does not efficiently incorporate earnings information into share prices at the time of announcements or immediately after. In conclusion, earnings announcements did not have a major effect on share prices of the selected companies at the time of the announcements or shortly after.
‘Six Sigma Technique’ A Journey Through its Implementationijtsrd
The manufacturing industries all over the world are facing tough challenges for growth, development and sustainability in today’s competitive environment. They have to achieve apex position by adapting with the global competitive environment by delivering goods and services at low cost, prime quality and better price to increase wealth and consumer satisfaction. Cost Management ensures profit, growth and sustainability of the business with implementation of Continuous Improvement Technique like Six Sigma. This leads to optimize Business performance. The method drives for customer satisfaction, low variation, reduction in waste and cycle time resulting into a competitive advantage over other industries which did not implement it. The main objective of this paper ‘Six Sigma Technique A Journey Through Its Implementation’ is to conceptualize the effectiveness of Six Sigma Technique through the journey of its implementation. Aditi Sunilkumar Ghosalkar "‘Six Sigma Technique’: A Journey Through its Implementation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64546.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64546/‘six-sigma-technique’-a-journey-through-its-implementation/aditi-sunilkumar-ghosalkar
Edge Computing in Space Enhancing Data Processing and Communication for Space...ijtsrd
Edge computing, a paradigm that involves processing data closer to its source, has gained significant attention for its potential to revolutionize data processing and communication in space missions. With the increasing complexity and data volume generated by modern space missions, traditional centralized computing approaches face challenges related to latency, bandwidth, and security. Edge computing in space, involving on board processing and analysis of data, offers promising solutions to these challenges. This paper explores the concept of edge computing in space, its benefits, applications, and future prospects in enhancing space missions. Manish Verma "Edge Computing in Space: Enhancing Data Processing and Communication for Space Missions" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64541.pdf Paper Url: https://www.ijtsrd.com/computer-science/artificial-intelligence/64541/edge-computing-in-space-enhancing-data-processing-and-communication-for-space-missions/manish-verma
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This study sought to examine the dynamic relationship between corporate earnings, dividend payments and market prices of Nigerian deposit money banks’ shares. Time series and cross-sectional data covering seven years (2009-2015) were sourced from the selected banks published annual reports and accounts. Using both panel data regressions and granger causality tests, the static and dynamic relationships amongst corporate earnings, dividend information and market prices of shares were examined. Results from the study revealed that both corporate earnings and dividend payout have positive and significant impact on market price of shares. It was also discovered that corporate earnings and dividend information granger cause market prices of Nigerian banks shares. It is therefore recommended amongst others that management of Nigerian banks should place emphasis on profitability in all their operations; design appropriate dividend policy that should maximize stock returns and above all deposit money banks corporate managers should consider several other variables such as investment opportunities, available financing, tax and prevailing interest rates before declaring dividend to shareholders.
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Impact of profitability, bank and macroeconomic factors on the market capital...inventionjournals
Panel data has been collected for 44 Middle Eastern banks that are operated during 2005 to 2014 in different Middle Eastern countries. Secondary data has been collected primarily through the DataStream database. The study is conducted to investigate the impact of profitability, bank and macroeconomic factors on the market capitalization of the Middle Eastern banks. Results of Hausman test have explained that fixed effect model is appropriate for the analysis. The result of multiple regression have shown that market capitalization has positive relationship with ROI while negative relationship with credit risk, inflation, and year dummy for the Middle Eastern banks. Furthermore, no relationship has been observed between market capitalization and the ROA, ROE, growth and exchange rate for the Middle Eastern banks.
Determinants of stock price movements in nigeria evidence from monetary varia...Alexander Decker
This document summarizes a research article that examined the determinants of stock price movements in Nigeria from 1985 to 2010. The researchers used cointegration tests and regression analysis to analyze the relationship between stock prices and various macroeconomic variables, including monetary policy factors like interest rates, exchange rates, and money supply as well as inflation and political instability. The results showed no long-run relationship between the variables, but inflation was found to be a major determinant of stock price movements in Nigeria. The study recommends that monetary authorities pay attention to changes in money supply and inflation given their impact on stock prices.
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This study examined the effect of earnings announcements on share prices on the Ghana Stock Exchange from 2010 to 2013. The researchers analyzed abnormal returns for 10 selected companies during a 21-day event window surrounding earnings announcement dates, using the market model and event study methodology. The results found that abnormal returns around earnings announcements were not statistically significant, inconsistent with the efficient market hypothesis. This suggests that the Ghana stock market does not efficiently incorporate earnings information into share prices at the time of announcements or immediately after. In conclusion, earnings announcements did not have a major effect on share prices of the selected companies at the time of the announcements or shortly after.
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‘Six Sigma Technique’ A Journey Through its Implementationijtsrd
The manufacturing industries all over the world are facing tough challenges for growth, development and sustainability in today’s competitive environment. They have to achieve apex position by adapting with the global competitive environment by delivering goods and services at low cost, prime quality and better price to increase wealth and consumer satisfaction. Cost Management ensures profit, growth and sustainability of the business with implementation of Continuous Improvement Technique like Six Sigma. This leads to optimize Business performance. The method drives for customer satisfaction, low variation, reduction in waste and cycle time resulting into a competitive advantage over other industries which did not implement it. The main objective of this paper ‘Six Sigma Technique A Journey Through Its Implementation’ is to conceptualize the effectiveness of Six Sigma Technique through the journey of its implementation. Aditi Sunilkumar Ghosalkar "‘Six Sigma Technique’: A Journey Through its Implementation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64546.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64546/‘six-sigma-technique’-a-journey-through-its-implementation/aditi-sunilkumar-ghosalkar
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Edge computing, a paradigm that involves processing data closer to its source, has gained significant attention for its potential to revolutionize data processing and communication in space missions. With the increasing complexity and data volume generated by modern space missions, traditional centralized computing approaches face challenges related to latency, bandwidth, and security. Edge computing in space, involving on board processing and analysis of data, offers promising solutions to these challenges. This paper explores the concept of edge computing in space, its benefits, applications, and future prospects in enhancing space missions. Manish Verma "Edge Computing in Space: Enhancing Data Processing and Communication for Space Missions" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64541.pdf Paper Url: https://www.ijtsrd.com/computer-science/artificial-intelligence/64541/edge-computing-in-space-enhancing-data-processing-and-communication-for-space-missions/manish-verma
Dynamics of Communal Politics in 21st Century India Challenges and Prospectsijtsrd
Communal politics in India has evolved through centuries, weaving a complex tapestry shaped by historical legacies, colonial influences, and contemporary socio political transformations. This research comprehensively examines the dynamics of communal politics in 21st century India, emphasizing its historical roots, socio political dynamics, economic implications, challenges, and prospects for mitigation. The historical perspective unravels the intricate interplay of religious identities and power dynamics from ancient civilizations to the impact of colonial rule, providing insights into the evolution of communalism. The socio political dynamics section delves into the contemporary manifestations, exploring the roles of identity politics, socio economic disparities, and globalization. The economic implications section highlights how communal politics intersects with economic issues, perpetuating disparities and influencing resource allocation. Challenges posed by communal politics are scrutinized, revealing multifaceted issues ranging from social fragmentation to threats against democratic values. The prospects for mitigation present a multifaceted approach, incorporating policy interventions, community engagement, and educational initiatives. The paper conducts a comparative analysis with international examples, identifying common patterns such as identity politics and economic disparities. It also examines unique challenges, emphasizing Indias diverse religious landscape, historical legacy, and secular framework. Lessons for effective strategies are drawn from international experiences, offering insights into inclusive policies, interfaith dialogue, media regulation, and global cooperation. By scrutinizing historical epochs, contemporary dynamics, economic implications, and international comparisons, this research provides a comprehensive understanding of communal politics in India. The proposed strategies for mitigation underscore the importance of a holistic approach to foster social harmony, inclusivity, and democratic values. Rose Hossain "Dynamics of Communal Politics in 21st Century India: Challenges and Prospects" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64528.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/history/64528/dynamics-of-communal-politics-in-21st-century-india-challenges-and-prospects/rose-hossain
Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in...ijtsrd
