尼日利亚价格变动、股票决定因素及其对经济增长影响的概念分析

A. K. Kankpang, Suleiman G. Lawal, Joseph E. Nkiri, Okoi E. Iwara
{"title":"尼日利亚价格变动、股票决定因素及其对经济增长影响的概念分析","authors":"A. K. Kankpang, Suleiman G. Lawal, Joseph E. Nkiri, Okoi E. Iwara","doi":"10.61090/aksujomas.2023.014","DOIUrl":null,"url":null,"abstract":"This study explores the effects price movements in stocks and its determinants on growth in Nigerian economy. The study in specific terms model’s stock price fluctuations against economic growth and insecurity, exchange rate, interest rate, inflation rate, stock price movement against GDPGR in Nigeria. To achieve the above objectives, the study employs the ex-post facto research design. Quarterly time series data were obtained from the Central Bank of Nigeria (CBN) statistical Bulletins using already available data from 1985 - 2019. The data were analyzed via the aids of econometric techniques such as the descriptive statistics test, the Augmented Dickey-fuller (ADF) unit root test, Correlation matrix and Heteroskedasticity ARCH effect, granger causality, the GARCH (1,1) model and ARDL model for estimations. Findings from the analysis shows price fluctuations had positive and significant effect on growth of the Nigerian Economy. Also, it was opined that insecurity, interest rate, inflation rate, exchange rate, and GDPGR have long-run significant effects on share price volatilities in Nigeria. Finally, it was revealed insecurity, interest rate, inflation, exchange rate and GDPGR have a long-run significant effects on share price fluctuations in Nigeria. On the bases of this finding studies recommended that Authority through its agencies should formulate working document that would stabilize macroeconomic variables and by extension reduce the fluctuation of the stock price as this is required to enhance confidence amongst investors in the market. Also, that the CBN should design and implement policy instruments that would stabilize interest rate to promote significant short run investments and sustain the long run benefits of investments in Nigeria. Government should expedite efforts to reduce the rate of inflations and stabilize the price of goods and services as this promises greater savings and encourages investments which will translate into economic growth. Lastly, policies to tackle cases of corruption in the security framework should be formulated, while the Government should be proactive about its fight against insecurity in Nigeria as this would help stabilize share prices and enhance economic growth in Nigeria.","PeriodicalId":433477,"journal":{"name":"AKSU Journal of Management Sciences","volume":"48 6","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"A Conceptual Analysis of Price Movement, Stock Determinants and Their Effects on Economic Growth in Nigeria\",\"authors\":\"A. K. Kankpang, Suleiman G. Lawal, Joseph E. Nkiri, Okoi E. Iwara\",\"doi\":\"10.61090/aksujomas.2023.014\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study explores the effects price movements in stocks and its determinants on growth in Nigerian economy. The study in specific terms model’s stock price fluctuations against economic growth and insecurity, exchange rate, interest rate, inflation rate, stock price movement against GDPGR in Nigeria. To achieve the above objectives, the study employs the ex-post facto research design. Quarterly time series data were obtained from the Central Bank of Nigeria (CBN) statistical Bulletins using already available data from 1985 - 2019. The data were analyzed via the aids of econometric techniques such as the descriptive statistics test, the Augmented Dickey-fuller (ADF) unit root test, Correlation matrix and Heteroskedasticity ARCH effect, granger causality, the GARCH (1,1) model and ARDL model for estimations. Findings from the analysis shows price fluctuations had positive and significant effect on growth of the Nigerian Economy. Also, it was opined that insecurity, interest rate, inflation rate, exchange rate, and GDPGR have long-run significant effects on share price volatilities in Nigeria. Finally, it was revealed insecurity, interest rate, inflation, exchange rate and GDPGR have a long-run significant effects on share price fluctuations in Nigeria. On the bases of this finding studies recommended that Authority through its agencies should formulate working document that would stabilize macroeconomic variables and by extension reduce the fluctuation of the stock price as this is required to enhance confidence amongst investors in the market. Also, that the CBN should design and implement policy instruments that would stabilize interest rate to promote significant short run investments and sustain the long run benefits of investments in Nigeria. Government should expedite efforts to reduce the rate of inflations and stabilize the price of goods and services as this promises greater savings and encourages investments which will translate into economic growth. Lastly, policies to tackle cases of corruption in the security framework should be formulated, while the Government should be proactive about its fight against insecurity in Nigeria as this would help stabilize share prices and enhance economic growth in Nigeria.\",\"PeriodicalId\":433477,\"journal\":{\"name\":\"AKSU Journal of Management Sciences\",\"volume\":\"48 6\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-11-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"AKSU Journal of Management Sciences\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.61090/aksujomas.2023.014\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"AKSU Journal of Management Sciences","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.61090/aksujomas.2023.014","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

