TABLE OF CONTENTS
CONTENTS-------- PAGECover------------ i
Title page---------- ii
Declaration---------- iii
Certification---------- iv
Dedication---------- v
Acknowledgements----------vi
Abstract---------- vii
Table of Content----------viii
List of Tables---------- ix
List of Figures---------- x
CHAPTER ONE: INTRODUCTION
1.1 Background of Study-------- 1
1.2 Research Problem----------4
1.3. Objectives of Study-------- 6
1.4 Research Questions-------- 7
1.5 Research Hypothesis-------- 7
1.6 Significance of the Study-------- 8
1.7 Scope and Limitation of the Study------ 9
1.8 Summary of Research Methodology------ 9
1.9 Sources of Data----------11
1.10. Definition of Terms-------- 12
References---------- 15
CHAPTER TWO: LITERATURE REVIEW2.0 Introduction----------16
2.1 The Nigerian Experience-------- 16
2.1.1 The Nigerian Financial System------ 16
2.1.2 The Nigerian Stock Market------ 17
2.2 Conceptual Framework-------- 21
2.2.1 Concept of Share Price Determination------23
2.2.2 Corporate Firm Growth and Share Price Determination-- 26
2.2.3 Corporate Firm Profitability and Share Price Determination-- 26
2.2.4 Corporate Firm Risk and Share Price Determination----29
2.2.5 Corporate Firm Age and Share Price Determination----31
2.2.6 Corporate Firm Size and Share Price Determination----31
2.2.7 Share Price Determination and Macro Economic Variables-- 33
2.3 Theoretical Framework-------- 35
2.3.1 Efficient Market Hypothesis------ 35
2.4 Review of Empirical Literature on Share Price Determination and Corporate
Firm Characteristics-------- 39
References---------- 45
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 Introduction----------51
3.1 Research Design----------51
3.2 Population of Study-------- 52
3.3 Sample Size and Sampling Technique------ 52
3.4 Data Gathering Method-------- 53
3.4.1 Sources of Data-------- 53
3.4.2 Instruments for Data Collection------ 54
3.4.3 Validity and Reliability of Instruments---- 54
3.4.4 Administration of Instruments.------ 55
3.5 Problem of Data Collection--------56
3.6 Actual Field Work/ Location of Study------ 56
3.7 Data Analysis Method-------- 57
3.7.1 Method of Data Analysis------ 57
3.7.2 Instruments for Data Analysis (Including Formulae)-- 57
3.7.3 Diagnostic Analysis--------60
References---------- 62
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.0 Introduction----------63
4.1 Data Presentation and Preliminary analysis------63
4.2 Overall Descriptive Analysis--------65
4.3 Data Analysis Advance-------- 67
4.3.1 Correlation Analysis-------- 67
4.3.2 Regression Analysis--------71
4.4 Hypothesis Testing-------- 78
4.4.1 Model 1----------78
4.4.2 Model 2----------80
References---------- 86
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND
RECOMMENDATIONS
5.0 Introduction----------87
5.1 Summary of Work Done-------- 87
5.2 Summary of Findings-------- 89
5.2.1 Theoretical Findings--------89
5.2.2 Empirical Findings--------91
5.3 Conclusions---------- 93
5.4 Recommendations----------95
5.5 Suggestions for Further Studies--------96
References---------- 97LIST OF FIGURESFigure 1.1 Nigerian Stock Exchange Share Price Index for the Period 1985 to 2009 2
Figure 4.1 Percentages of Samples Selected From Companies----64
LIST OF TABLESTable 4.2.1: Overall Descriptive Statistics for Model 1---- 65
Table 4.2.2 Overall Descriptive Statistics for Model 2---- 66
Table 4.3.1.1 Correlation Coefficient Matrix for Model 1---- 68
Table 4.3.1.2 Correlation Coefficient Matrix for Model 2---- 69
Table 4.3.2.1 Regression Result for Model------ 71
Table 4.3.2.2 Regression Result for Model 2------ 75
Table 4.4.1 Summary of Hypothesis Results For Model 1---- 84
Table 4.4.2 Summary of Hypothesis Results For Model 2---- 85