Background and Objective Telehealth has become a well known tool for the delivery of health care in Saudi Arabia, and the perspective and knowledge of healthcare providers are influential in the implementation, adoption and advancement of the method. This systematic review was conducted to examine the current literature base regarding telehealth and the related healthcare professional perspective and knowledge in the Kingdom of Saudi Arabia. Materials and Methods This systematic review was conducted by searching 7 databases including, MEDLINE, CINHAL, Web of Science, Scopus, PubMed, PsycINFO, and ProQuest Central. Studies on healthcare practitioners telehealth knowledge and perspectives published in English in Saudi Arabia from 2000 to 2023 were included. Boland directed this comprehensive review. The researchers examined each connected study using the AXIS tool, which evaluates cross sectional systematic reviews. Narrative synthesis was used to summarise and convey the data. Results Out of 1840 search results, 10 studies were included. Positive outlook and limited knowledge among providers were seen across trials. Healthcare professionals like telehealth for its ability to improve quality, access, and delivery, save time and money, and be successful. Age, gender, occupation, and work experience also affect health workers knowledge. In Saudi Arabia, healthcare professionals face inadequate expert assistance, patient privacy, internet connection concerns, lack of training courses, lack of telehealth understanding, and high costs while performing telemedicine. Conclusions Healthcare practitioners telehealth perceptions and knowledge were examined in this systematic study. Its collection of concerned experts different personal attitudes and expertise would help enhance telehealths implementation in Saudi Arabia, develop its healthcare delivery alternative, and eliminate frequent problems. Badriah Mousa I Mulayhi | Dr. Jomin George | Judy Jenkins "Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in Saudi Arabia: A Systematic Review" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64535.pdf Paper Url: https://www.ijtsrd.com/medicine/other/64535/assess-perspective-and-knowledge-of-healthcare-providers-towards-elehealth-in-saudi-arabia-a-systematic-review/badriah-mousa-i-mulayhi
The Impact of Digital Media on the Decentralization of Power and the Erosion ...ijtsrd
The impact of digital media on the distribution of power and the weakening of traditional gatekeepers has gained considerable attention in recent years. The adoption of digital technologies and the internet has resulted in declining influence and power for traditional gatekeepers such as publishing houses and news organizations. Simultaneously, digital media has facilitated the emergence of new voices and players in the media industry. Digital medias impact on power decentralization and gatekeeper erosion is visible in several ways. One significant aspect is the democratization of information, which enables anyone with an internet connection to publish and share content globally, leading to citizen journalism and bypassing traditional gatekeepers. Another aspect is the disruption of conventional media industry business models, as traditional organizations struggle to adjust to the decrease in advertising revenue and the rise of digital platforms. Alternative business models, such as subscription models and crowdfunding, have become more prevalent, leading to the emergence of new players. Overall, the impact of digital media on the distribution of power and the weakening of traditional gatekeepers has brought about significant changes in the media landscape and the way information is shared. Further research is required to fully comprehend the implications of these changes and their impact on society. Dr. Kusum Lata "The Impact of Digital Media on the Decentralization of Power and the Erosion of Traditional Gatekeepers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64544.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64544/the-impact-of-digital-media-on-the-decentralization-of-power-and-the-erosion-of-traditional-gatekeepers/dr-kusum-lata
Online Voices, Offline Impact Ambedkars Ideals and Socio Political Inclusion ...ijtsrd
This research investigates the nexus between online discussions on Dr. B.R. Ambedkars ideals and their impact on social inclusion among college students in Gurugram, Haryana. Surveying 240 students from 12 government colleges, findings indicate that 65 actively engage in online discussions, with 80 demonstrating moderate to high awareness of Ambedkars ideals. Statistically significant correlations reveal that higher online engagement correlates with increased awareness p 0.05 and perceived social inclusion. Variations across colleges and a notable effect of college type on perceived social inclusion highlight the influence of contextual factors. Furthermore, the intersectional analysis underscores nuanced differences based on gender, caste, and socio economic status. Dr. Kusum Lata "Online Voices, Offline Impact: Ambedkar's Ideals and Socio-Political Inclusion - A Study of Gurugram District" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64543.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64543/online-voices-offline-impact-ambedkars-ideals-and-sociopolitical-inclusion--a-study-of-gurugram-district/dr-kusum-lata
Problems and Challenges of Agro Entreprenurship A Studyijtsrd
Noting calls for contextualizing Agro entrepreneurs problems and challenges of the agro entrepreneurs and for greater attention to the Role of entrepreneurs in agro entrepreneurship research, we conduct a systematic literature review of extent research in agriculture entrepreneurship to overcome the study objectives of complications of agro entrepreneurs through various factors, Development of agriculture products is a key factor for the overall economic growth of agro entrepreneurs Agro Entrepreneurs produces firsthand large scale employment, utilizes the labor and natural resources, This research outlines the problems of Weather and Soil Erosions, Market price fluctuation, stimulates labor cost problems, reduces concentration of Price volatility, Dependency on Intermediaries, induces Limited Bargaining Power, and Storage and Transportation Costs. This paper mainly devoted to highlight Problems and challenges faced for the sustainable of Agro Entrepreneurs in India. Vinay Prasad B "Problems and Challenges of Agro Entreprenurship - A Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64540.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64540/problems-and-challenges-of-agro-entreprenurship--a-study/vinay-prasad-b
Comparative Analysis of Total Corporate Disclosure of Selected IT Companies o...ijtsrd
Disclosure is a process through which a business enterprise communicates with external parties. A corporate disclosure is communication of financial and non financial information of the activities of a business enterprise to the interested entities. Corporate disclosure is done through publishing annual reports. So corporate disclosure through annual reports plays a vital role in the life of all the companies and provides valuable information to investors. The basic objectives of corporate disclosure is to give a true and fair view of companies to the parties related either directly or indirectly like owner, government, creditors, shareholders etc. in the companies act, provisions have been made about mandatory and voluntary disclosure. The IT sector in India is rapidly growing, the trend to invest in the IT sector is rising and employment opportunities in IT sectors are also increasing. Therefore the IT sector is expected to have fair, full and adequate disclosure of all information. Unfair and incomplete disclosure may adversely affect the entire economy. A research study on disclosure practices of IT companies could play an important role in this regard. Hence, the present research study has been done to study and review comparative analysis of total corporate disclosure of selected IT companies of India and to put forward overall findings and suggestions with a view to increase disclosure score of these companies. The researcher hopes that the present research study will be helpful to all selected Companies for improving level of corporate disclosure through annual reports as well as the government, creditors, investors, all business organizations and upcoming researcher for comparative analyses of level of corporate disclosure with special reference to selected IT companies. Dr. Vaibhavi D. Thaker "Comparative Analysis of Total Corporate Disclosure of Selected IT Companies of India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64539.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64539/comparative-analysis-of-total-corporate-disclosure-of-selected-it-companies-of-india/dr-vaibhavi-d-thaker
The Impact of Educational Background and Professional Training on Human Right...ijtsrd
This study investigated the impact of educational background and professional training on human rights awareness among secondary school teachers in the Marathwada region of Maharashtra, India. The key findings reveal that higher levels of education, particularly a master’s degree, and fields of study related to education, humanities, or social sciences are associated with greater human rights awareness among teachers. Additionally, both pre service teacher training and in service professional development programs focused on human rights education significantly enhance teacher’s knowledge, skills, and competencies in promoting human rights principles in their classrooms. Baig Ameer Bee Mirza Abdul Aziz | Dr. Syed Azaz Ali Amjad Ali "The Impact of Educational Background and Professional Training on Human Rights Awareness among Secondary School Teachers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64529.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64529/the-impact-of-educational-background-and-professional-training-on-human-rights-awareness-among-secondary-school-teachers/baig-ameer-bee-mirza-abdul-aziz
A Study on the Effective Teaching Learning Process in English Curriculum at t...ijtsrd
“One Language sets you in a corridor for life. Two languages open every door along the way” Frank Smith English as a foreign language or as a second language has been ruling in India since the period of Lord Macaulay. But the question is how much we teach or learn English properly in our culture. Is there any scope to use English as a language rather than a subject How much we learn or teach English without any interference of mother language specially in the classroom teaching learning scenario in West Bengal By considering all these issues the researcher has attempted in this article to focus on the effective teaching learning process comparing to other traditional strategies in the field of English curriculum at the secondary level to investigate whether they fulfill the present teaching learning requirements or not by examining the validity of the present curriculum of English. The purpose of this study is to focus on the effectiveness of the systematic, scientific, sequential and logical transaction of the course between the teachers and the learners in the perspective of the 5Es programme that is engage, explore, explain, extend and evaluate. Sanchali Mondal | Santinath Sarkar "A Study on the Effective Teaching Learning Process in English Curriculum at the Secondary Level of West Bengal" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd62412.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/62412/a-study-on-the-effective-teaching-learning-process-in-english-curriculum-at-the-secondary-level-of-west-bengal/sanchali-mondal
The Role of Mentoring and Its Influence on the Effectiveness of the Teaching ...ijtsrd