摘要

本研究探讨了股票价格变动及其决定因素对尼日利亚经济增长的影响。具体而言,本研究建立了股票价格波动与尼日利亚经济增长和不安全因素、汇率、利率、通货膨胀率、股票价格变动与国内生产总值(GDPGR)的关系模型。为实现上述目标,本研究采用了事后研究设计。利用现有的 1985 - 2019 年数据,从尼日利亚中央银行(CBN)统计公报中获取了季度时间序列数据。数据分析借助了计量经济学技术,如描述性统计检验、增量迪基-富勒(ADF)单位根检验、相关矩阵和异方差 ARCH 效应、格兰杰因果关系、GARCH (1,1) 模型和 ARDL 模型进行估计。分析结果表明,价格波动对尼日利亚经济增长具有积极而重要的影响。此外,还认为不安全因素、利率、通货膨胀率、汇率和 GDPGR 对尼日利亚的股价波动具有长期显著影响。最后,研究表明,不安全因素、利率、通货膨胀率、汇率和 GDPGR 对尼日利亚的股价波动具有长期显著影响。基于这一结论,研究建议尼日利亚政府通过其机构制定工作文件,稳定宏观经济变量,进而减少股价波动,因为这是增强市场投资者信心所必需的。此外,尼日利亚中央银行应制定并实施稳定利率的政策工具,以促进大量短期投资,维持尼日利亚投资的长期利益。政府应加快努力,降低通货膨胀率,稳定商品和服务价格,因为这有望增加储蓄,鼓励投资,从而促进经济增长。最后,应制定政策,处理安全框架内的腐败案件,同时政府应积极主动地打击尼日利亚的不安全状况,因为这将有助于稳定股价,促进尼日利亚的经济增长。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
A Conceptual Analysis of Price Movement, Stock Determinants and Their Effects on Economic Growth in Nigeria
This study explores the effects price movements in stocks and its determinants on growth in Nigerian economy. The study in specific terms model’s stock price fluctuations against economic growth and insecurity, exchange rate, interest rate, inflation rate, stock price movement against GDPGR in Nigeria. To achieve the above objectives, the study employs the ex-post facto research design. Quarterly time series data were obtained from the Central Bank of Nigeria (CBN) statistical Bulletins using already available data from 1985 - 2019. The data were analyzed via the aids of econometric techniques such as the descriptive statistics test, the Augmented Dickey-fuller (ADF) unit root test, Correlation matrix and Heteroskedasticity ARCH effect, granger causality, the GARCH (1,1) model and ARDL model for estimations. Findings from the analysis shows price fluctuations had positive and significant effect on growth of the Nigerian Economy. Also, it was opined that insecurity, interest rate, inflation rate, exchange rate, and GDPGR have long-run significant effects on share price volatilities in Nigeria. Finally, it was revealed insecurity, interest rate, inflation, exchange rate and GDPGR have a long-run significant effects on share price fluctuations in Nigeria. On the bases of this finding studies recommended that Authority through its agencies should formulate working document that would stabilize macroeconomic variables and by extension reduce the fluctuation of the stock price as this is required to enhance confidence amongst investors in the market. Also, that the CBN should design and implement policy instruments that would stabilize interest rate to promote significant short run investments and sustain the long run benefits of investments in Nigeria. Government should expedite efforts to reduce the rate of inflations and stabilize the price of goods and services as this promises greater savings and encourages investments which will translate into economic growth. Lastly, policies to tackle cases of corruption in the security framework should be formulated, while the Government should be proactive about its fight against insecurity in Nigeria as this would help stabilize share prices and enhance economic growth in Nigeria.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
期刊最新文献
Service Quality Delivery and Customers Patronage of Eateries Freedom of Information Act (FoIA) and the Challenges of Investigative Journalism in Nigeria Social Factors Influencing Tobacco Consumption Among Adolescents in Ikot Ekpene, Akwa Ibom State, Nigeria The Impact of Artificial Intelligence and Blockchain on Entreprenuership Performance and Success in Nigeria (Study of Kassy Block Chain and Technology Agency) Procurement Practices and Organizational Performance of Tertiary Institutions in Bayelsa State
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1