Macroeconomic variables and stock exchange market development in Nigeria
ABSTRACT
The study is an attempt to investigate the
impact of selected macroeconomic variables on stock prices in the Nigeria
capital market .To capture the objectives of the study, the study adopted an
autoregressive distributed lag model as well as a causality test. The dependent
variable was all share price index (ASI) and the independent variables were
industrial output, exchange rate, consumer price index, market capitalization
ratio, turnover ratio and value of deals traded. Quarterly time series data
ranging from 1985q1 to 2018q4 were employed for the analysis. The study
established the existence of a statistically significant relationship between
stock prices, consumer price index and industrial output in Nigeria.
Furthermore, evidence of bidirectional causality was found between Stock prices
and industrial output. Among other things, the study recommends the adoption of
policies both structural and institutional that will enhance macroeconomic
stability and ensure output growth.
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CHUKWU, C (2023). Macroeconomic variables and stock exchange market development in Nigeria . Mouau.afribary.org: Retrieved Dec 30, 2024, from https://repository.mouau.edu.ng/work/view/macroeconomic-variables-and-stock-exchange-market-development-in-nigeria-7-2
CHUKWU, CHUKWU. "Macroeconomic variables and stock exchange market development in Nigeria " Mouau.afribary.org. Mouau.afribary.org, 15 May. 2023, https://repository.mouau.edu.ng/work/view/macroeconomic-variables-and-stock-exchange-market-development-in-nigeria-7-2. Accessed 30 Dec. 2024.
CHUKWU, CHUKWU. "Macroeconomic variables and stock exchange market development in Nigeria ". Mouau.afribary.org, Mouau.afribary.org, 15 May. 2023. Web. 30 Dec. 2024. < https://repository.mouau.edu.ng/work/view/macroeconomic-variables-and-stock-exchange-market-development-in-nigeria-7-2 >.
CHUKWU, CHUKWU. "Macroeconomic variables and stock exchange market development in Nigeria " Mouau.afribary.org (2023). Accessed 30 Dec. 2024. https://repository.mouau.edu.ng/work/view/macroeconomic-variables-and-stock-exchange-market-development-in-nigeria-7-2