This paper reports on a study which was conducted to investigate the role of mentoring and its influence on the effectiveness of the teaching of Physics in secondary schools in the South West Region of Cameroon. The study adopted the convergent parallel mixed methods design, focusing on respondents in secondary schools in the South West Region of Cameroon. Both quantitative and qualitative data were collected, analysed separately, and the results were compared to see if the findings confirm or disconfirm each other. The quantitative analysis found that majority of the respondents 72 of Physics teachers affirmed that they had more experienced colleagues as mentors to help build their confidence, improve their teaching, and help them improve their effectiveness and efficiency in guiding learners’ achievements. Only 28 of the respondents disagreed with these statements. With majority respondents 72 agreeing with the statements, it implies that in most secondary schools, experienced Physics teachers act as mentors to build teachers’ confidence in teaching and improving students’ learning. The interview qualitative data analysis summarized how secondary school Principals use meetings with mentors and mentees to promote mentorship in the school milieu. This has helped strengthen teachers’ classroom practices in secondary schools in the South West Region of Cameroon. With the results confirming each other, the study recommends that mentoring should focus on helping teachers employ social interactions and instructional practices feedback and clarity in teaching that have direct measurable impact on students’ learning achievements. Andrew Ngeim Sumba | Frederick Ebot Ashu | Peter Agborbechem Tambi "The Role of Mentoring and Its Influence on the Effectiveness of the Teaching of Physics in Secondary Schools in the South West Region of Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64524.pdf Paper Url: https://www.ijtsrd.com/management/management-development/64524/the-role-of-mentoring-and-its-influence-on-the-effectiveness-of-the-teaching-of-physics-in-secondary-schools-in-the-south-west-region-of-cameroon/andrew-ngeim-sumba
Design Simulation and Hardware Construction of an Arduino Microcontroller Bas...ijtsrd
This study primarily focuses on the design of a high side buck converter using an Arduino microcontroller. The converter is specifically intended for use in DC DC applications, particularly in standalone solar PV systems where the PV output voltage exceeds the load or battery voltage. To evaluate the performance of the converter, simulation experiments are conducted using Proteus Software. These simulations provide insights into the input and output voltages, currents, powers, and efficiency under different state of charge SoC conditions of a 12V,70Ah rechargeable lead acid battery. Additionally, the hardware design of the converter is implemented, and practical data is collected through operation, monitoring, and recording. By comparing the simulation results with the practical results, the efficiency and performance of the designed converter are assessed. The findings indicate that while the buck converter is suitable for practical use in standalone PV systems, its efficiency is compromised due to a lower output current. Chan Myae Aung | Dr. Ei Mon "Design Simulation and Hardware Construction of an Arduino-Microcontroller Based DC-DC High-Side Buck Converter for Standalone PV System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64518.pdf Paper Url: https://www.ijtsrd.com/engineering/mechanical-engineering/64518/design-simulation-and-hardware-construction-of-an-arduinomicrocontroller-based-dcdc-highside-buck-converter-for-standalone-pv-system/chan-myae-aung
Sustainable Energy by Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadikuijtsrd
Energy becomes sustainable if it meets the needs of the present without compromising the ability of future generations to meet their own needs. Some of the definitions of sustainable energy include the considerations of environmental aspects such as greenhouse gas emissions, social, and economic aspects such as energy poverty. Generally far more sustainable than fossil fuel are renewable energy sources such as wind, hydroelectric power, solar, and geothermal energy sources. Worthy of note is that some renewable energy projects, like the clearing of forests to produce biofuels, can cause severe environmental damage. The sustainability of nuclear power which is a low carbon source is highly debated because of concerns about radioactive waste, nuclear proliferation, and accidents. The switching from coal to natural gas has environmental benefits, including a lower climate impact, but could lead to delay in switching to more sustainable options. “Carbon capture and storage” can be built into power plants to remove the carbon dioxide CO2 emissions, but this technology is expensive and has rarely been implemented. Leading non renewable energy sources around the world is fossil fuels, coal, petroleum, and natural gas. Nuclear energy is usually considered another non renewable energy source, although nuclear energy itself is a renewable energy source, but the material used in nuclear power plants is not. The paper addresses the issue of sustainable energy, its attendant benefits to the future generation, and humanity in general. Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadiku "Sustainable Energy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64534.pdf Paper Url: https://www.ijtsrd.com/engineering/electrical-engineering/64534/sustainable-energy/paul-a-adekunte
Concepts for Sudan Survey Act Implementations Executive Regulations and Stand...ijtsrd
This paper aims to outline the executive regulations, survey standards, and specifications required for the implementation of the Sudan Survey Act, and for regulating and organizing all surveying work activities in Sudan. The act has been discussed for more than 5 years. The Land Survey Act was initiated by the Sudan Survey Authority and all official legislations were headed by the Sudan Ministry of Justice till it was issued in 2022. The paper presents conceptual guidelines to be used for the Survey Act implementation and to regulate the survey work practice, standardizing the field surveys, processing, quality control, procedures, and the processes related to survey work carried out by the stakeholders and relevant authorities in Sudan. The conceptual guidelines are meant to improve the quality and harmonization of geospatial data and to aid decision making processes as well as geospatial information systems. The established comprehensive executive regulations will govern and regulate the implementation of the Sudan Survey Geomatics Act in all surveying and mapping practices undertaken by the Sudan Survey Authority SSA and state local survey departments for public or private sector organizations. The targeted standards and specifications include the reference frame, projection, coordinate systems, and the guidelines and specifications that must be followed in the field of survey work, processes, and mapping products. In the last few decades, there has been a growing awareness of the importance of geomatics activities and measurements on the Earths surface in space and time, together with observing and mapping the changes. In such cases, data must be captured promptly, standardized, and obtained with more accuracy and specified in much detail. The paper will also highlight the current situation in Sudan, the degree to which survey standards are used, the problems encountered, and the errors that arise from not using the standards and survey specifications. Kamal A. A. Sami "Concepts for Sudan Survey Act Implementations - Executive Regulations and Standards" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63484.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63484/concepts-for-sudan-survey-act-implementations--executive-regulations-and-standards/kamal-a-a-sami
Towards the Implementation of the Sudan Interpolated Geoid Model Khartoum Sta...ijtsrd
The discussions between ellipsoid and geoid have invoked many researchers during the recent decades, especially during the GNSS technology era, which had witnessed a great deal of development but still geoid undulation requires more investigations. To figure out a solution for Sudans local geoid, this research has tried to intake the possibility of determining the geoid model by following two approaches, gravimetric and geometrical geoid model determination, by making use of GNSS leveling benchmarks at Khartoum state. The Benchmarks are well distributed in the study area, in which, the horizontal coordinates and the height above the ellipsoid have been observed by GNSS while orthometric heights were carried out using precise leveling. The Global Geopotential Model GGM represented in EGM2008 has been exploited to figure out the geoid undulation at the benchmarks in the study area. This is followed by a fitting process, that has been done to suit the geoid undulation data which has been computed using GNSS leveling data and geoid undulation inspired by the EGM2008. Two geoid surfaces were created after the fitting process to ensure that they are identical and both of them could be counted for getting the same geoid undulation with an acceptable accuracy. In this respect, statistical operation played an important role in ensuring the consistency and integrity of the model by applying cross validation techniques splitting the data into training and testing datasets for building the geoid model and testing its eligibility. The geometrical solution for geoid undulation computation has been utilized by applying straightforward equations that facilitate the calculation of the geoid undulation directly through applying statistical techniques for the GNSS leveling data of the study area to get the common equation parameters values that could be utilized to calculate geoid undulation of any position in the study area within the claimed accuracy. Both systems were checked and proved eligible to be used within the study area with acceptable accuracy which may contribute to solving the geoid undulation problem in the Khartoum area, and be further generalized to determine the geoid model over the entire country, and this could be considered in the future, for regional and continental geoid model. Ahmed M. A. Mohammed. | Kamal A. A. Sami "Towards the Implementation of the Sudan Interpolated Geoid Model (Khartoum State Case Study)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63483.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63483/towards-the-implementation-of-the-sudan-interpolated-geoid-model-khartoum-state-case-study/ahmed-m-a-mohammed
Activating Geospatial Information for Sudans Sustainable Investment Mapijtsrd
Sudan is witnessing an acceleration in the processes of development and transformation in the performance of government institutions to raise the productivity and investment efficiency of the government sector. The development plans and investment opportunities have focused on achieving national goals in various sectors. This paper aims to illuminate the path to the future and provide geospatial data and information to develop the investment climate and environment for all sized businesses, and to bridge the development gap between the Sudan states. The Sudan Survey Authority SSA is the main advisor to the Sudan Government in conducting surveying, mappings, designing, and developing systems related to geospatial data and information. In recent years, SSA made a strategic partnership with the Ministry of Investment to activate Geospatial Information for Sudans Sustainable Investment and in particular, for the preparation and implementation of the Sudan investment map, based on the directives and objectives of the Ministry of Investment MI in Sudan. This paper comes within the framework of activating the efforts of the Ministry of Investment to develop technical investment services by applying techniques adopted by the Ministry and its strategic partners for advancing investment processes in the country. Kamal A. A. Sami "Activating Geospatial Information for Sudan's Sustainable Investment Map" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63482.pdf Paper Url: https://www.ijtsrd.com/engineering/information-technology/63482/activating-geospatial-information-for-sudans-sustainable-investment-map/kamal-a-a-sami
