Macro-Economic Factors and Market Value of Quoted Companies in Nigeria.

 TABLE OF CONTENTS

Cover page

Title

Declaration…………………………………………………………………………………………iii

Certification………………………………………………………………………………….iv

Dedication……………………………………………………………………………………………….v

Acknowledgement………………………………………………………………………………….iv

Table of Contents……………………………………………………………

Abstract…………………………………………………………………………………………

CHAPTER ONE: INTRODUCTION                                      PAGES

1.1              Background of the study                                                                               1-3

1.2              Statement of the problem                                                                                4-5

1.3              Research question                                                                                           6

1.4              Objective of the study                                                                                   6

1.5              Hypothesis of  the study                                                                                 7

1.6              Justification for the study                                                                               7-10

1.7              Scope of the Study                                                                                         8

1.8              Operational definition of terms                                                                       8

CHAPTER TWO: LITERATURE REVIEW

2.1       Conceptual Review                                                                                        9-30

2.1.1      Conceptual Framework                                                                                  31

2.2       Empirical Review                                                                                           32-34

2.3       Theoretical Review                                                                                         34-40

2.3.1    Theoretical Framework                                                                                  41-42

 

vii.

CHAPTER THREE: METHODOLOGY

3.0        Introduction                                                                                                   43

3.1       Area of Study                                                                                                 43

3.2       Research Design                                                                                             43

3.3       Population, Sample size and Sampling Techniques                                        43-44

3.4       Source of Data and Data Collection Method                                                 44

3.5       Research Instruments                                                                                     44

3.5.1    Reliability of Instrument and Validity of Instrument                                      45

3.6       Re-statement of Hypothesis                                                                           45

3.7       Method of Data Analysis                                                                                45-46

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS

4.1      Data Presentation and Analysis                                                                       47-65

4.2      Test of Hypothesis                                                                                            66-69

4.3     Discussion of Findings                                                                                       69

CHAPTER FIVE: SUMMARY, CONCLUSION, AND RECOMMENDATION

5.1     Summary                                                                                                           70

5.2     Conclusion                                                                                                         71

5.3      Recommendations                                                                                           71

5.4       Contribution to Knowledge                                                                              72

5.5      Limitations of the Study                                                                                     72

5.6    Suggestion for Further Study                                                                             72

           Reference                                                                                                          73-77

          Appendices

ABSTRACT

The broad objective of this study is to examine macro economic factors and market value of quoted companies in Nigeria. To achieve this objective the variables used in this study were summarized and analyzed into various components using. Coefficient of multiple determinations”, assisted by the Statistical Package for Social Sciences (SPSS) in order to test the relationship between macroeconomic factors and market value. Base on the finding we concluded that value creation, measured by economic value added is a function of prior year economic value added and that macroeconomic variables such as inflation rates, interest rates, foreign exchange rates growth, capital expenditure ratio and the developments in the labour market are important macroeconomic factors to be improved upon if quoted companies are to optimally create economic value in Nigeria. Therefore, base on the findings we made recommendation that reasonable and sufficient level of liquidity (money supply) should be ensured by the monetary authorities in order to stimulate stock market performance (index). Also, the monetary authorities should take care in executing monetary policies particularly to affect movements in the stock market, because soft monetary policy to elevate stock prices in will lead to adverse results in the short run and aggressive diversification of the economy from its mono-cultural dependence on oil whose price is largely influenced by the vagaries of international oil market.