Educational Unity Embracing Diversity for a Stronger Societyijtsrd
In a rapidly changing global landscape, the importance of education as a unifying force cannot be overstated. This paper explores the crucial role of educational unity in fostering a stronger and more inclusive society through the embrace of diversity. By examining the benefits of diverse learning environments, the paper aims to highlight the positive impact on societal strength. The discussion encompasses various dimensions, from curriculum design to classroom dynamics, and emphasizes the need for educational institutions to become catalysts for unity in diversity. It highlights the need for a paradigm shift in educational policies, curricula, and pedagogical approaches to ensure that they are reflective of the diverse fabric of society. This paper also addresses the challenges associated with implementing inclusive educational practices and offers practical strategies for overcoming barriers. It advocates for collaborative efforts between educational institutions, policymakers, and communities to create a supportive ecosystem that promotes diversity and unity. Mr. Amit Adhikari | Madhumita Teli | Gopal Adhikari "Educational Unity: Embracing Diversity for a Stronger Society" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64525.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64525/educational-unity-embracing-diversity-for-a-stronger-society/mr-amit-adhikari
Integration of Indian Indigenous Knowledge System in Management Prospects and...ijtsrd
The diversity of indigenous knowledge systems in India is vast and can vary significantly between different communities and regions. Preserving and respecting these knowledge systems is crucial for maintaining cultural heritage, promoting sustainable practices, and fostering cross cultural understanding. In this paper, an overview of the prospects and challenges associated with incorporating Indian indigenous knowledge into management is explored. It is found that IIKS helps in management in many areas like sustainable development, tourism, food security, natural resource management, cultural preservation and innovation, etc. However, IIKS integration with management faces some challenges in the form of a lack of documentation, cultural sensitivity, language barriers legal framework, etc. Savita Lathwal "Integration of Indian Indigenous Knowledge System in Management: Prospects and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63500.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/63500/integration-of-indian-indigenous-knowledge-system-in-management-prospects-and-challenges/savita-lathwal
DeepMask Transforming Face Mask Identification for Better Pandemic Control in...ijtsrd
The COVID 19 pandemic has highlighted the crucial need of preventive measures, with widespread use of face masks being a key method for slowing the viruss spread. This research investigates face mask identification using deep learning as a technological solution to be reducing the risk of coronavirus transmission. The proposed method uses state of the art convolutional neural networks CNNs and transfer learning to automatically recognize persons who are not wearing masks in a variety of circumstances. We discuss how this strategy improves public health and safety by providing an efficient manner of enforcing mask wearing standards. The report also discusses the obstacles, ethical concerns, and prospective applications of face mask detection systems in the ongoing fight against the pandemic. Dilip Kumar Sharma | Aaditya Yadav "DeepMask: Transforming Face Mask Identification for Better Pandemic Control in the COVID-19 Era" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64522.pdf Paper Url: https://www.ijtsrd.com/engineering/electronics-and-communication-engineering/64522/deepmask-transforming-face-mask-identification-for-better-pandemic-control-in-the-covid19-era/dilip-kumar-sharma
Streamlining Data Collection eCRF Design and Machine Learningijtsrd
Efficient and accurate data collection is paramount in clinical trials, and the design of Electronic Case Report Forms eCRFs plays a pivotal role in streamlining this process. This paper explores the integration of machine learning techniques in the design and implementation of eCRFs to enhance data collection efficiency. We delve into the synergies between eCRF design principles and machine learning algorithms, aiming to optimize data quality, reduce errors, and expedite the overall data collection process. The application of machine learning in eCRF design brings forth innovative approaches to data validation, anomaly detection, and real time adaptability. This paper discusses the benefits, challenges, and future prospects of leveraging machine learning in eCRF design for streamlined and advanced data collection in clinical trials. Dhanalakshmi D | Vijaya Lakshmi Kannareddy "Streamlining Data Collection: eCRF Design and Machine Learning" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63515.pdf Paper Url: https://www.ijtsrd.com/biological-science/biotechnology/63515/streamlining-data-collection-ecrf-design-and-machine-learning/dhanalakshmi-d
Assessment and Planning in Educational technology.pptxKavitha Krishnan
In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
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attendant cross border investment, such emerging
markets should attract the attention of investors
looking for new investment options after diversifying
their portfolios with stocks trading in developed
markets. Also, diversity of research results among the
few extant literatures from developing countries on
the link between earnings and share prices stimulates
further research and hence provided justification for
this study.
This study is of great benefit as the economic
progress of a country can be seen in the existing
capital market activities. Capital markets play an
important role in the development of the country’s
economy that encourages the capital formation and
sustains economic growth. The development of
efficient capital markets will further enhance the
confidence of domestic and foreign investors in
investing in the capital market.
Statement of Problem
Firms generally disclose their operational information
through financial reports an interim or annual basis.
Information so disclosed according to Menicucci and
Paolucci (2018) will probably facilitate the stock
market in better identifying the driving elements of
corporate value or share price. The level of
information disclosed about a firm would be
significant in understanding future of the firm and
estimating the future activities and consequently the
value of the firm (Rusdiyanto & Narsa, 2019). Thus
investors use accounting information about past
company earnings as an important input in predicting
future earnings which can then be used as a basis for
predicting stock prices and dividends for the company
in the future. Specifically, Martani, and Khairurizka
(2009) noted that information in the financial report
can help investors in making an investment decisions,
predict a firm’s future performance and give early
warning about the slowdown of a firm’s financial
condition.
However, the share price does not always prove that
all information in the financial statements is attractive
to investors and is therefore not always predictive of
share prices in the future (Nugraha & Riyadhi,
2019).In the view of Dang, Nguyen, and Tran (2020)
the value of a company's stock is determined not only
by current earnings but also by its future performance
forecasts and earnings reliability assumptions. As is
widely known, even information releases that cause
stock price increases may not necessarily suggest
societal desirability due to the potential redistributive
effect of information. Little wonder Rusdiyanto, and
Narsa (2019) observed that the phenomenon of the
share price changes in the capital market arises
because there are often differences in opinion
regarding the direction of a company’s profitability.
Researchers like Martani, Sinaga, and Syahroza
(2012) noted that information asymmetry between
owners and investors can affect the prices of shares.
The more existing shareholders want to buy more or
keep shares, the share prices will increase. On the
other hand, if the number of investors who wish to
sell or release shares increases, the share price will
decrease. Continuing they noted that the pricing of
shares sold in the primary market during an initial
public offering is predetermined, whereas prices in
the secondary market are decided by market forces
such as demand and supply.
Antono, Jaharadak, and Khatibi, (2019) opined that
variables such the world oil price, inflation, exchange
rate, and political affairs, are responsible for
fluctuations in share prices apart from information
about firms’ activities. Notwithstanding, Antono et al.
(2019) assert that an increase in the share prices has
an impact on increasing investors’ interest in
investment which will lead to growth in an economy
such that government would not need to increase the
country's debt if public investment awareness were
high.
The ability to deduce the relevance of financial
information from capital market evidence is clearly
limited. This does not, however, mean that evaluating
the value of earnings and other financial data should
be abandoned entirely. Given the extensive interest in
earnings as a performance measure, determining the
efficacy of earnings, the principal product of financial
disclosure laws, is obviously critical. Thus there are
much researches on the value of accounting
information (both annual and interim reports). Some
studies look at how accounting information can help
anticipate a company's future financial success, such
as profitability and growth, while others look at how
accounting information affects the share price. This
study relates directly to the last category by
specifically investigating the effect of earnings on the
share prices of firms in Nigeria.
There have been a number of value-relevance studies
on accounting information such as (Hellstrom, 2006;
Camodeca, Almici, & Brivio, 2014; Olugbenga &
Atanda, 2014; Badu & Appiah, 2018; Muniroh &
Yuliati, 2021; Rahman & Liu, 2021). Significant
research also exists specifically on value relevance of
earnings as accounting information. That is,a link
between earnings and share prices (Collins, Maydew
& Weiss, 1997; Charitou, Clubb & Andreou, 2000;
Filip & Raffournier, 2010; Rusdiyanto & Narsa,
2019; Mirza, Malek & Abdul-Hamid, 2020; Susanto
et al, 2021) the results of these studies have
agreements and disagreements because of employing
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different techniques and measurements. Thus research
in this field is still considered an interesting problem
to study because of the inconsistency of the results of
previous researche. It is important to emphasize that
Value relevance studies in the view of Camodeca et al
(2014), could so be identified as the explanatory
power of accounting variables, such as earnings or
other relevant variables selected by other authors.
Despite the significant number of extant studies on
the value relevance of earnings accounting
information from developed countries, there is a
limited study with current data from Nigerian Stock
Exchange as an emerging economy, Meanwhile,
given globalization and its attendant cross border
investment, such emerging markets should attract the
attention of investors looking for new investment
options after diversifying their portfolios with stocks
trading on developed markets. Thus, it is unclear
whether firms’ earnings cause stock price variations
among the quoted firms in Nigeria which points to the
need for further studies. And again, there is no known
study to the best of the researchers’ knowledge which
has examined the influences of changes in earnings
on stock prices in Nigeria with reference to firms
quoted under the Health Care Sector of the Nigerian
Exchange. This provides justification for the study on
the effect of changes in earnings on stock prices of
listed Health Care Services Companies in Nigeria.
To achieve this purpose, the study will adapt and
modify the model of Bassey, Idaka, and Godwin
(2016) to include some new variables such as
dividend yield, book value per share and firm size.
This could help to predict the effect of changes in
earnings on firm’s stock prices in Nigeria.
Objectives of the Study.
The main objective of this study is to determine the
effect of changes in earnings on stock prices of listed
Health Care Services Companies in Nigeria. The
specific objectives include to:
1. determine the effect of Earning Per Share on
Firms Stock Prices in Nigeria
2. examine the effect of Dividend Yield on Firms
Stock Price in Nigeria
3. Ascertain the effect of book value Per Share on
Firms Stock Price in Nigeria.
Research Questions and Research Hypotheses
They are in line with the specific objectives
Review of the Related Literature
Conceptual Framework
Firms Earnings
Firms Earnings according to Mohammad (2018), is an
ultimate measure of the money a company makes,
which is often evaluated. It’s a profit that a company
produces in a specific period. The Earnings report is
released four times per year and a growing earnings
are a good indication that a company is on the right
path to providing a solid return for investors. As
noted in the study of Eniola and Akinselure (2016),
investors care about earnings because it ultimately
drives stock prices. Strong earnings generally result in
the stock price skyrocketing and vice versa.
Determinants of Firm’s Earnings
Earnings per Share
Earnings Per Share is considered as the most
important catalyst in determining share price and firm
value. Earnings Per Share shows how much money a
company makes for each share of its stock
(Islam,Khan, Choudhury & Adnan,2019). Earnings
Per Shares (EPS) is a ratio that measures the success
of management in achieving profits for shareholders.
Lower Earnings Per Shares (EPS) means that
management has not managed to satisfy the
shareholders while a high EPS means that
management has worked to increase shareholder’s
wealth (Kashmir, 2016).
Earnings Per Shares (EPS) is one of the ratios that
regular use in the prospectus, material presentation
and report yearly to the holders of shares which is
profit net reduced dividend (profit available to
holders of ordinary shares) divided by the average
weighted of shares ordinary that circulate will
generate earnings per share. So, Earning Per Share
(EPS) is the amount of income that is earned in the
period for each outstanding stock. The most
commonly used measuring instrument is Earning Per
Share, (Irham & Fahmi, 2017).
Dividend Yield
The dividend yield or dividend-price ratio of a share
is the dividend per share, divided by the price per
share. It is also a company total annual dividend
payment divided by its market capitalization,
assuming the number of shares is constant (Adams &
Media, 2014).
The dividend yield, expressed as a percentage, is a
financial ratio (dividend/price) that shows how much
a company pays out in dividends each year relative to
its stock price (Little, 2020).
Another name for dividend yield is the price/dividend
ratio. A high dividend yield, however, may not
always be a good sign, since the company is returning
so much of its profits to investors (rather than
growing the company.) The dividend yield, in
conjunction with total return, can be a top factor as
dividends are often counted on to improves the total
return of an investment (Eriabie & Egbide, 2016).
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It is considered a sign of clear financial health and
confidence for a company to pay out dividends,
which are usually independent of the share price. It’s
a financial ratio that represents the dividend income
per share, divided by the price per share. Dividend-
paying stocks are very popular with investors because
they provide a regular, steady stream of income.
Dividend yield is another way to determine
investment income. This represents the ratio of a
company’s current annual dividend compared to its
current share price. When the dividend remains the
same if the share price drops, the dividend yield rises.
The yield will fall if the stock price rises. The
dividend yield is quoted as a percentage rather than a
naira amount by taking the annual dividend, dividing
it by the share price, and multiplying that number by
100 (Uniamikogbo, Ezennwa, & Bennee, 2018).
Net Asset Per Share
The Net Asset Value Per Share (NAVPS) is a metric
used to assess the value of a real estate investment
trust (REIT), and it indicates the worth of one share
of a mutual fund or exchange-traded fund.it is
obtained by dividing the net asset value of a mutual
fund by the number of outstanding shares. in this
case, the asset may include the market value of a
fund’s investments, cash and cash equivalents,
accrued income, and accounts receivables, whereas
the liabilities equal the sum of long-term and short-
term liabilities, and accrued expenses such as utility
costs and staff salaries (James, 2011).
The net asset value of a mutual fund changes daily,
because the value of assets and liabilities changes
every day. The number of outstanding shares also
changes constantly, as investors redeem their shares,
and new investors buy new shares. The net asset
value performs similar functions as the stock price, as
it represents the worth of one share of a mutual fund
or an ETF (Kent, 2009).
Share Price.
A share price is the price of a single share of a several
saleable stocks of a company, derivative or other
financial asset (Ehrhardt, Michael, Brigham & Foster,
2010). In layman's terms, the stock price is the
highest amount someone is willing to pay for the
stock, or the lowest amount that it can be bought for
(Coleman & Robert, 2006). There are two main types
of stocks: common stock and preferred stock.
Theoretical Framework
The theoretical framework gives the meaning of a
word in terms of the theories on firm’s earnings such
as Agency Theory and Bird in Hand Theory. It
assumes both knowledge and acceptance of the
theories that this research work depends upon.
Agency Theory
Agency theory was propounded in the year 1976 by
Jensen and Meckling. The theory suggested how the
governance of a company is based on the conflicts of
interest between the company’s owners
(shareholders), its managers, and major providers of
debt finance.
The agency cost theory suggests that firms’ dividend
policy and earnings are determined by agency costs
arising from the divergence of ownership and control.
Managers may not always adopt a dividend policy
that is value-maximizing for shareholders but would
choose a dividend policy that maximizes their own
private benefits. Making dividend payouts from
firm’s earnings which reduces the free cash flows
available to the managers would thus ensure that
managers maximize shareholders’ wealth rather than
using the funds for their private benefits (DeAngelo
& DeAngelo, 2006). In the process of attracting new
equity, firms are subject to the monitoring and
disciplining of these markets.
The theory views the firm as a nexus of contracts
between various economic agents who act
opportunistically within efficient markets.
Management act as the agent of the corporation and
the shareholders are the owner (principal) of the
corporation. Shareholders are always expecting the
agents to act in the interest of the principal.
Unfortunately, in circumstances, the agents may act
in their self-interest and fall short of congruence
between the principal and agents.
The theory highlighted that there will be a conflict
when the managers did not manage the corporations
in the best interest of the owners. The theory offered
the idea that managers used the company’s
information to satisfy or manipulate influential
stakeholders in order to gain their support which was
required for survival.
Theoretical Exposition
Bassey, Idaka and Godwin (2016) examined the
effect of corporate earnings on share price of selected
oil and gas firms in Nigeria, the study noted that there
is a positive correlation and significant relationship
between Earnings per share, Price earnings ratios,
Dividend per share and Shares price of the selected
oil and gas companies in Nigeria. Also, Arslan and
Zaman (2014) analyze the effect of dividend yield
and price earnings ratio on stock returns in Pakistan
and the research findings show that price earnings
ratio and size of the firm have a significant and
positive impact on stock prices. The dividend yield on
the other hand has a significant and negative
relationship with stock prices.
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Hassan, Hasan, and Haque (2017) examine the
relationship between share prices and the value-
relevance of accounting information and the results of
the study show that both earnings per share (EPS) and
Book Value (BV) have significant effect in
determining share prices.
Ordu, Enekwe, and Anyanwaokoro (2014) examined
the effect of dividend payment on the market prices
of shares in Nigeria. The findings of the study suggest
a positive effect exists between market price per share
and dividend per share confirming that a rise in
dividend per share brings about an increase in the
market price per share of quoted firms. Dividend
yield also does not have a significant positive effect
on the market prices of shares of quoted firms in
Nigeria, rather a direct relationship exists between
market prices per share and the dividend payout ratio
of selected firms on the NSE.
Uniamikogbo, Ezenwa & Bennee (2018) examined
the influence of accounting information on stock
prices volatility in Nigeria and the results indicated
that earnings per share and dividend per share has a
negative significant influence on stock prices while
the book value per share has a positive and significant
influence on stock prices in Nigeria. This agrees with
the apriori expectations of Islam, Khan, Choudhury
and Adnan (2019) who investigated the effect of
earning per share (EPS) effects on share price and
firm value. The study established that share price
does not move as fast as the EPS moves and that
share price movement depends on micro and macro-
economic factors in the economy.
Lutfi and Arsitha. (2016) examined the analysis of
factors affecting price earnings ratio on the company
shares registered in Jakarta Islamic Index. The results
of the study showed that Total Assets and Debt to
Equity have significant effects on the Price Earnings
Ratio of the shares of registered companies while the
Dividend Payout Ratio has no effect on the Price
Earnings Ratio on the shares registered in Jakarta.
AI-Qaisi, Tahtamouni and AL-Qudah (2016)
investigate the effect of return on asset (ROA), return
on equity (ROE), debt ratio, the age of the company,
and the Size of the Company on themarket stock
price. The result shows that there is a significant
relationship between ROA, Debt Ratio, the Age of the
Company, and the Size of the Company) and a market
stock price of insurance companies listed on Amman
stock exchange and there is no significant effect
between ROE and market stock price in these
insurance companies.
Nalurita (2019) investigated the impact of earnings
per share on the market prices, price earnings ratio
and Price to book value in the property and real estate
listed in Jarkata stock Exchange. The result of the
study shows that there is a positive relationship
between earnings per share and market price per share
and such does not exist with the market ratio.
Purnamawati (2016) examines the effect of firm’s
profitability on stock prices and the results of the
study show that profitability has an effect on the stock
price. This aligns with the findings of Alroaia, Abadi
and Khosravani (2012) who found a positive and
significant relation between stock return and price
earnings ratio. Dehavi (2011) also noted that there is a
positive and significant relationship between earnings
per share and stock price while dividends per share
and price to earnings ratio, on the other hand, have a
negative significant impact on the stock price of the
said company.
Emamgholipour (2013) reported that earnings per
share have a significant and positive impact on stock
return and price to earnings ratio while market value
to book value ratio have negative and significant
impact on stock return. Karami and Talaeei (2012)
observed that price earnings ratio, ratio of book value
to market value has a significant impact on stock
return and the study also indicated that capital gain
and dividend yield have significantly affected by
stock return.
Khan (2012) on the same note reported that dividend
yield and earnings yield ratios have a direct positive
relationship with a stock return while the book value
to market ratios have a significant negative
relationship with stock return. This agrees with the
study of Prabath and Menike (2014) whose study
revealed that EPS and DPS had a positive and
significant impact on the stock price.
Mgbame and Ikhatua (2013) also reported that DPS,
EPS, and BVPS have a significant and positive
impact on the stock price. Also, Nazir (2011) found a
significant and negative relationship between
dividend yield, dividend pay-out ratio and stock
prices. This is not in agreement with the study of
Nawaz (2010) who found that dividend yield and pay-
out ratio has significant impact on the share price
volatility.
Shehzad and Ismail (2014) established that stock
prices get affected by earnings per share and book
value per share, the study also suggested that there is
a strong and negative correlation between earnings
per share and book value per share. Also, Zeytinoğlu
(2012) found that EPS had a significant impact on the
stock price. The study also reported that price to
earnings ratio and market to book ratio had a
significant impact on stock prices.
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Mokaya, Nyang’ara, and James (2013) examined the
effect of dividend policy on market share value and
the study revealed that dividend policy had a
significant effect on the market share value. This
aligns with the study of Al- Hasan, Asaduzzaman,
and Al Karim (2013) whose results showed that
dividend policy has significant effect on market share
price.
Empirical Review
Bassey, Idaka, and Godwin (2016) examined the
effect of corporate earnings on the share price of
selected oil and gas firms in the Nigerian Stock
market from 2004-2013.An ex-post facto research
design was adopted for the study. Data were collected
from the Nigerian stock exchange fact book and
published annual reports of the various companies
through manual and online retrieval methods.
Individual analyses of data were conducted and using
the multiple regression technique data was analyzed
as a pool. The findings show that there is a positive
correlation and significant relationship between
Earnings per share, Price earnings ratios, Dividend
per share, and Shares price of the selected oil and gas
companies in Nigeria.
Arma (2018) examine the effect of earnings per share
and firm size on stock price. The firm’s consist of the
45 best stocks (LQ45 index companies) that are listed
on the Indonesian Securities. The purpose of the
study was to determine the effect of earnings per
share and the firm size on stock prices and also to
show that the size of the firm can affect the
relationship between earnings per share and stock
prices. Regression analysis was employed, and the
evidence shows that earnings per share and firm size
have a significant effect on stock prices. The size of
the firm is also able to moderate the relationship
between earnings per share and stock prices. The
results of this study gave evidence that profit and the
size of the company can provide important
information for investors in making decisions.
Robbetze, Villiers, and Harmse (2017) examined the
Effect of Earnings Per Share Categories on Share
Price behavior, Some South African Evidence. The
study aims to discover which EPS category is best
when associated with share prices noting that three
forms of EPS exist in the Johannesburg stock
exchange which is basic, diluted, and headline EPS.
Data were selected from 40 top companies in the
stock market that formed the sample of the study. An
empirical analysis design was adopted to determine
the relationship between different categories of EPS
and share prices for the period 2005 to 2013. It was
seen that basic EPS correlated best with the changing
behavior of share prices. Also, the study shows that
headline EPS proved to deliver lower correlation
coefficients than other EPS categories.
Hassan, Hasan, and Haque (2017) examine the
relationship between share prices and the value-
relevance of accounting information. The sample size
of 93 companies was selected from the Dhaka Stock
Exchange (DSE), Bangladesh from six broad
industries or sectors. The basic Ohlson (1995)
valuation model was employed for the analysis. The
model test for the adjusted (R²) and estimated
regression coefficients of accounting variables. the
result shows that both Earnings per Share (EPS) and
Book Value (BV) have a significant effect in
determining share prices. Testing the effect of EPS
and BV individually to determine share price shows
that the EPS played a considerable role in projecting
share prices more than the BV, this shows that EPS
has become very informative to equity investors in
predicting the share prices.
Uniamikogbo, Ezenwa, and Bennee (2018) examined
the influence of accounting information on stock
prices volatility in Nigeria. A cross-sectional research
design technique was used in the study, and relevant
data were generated from the annual report and
accounts of twenty-two selected companies. The
study covered the period from 2013 to 2017 and the
data generated were analyzed using the ordinarylease
square technique. The result indicated that earnings
per share and dividend per share has a negative
significant influence on stock prices while the book
value per share has a positive and significant
influence on stock prices in Nigeria.
Islam, Khan, Choudhury, and Adnan (2019)
investigated the effect of earning per share (EPS)
effects on share price and firm value. The purpose of
the study is to provide empirical evidence on how
EPS affects the share price movement. Data were
collected and analyzed from 22 scheduled banks out
of 110 banks selected as the population of the study
and was found that share price does not move as fast
as the EPS moves and that share price movement
depends on micro and macro-economic factors in the
economy.
Bratamanggala (2018) examined factors affecting
Earning per Share: The Case of Indonesia and if
financial factors such as Return on Assets, Price to
Book Value and Debt Equity Ratio have any
influence on the Earning Per Share. The study
centered on the manufacturing sector of the economy.
Eleven companies were selected from indexed
companies in the Indonesian Stock Exchange. Data
were collected via secondary data obtained from the
financial documents of the companies participated in
the sample. The collecting method is documentation
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of financial statements, annual financial statements
and publications reports of ROA, PBV, DER and EPS
of real estate manufacturing companies. The results of
the research showed that there is an influence of Price
to Book Value on Earning per Share as well as on
Debt Equity Ratio to Earning per Share.
Ilmiyono. (2019) investigated the Effect of ROE,
ROA and EPS toward Stock Prices in Companies sub
Sector Construction and Buildings Listed in
Exchange Indonesia Effect (IDX). The purpose of the
study was to analyze how much influence ROE,
ROA, and EPS both partially and simultaneously
have on stock prices in the Construction and Building
Sub Sector Companies listed on the Stock Exchange
in the 2013-2017 periods. The analytical method used
for quantitative analysis was verification. Data were
tested using E-views 10 with panel data regression
analysis test, classic assumption test, and hypothesis
testing. Samples were selected using the purposive
sampling method. The results showed that partially
ROE and ROA variables had a significant effect on
stock prices while other variables such as EPS had no
significant effect. Simultaneous test results, namely
ROE, ROA, and EPS together have a significant
effect on stock prices.
Lutfi and Arsitha. (2016) Studied the Analysis of
Factors Affecting Price Earnings Ratio on the
Company Shares Registered in Jakarta Islamic Index.
Their purpose was to find out and analyze the effect
of factors affecting the price earnings ratio on the
shares registered in the Jakarta Islamic Index.
Secondary data was used for the work and this data
was collected from 48 observations as samples
obtained based on certain criteria. The data were
tested and analyzed using F-Test (Simultaneous Test),
T-Test (Partial Test). The results showed that,
partially, the Total Assets and Debt to Equity have
significant effects on the Price Earnings Ratio of the
shares of registered companies while the Dividend
Payout Ratio has no effect on the Price Earnings
Ratio of the shares registered in Jakarta.
AI-Qaisi,Tahtamouni and AL-Qudah (2016)
investigate the effect of Return on Asset (ROA),
Return on Equity (ROE), Debt Ratio, and the age of
the Company, and the Size of the Company on the
market stock price. Twenty insurance companies
listed in Amman stock exchange during the period
2011 to 2015 were used. Simple and multiple linear
regression was used for data analysis and the result
shows that it is a significant between ROA, Debt
Ratio, the Age of the Company, and the Size of the
Company) and a market stock price of insurance
companies listed in Amman stock exchange and there
is no significant effect between ROE and market
stock price in these insurance companies.
Nalurita (2019) investigated the impact of Earnings
per Share on the Market Prices, Price Earnings Ratio,
and Price to Book Value in the property and real
estate listed on the Jarkata stock Exchange. The work
covers a period of seven years from 2009 to 2015.
Panel data regression was employed. The result
shows that there is a positive relationship between
earnings per share and market price per share and
such does not exist with the market ratio.
Purnamawati (2016) examines the effect of capital
structure and profitability of the stock prices, the
impact of capital structure on stock price, the effect of
profitability on stock price and the impact of capital
structure on profitability in the manufacturing sector
of Indonesia’s stock exchange from 2010-2013.The
sample size of 68 companies with an audited
published financial statement in the stock market
were use purposive sample technique was employed,
data were analyzed using path analysis. Secondary
data were used. The result shows that capital structure
Further to the above, Eniola and Akinselure (2016)
employed 25 quoted companies in Nigeria to
investigate the relationship between Earning per share
and Dividend policies. The data covered a time frame
from 2004 to 2013. Two simple regression models
were developed using two dependent variables as
Dividend yield ratio and Dividend payout ratio
respectively; and Earnings per share as the
independent variable. The result of the Ordinary Least
Square (OLS) Regression analysis method carried out
showed a significant relationship between dividend
and market value.
In Kenya, Kibet, Jagongo, and Ndede (2016) used a
sample of 55 listed firms in the Nairobi Securities
Exchange covering five-year time series from 2001 to
2011. The core objectives examined the effect of
dividend policy (cash and share dividend) on the
stock prices using equity Market Price as the
dependent variable and the independent variables as
cash dividend and share dividend. A panel result
obtained from Ordinary Least Square regression
indicated a positive relationship between the cash
dividend and share prices, and an insignificant
negative relationship between share dividend and
share prices.
Methodology
Research Design
The study adopted the ex-post facto research design.
The reason for this is because the study wants to
examine the causal effect relationship that exists
between dependent and independent variables using
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the data that already existed and which the study will
make no attempt to change its nature and value. The
secondary data used for this work was sourced from
the Nigeria stock exchange Fact Book from 2011 to
2020.
Area/ Popu;ation of the Study
The study was carried out in Nigeria with a view to
examine the effect of changes in earnings on stock
prices of listed Health Care Firms in Nigeria. The
population of the study covered the entire 6 quoted
Health Care firms on Nigeria Stock Exchange. It
ranges from Morison Industries Plc, Fidson
Healthcare Plc, GlaxoSmithKline Consumer Nig Plc,
May & Baker Nigeria Plc, Neimeth International
Pharmaceuticals Plc, Pharma-Deko Plc. This work
concentrated on quoted Health Care Firms in Nigeria
as the previous researchers concentrated on other
sectors other than the health sector.
Method of Data Collection
The study used pool of data that covered a period of
10 years (2011-2020). This is a period in which
International Financial Reporting Standards (IFRS)
was fully adopted in the nation. The period shall be
adopted to draw up a reliable conclusion. The study is
composed of 6 firms quoted on Health Care Sector of
NSE. The estimated depth of analysis is 300 data
volume which comprises number of quoted firms in
the Health Care Sector of NSE (6), number of years
covered (10yrs), number of variables (5), number of
observations (60) and number of models (1)
Estimated Depth of Analysis
Note (6 firms * 10 years = 60 observations)
Dependent Variable= 1
Independent Variable= 3
Control Variable= 1
Total = 5
5 variables * 60 observations= 300
300* 1 models= 300 estimated data volume
The nature of the study necessitated the use of
secondary data. It is worthy to note that data for our
dependent variable; Stock Price (SHP) and
independent variables Earnings Per Share (EPS),
Dividend Yield (DDY), Book Value Per Share
(BVPS) and Firm size (FSZ) will be obtained from
the Nigerian Stock Exchange Factbook and Annual
Reports and Accounts of the sampled firms for the
relevant years.
Method of Data Analysis
This study makes use of secondary data sourced from
the Nigerian Stock Exchange factbook and ranges
from 2011 to 2020. The panel linear regression model
estimation techniques of common effect, fixed effect,
and random effect were considered in this study.
However, the Hausman test was applied for the
selection of the most appropriate model among the
three linear model estimation techniques. Similarly,
pre-estimation test like the descriptive statistics,
correlation analyses, variance inflation factor (VIF)
and cross-sectional dependence, were conducted to be
sure there is no outliers in the data generating process.
The analysis was performed with STATA Version 16
and Eviews 9.0.
Model Specification
In line with the previous research, this study adopted
and modified the Model of Bassey, Idaka and Godwin
(2016) in determining the effect of changes in
earnings on the firm’s stock prices. As stated by
Bassey, Idaka, and Godwin (2016):
(1)
Where SP is the Stock price, EPS is the Earnings per
share, PER is the price earnings ratio and DPS is the
dividend per share.
By modifying equation (1) in line with the variables
of interest in this study, the resultant functional
equation is stated below:
(2)
The econometric form of the regression suggested for this study is expressed thus:
(3)
Where SHP is the stock price, EPS is the earnings per share, DDY is the dividend yield, BVPS is the book value
per share and FSZ is the Firm Size. β0 represents the intercept of the regression model while β1, β2, β3, β4,are the
vector of coefficients of the independent variables. is used to represent the error term which accounts for
variables that influence the dependent variable but are not included in the model. The subscript i and t denote the
cross-sections and periods, respectively.
Equation (3) is a typical example of a common effect model which is very well known to suffer from a major
drawback, and that is the fact that it does not take into account the individual heterogeneity of the panel. Hence,
it may not be the best fit for our analysis; as a result, the fixed effect model shall be included to address this
problem associated with the common effect model. This fixed effect model is stated as follows:
(4)
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Equation (4) is the fixed effect model where all the variables remain as previously defined only that there is a
new variable ( introduced to take care of individual heterogeneity across the panel. More so, even though the
fixed effect is known to take care of the problem of individual heterogeneity in the panel which the common
effect failed to take care of, it is still plagued with a problem on its own and that is its inability to take into
account variables that are time-invariant of the panel. As a result, the random effect model is introduced to take
account of the time-invariant variables of the model. Therefore, the random effect model is stated as follows:
(5)
Here, represent the between error term while is the within error term in the model. The rest of the
variables remain as previously defined.
Thus, this study will consider the fixed effect and random effect models i.e equations (4) and (5) for estimation
purposes while the hausman test will be applied to select from both the most appropriate between them.
Data Presentation and Analysis
Table 4.1: Descriptive Statistics
Variable | Obs Mean Std. Dev. Min Max
-------------+------------------------------------------------------------------------------
SHP | 60 6.439 12.81692 .49 68
EPS | 60 .3936667 1.284641 -1.49 7
DDY | 60 3.080167 7.086896 0 51.72
BVPS | 60 4.538333 4.802528 -10.73 17.85
FSZ | 60 6.673 .5809732 5.59 7.5
Table 4.1 shows the result of the descriptive statistics which revealed that the mean stock price (SHP) was 6.439
naira while the minimum and maximum stock prices were 0.49 and 68 naira, respectively. This portent that some
of these firms have stock that is highly valued but others have low valued stock, and this can be attributed to so
many factors ranging from firm attributes such as age, size, and product types; to the firm’s annual performance
record over time. This outcome is further validated by the standard deviation which stood at 12.81692, indicating
that there are significant variations in stock price among the firms in Nigeria’s industrial goods sector as
indicated by the firms considered in this study. Similarly, the average earnings per share (EPS) is less than one
(0.3936669) whereas the minimum and maximum were -1.49 and 7 naira, respectively. This implies that while
many of these firms made significant earnings from each individual share traded the rest of the firms recorded
losses at the rate of 1.49 naira. Although the loss may not be firm-specific it could across the years depending on
the business peculiarity for each year. Hence, a firm with the profit for a particular year may record loss for the
other years. The standard deviation shows a significant positive move above the mean value which is an
indication that the positive earnings outweighed the negative earnings among the industrial goods firms in
Nigeria for the periods considered in this study. Furthermore, the result shows that based on the average,
maximum and minimum values that dividend yield (DDY), the majority of the firm considered in this studyhad
reasonable dividends for the period of this study. Going by the standard deviation for DDY (7.086896), we can
infer that very few of these firms recorded outstanding DDY during the study period, as revealed by the
maximum value of 51.72 naira. The average book value per share (BVPS) of the industrial goods firms in
Nigeria considered in this study was 4.538333 while the minimum and maximum values were -10.73 and 17.85,
respectively. The standard deviation which is approximately equal to the mean value points to the fact that the
negative and positive BVPS across firm falls within the same scale or margin. There seems to be no outstanding
difference in the firm size across the panel as revealed by the mean, minimum and maximum values but the
standard deviation tells a different story. Going by the standard deviation, these firms differ significantly in size.
Table 4.2: correlation Matrix
| SHP EPS DDY BVPS LTA
-------------------+-------------------------------------------------------------------------------------------
SHP | 1.0000
EPS | 0.4663 1.0000
DDY | 0.0824 0.0085 1.0000
BVPS | 0.5859 0.5136 0.1225 1.0000
FSZ | 0.4551 0.3294 0.3082 0.4870 1.0000
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Table 4.2 is the result of the correlation test seeking to ascertain if there is a reasonable relationship between the
dependent variable (SHP) and the explanatory variables (EPS, DDY, BVPS, FSZ). Although, this can also be
used to check for multi-colinearity among the explanatory variables our focus here is on the relationship between
the dependent and explanatory variables which will be the justification for regressing the said variables for the
purpose of verifying the existence of cause and effect relationships. For the multi-colinearity, the variance
inflation factor (VIF) test will be later applied for that purpose as that seems to be the most robust test compared
to the correlation matrix. Based on the result shown in table 4.2, EPS, BVPS and FSZ have reasonable
relationship with the dependent variable (SHP) and because these correlation values are approximately 50% for
each of them, we can conclude that a somewhat strong correlation exists between each of them and SHP. The
only variable having weak correlation with the dependent variable is DDY, with a correlation value of 8%,
indicating the existence of very weak relationship.
Table 4.3: Variance Inflation Factor (VIF)
Variable Coefficient Variance Uncentered VIF Centered VIF
EPS 1.476367 1.519722 1.387243
DDY 0.039065 1.331701 1.117102
BVPS 0.122263 3.063648 1.605569
FSZ 7.559861 196.3701 1.452850
C 310.3692 179.7102 NA
Table 4.3 shows the result of the variance inflation factor test which revealed that among all the explanatory
variables of this study that there are no colinearity problems just as the centered and uncentered VIF indicated.
The exceptions are the control variable (FSZ) and constant term which has an uncentered VIF value of 196.3701
and 179.7102, respectively, but are no reason for worry. Normally, a VIF value of less than or at most equal to
ten (10) is acceptable, anything more than that is an indication that an outlier is present i.e, that the variable (s)
concerned is suffering from the problem of colinearity. It is noteworthy that the problem of multi-colinearity
concerns the explanatory variables and not the independent variable. With this outcome, we now proceed to
check for cross-sectional dependence in the panel.
Table 4.4: Cross Sectional Dependence
Null hypothesis: No cross-section dependence (correlation) in residuals
Test Statistic d.f. Prob.
Breusch-Pagan LM 20.68739 15 0.1471
Pesaran scaled LM -0.057074 0.9545
Pesaran CD 0.692401 0.4887
Hausman test
hausman fixed random
---- Coefficients ----
| (b) (B) (b-B) sqrt(diag(V_b-V_B))
| fixed random Difference S.E.
------------------+----------------------------------------------------------------
EPS | 1.699158 1.989326 -.290168 .7380906
DDY | -.0325231 -.0573459 .0248228 .1149753
BVPS | 1.116092 1.025064 .091028 .1962607
FSZ | 4.514362 4.680344 -.165982 1.103728
------------------------------------------------------------------------------
b = consistent under Ho and Ha; obtained from xtreg
B = inconsistent under Ha, efficient under Ho; obtained from xtreg
Test: Ho: difference in coefficients not systematic
chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 0.33
Prob>chi2 = 0.9876
Random Effect Regression Result
R-sq: Obs per group:
within = 0.4212 min = 6
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between = 0.2919 avg = 6.0
overall = 0.4120 max = 6
Wald chi2(4) = 38.53
corr(u_i, X) = 0 (assumed) Prob> chi2 = 0.0000
-----------------------------------------------------------------------------------------------------------------
SHP | Coef. Std. Err. z P>|z| [95% Conf. Interval]
---------+-------------------------------------------------------------------------------------------------------
EPS | 1.989326 1.215059 1.64 0.102 -.3921455 4.370797
DDY | -.0573459 .1976482 -0.29 0.772 -.4447292 .3300374
BVPS | 1.025064 .3496609 2.93 0.003 .339741 1.710387
FSZ | 4.680344 2.74952 1.70 0.089 -.7086164 10.0693
_cons | -30.05151 17.6173 -1.71 0.088 -64.58078 4.477757
Summary of Findings, Conclusion and
Recommendation
Summary of Findings
This study sought to determine the impact of earnings
on the stock price of healthcare firms in Nigeria.
Based on the result from the random effect model the
following findings emerged. Firstly, the study found
that earnings per share (EPS) have no significant
impact on the stock price of healthcare firms in
Nigeria. Similarly, dividend yield (DDY) though
negative has no significant impact on the stock prices
of healthcare firms in Nigeria. Only BVPS shows a
positive and a significant impact on the stock prices
of healthcare firms in Nigeria at the 0.01 significant
level, indicating that BVPS is the perfect predictor of
stock price movement in the healthcare sector. As a
result, the BVPS should be considered by investors in
the investment decisions with the healthcare firms in
Nigeria.Healthcare firms are to give attention to
improving their BVPS so as to attract maximum and
prompt investment in their stock. Finally, the firm
size which was used as the control variable shows no
significance at the conventional level of 0.05.
Indicating, that the size of firms in the healthcare
sector currently does not significantly contribute to
the movement in their stock prices.
Conclusion
The impact of the 2008/2009 global financial crisis
which impacted shapely on the global financial
market was transmitted to the rest of the sectors in the
economy. This impact was much felt by the less
developed and the developing economies. It resulted
in the rampant withdrawal of investment funds from
many of these economies due to huge losses accruing
to investors. To date, the various sector in these
economies is still struggling to recover from the
impact of the financial crisis, and the health sector is
not left out. Nowadays, information on stock price
movement has become paramount in making an
investment decision; and a good knowledge of the
factors that determine stock prices and the ability to
predict stock prices are added advantages in these
economies. Therefore, the main objective of this
study was to determine the impact of earnings on the
stock price of healthcare firms in Nigeria. The study
relied on the linear panel modeling approach of fixed
effect and random effect while the Hausman test was
applied for the model selection. The panel dataset
used for the study was sourced from the NSE annual
factbook for the periods 2011 to 2020. The result of
the random effect model estimated revealed that
earnings per share (EPS) have no significant impact
on the stock price of healthcare firms in Nigeria.
Similarly, the result shows that dividend yield (DDY)
though negative has no significant statistical impact
on the stock prices of healthcare firms in Nigeria. The
only exception is BVPS which is positive and had a
significant impact on the stock prices of healthcare
firms in Nigeria at the 0.01 significant level. This
indicates that BVPS is the perfect predictor of stock
price movement in the healthcare sector. As a result,
this variable should be considered when making
investment decisions in the healthcare firms in
Nigeria; this is because it gives the true picture of the
movement in the stock price of the healthcare sector
in Nigeria.
Recommendation
In line with the findings of this study, it is
recommended among other findings that both firms,
investors, and the policymakers should consider the
movement in Book value per share (BVPS) in their
bids to improve the performance of stock price, in the
right period to investment and for regulatory
purposes, respectively. Anything aside this significant
indicator is likely to result in poor market
performance for the firm, unprofitable investment for
the investors, and inappropriate policy framework for
the policymakers in the healthcare care sector in
Nigeria.
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