Udoka Bernard Alajekwu - Profile on Academia.edu (original) (raw)
Papers by Udoka Bernard Alajekwu
Journal of posthumanism, 2025
Although Nigerian banking industry has recorded tremendous growth in the volumes of mobile bankin... more Although Nigerian banking industry has recorded tremendous growth in the volumes of mobile banking transactions, the extent of deployment of the mobile banking application (MBA) in Nigeria on the overall, is still below expectations. Consequently, this research investigated the influence of MBA technical (poor network connectivity-PNC, app compatibility issues-ACI, technical glitches-TEG, and frequent system failures-FSF) and user-related challenges (low digital literacy-LDL and Inadequate Customer Support-ICS) on continued usage (COU) of MBA in Nigeria leveraging on information quality (IFQ), system quality (SYQ), and service quality (SEQ). 387 web-based copies of questionnaire were sent to bank experts using Google forms. The data collected from the students were coded, and analysed using the SmartPls. The findings revealed that both user-related such as LDL and technical challenges such as PNC, ACI, FSF and CST significantly hinder COU while user-related such as TEG and ICS had insignificant direct influence on COU. However, the introduction of IFQ, SYQ, and SEQ into the model significantly enhances the robustness of the analysis by evidencing the relevant mediating mechanisms, which improves COU. Hence, the study concludes that PNC, ACI, FSF and CST can still improve COU indirectly when the quality dimensions (IFQ, SYG, and SEQ) are high. Policywise, the Central Bank of Nigeria (CBN) and other financial regulators should mandate banks on national awareness campaigns on the usage of MBA.
Saudi Journal of Business and Management Studies, 2017
This study examined whether a selected African stock exchanges provide evidence of weak form effi... more This study examined whether a selected African stock exchanges provide evidence of weak form efficiency in the recent time period January 2013 to December 2015. Two objectives examined were the normality of distribution of stock prices in African stock markets; and to ascertain whether current values of the stock prices are related to various lags of the past stock prices in African stock markets. The study covered 13 out of the 28 stock exchanges in Africa, representing 38 nations' capital markets. The Jarque-bera statistics test of normal distribution and Augmented Dicker Fuller test of stationarity for stock market efficiency were employed. The data obtained from the monthly All Share Index data of the markets are log transformed to arrive at stock market returns used for the data analyses. Findings from the result indicate that (1) African stock market follows normal distribution; (2) succeeding price changes are not independent and move randomly in African stock markets. The study concluded that African stock markets are weak form inefficient within the period under study. The study therefore recommended that addressing trading frictions; promoting timely disclosure and dissemination of information to investors on the performance of listed companies; and strengthening regulatory oversight are key elements of a strategy aimed at improving the efficiency of the capital market.
NG -Journal of Social Development, 2017
The study investigated the presence of weak form efficiency in the Nigerian stock market within t... more The study investigated the presence of weak form efficiency in the Nigerian stock market within the period of 1985 and 2015. The period was divided into clusters to enable the researcher determine whether certain periods are more efficient than the others. The data used to conduct this research is the All Share Index (ASI) converted to stock market returns. The specific objectives investigated include (1) presence of normal distribution, (2) and the randomness or independence of the stock market returns. These tests were conducted with descriptive statistics, Kolmogorov-Smirnov Test, runs test, ADF unit root test and simple regression. The results are as follows: (1) the large differences between the Mean and Standard deviation of the variables in the descriptive statistics suggest that the stock market is highly risky. (2) Descriptive statistics and One-Sample Kolmogorov-Smirnov Test, show that stock market returns in Nigerian is not normally distributed in the period between 1985-1992; 1993-1999; 2000-2008, and in the whole period (1985 to 2015). However, in the recent period, 2011 to 2014, it was found that stock returns are normally distributed. (3) The results of the test of serial independence or randomness as obtained from Runs and ADF tests show that in periods 1985-1992, 1993-1999, 2000-2008 and the whole period 1985-2015, the Nigerian stock market is dependent and not random thus inefficient. The study showed that Nigerian stock market was inefficient between 1985 and 2008 and improved into weak form efficiency overtime2009 till 2015. Among the recommendations preferred was that the Securities and Exchange Commission should take a leading role in regulating abnormal financial activities such as inflated stock prices, speculation, and insider trading normally intensified by herding behaviour.
International Journal of Trend in Scientific Research and Development, 2017
In the business of banking, banks do not only invest the received deposits to meet future obligat... more In the business of banking, banks do not only invest the received deposits to meet future obligations but also to make a profit. The study investigates the effect of asset allocation on profitability Deposit Money Banks in Nigeria. The study adopted a panel regression model involving five selected commercial banks. The data were obtained from the financial statement and annual reports of the selected banks spanning 2011 to 2015. The explanatory variables of the study are liquid assets, equities, loans, securities. The panel Ordinary Least Square regression was employed for data analyses. The findings have shown that aggregate asset allocation variable significantly explains 54% of changes in bank profits. Further results shows that liquid assets, investments equities have positive but insignificant effect on profitability of Deposit Money Banks in Nigeria; loan extension of the banks have insignificant negative effect on profitability of Deposit Money Banks in Nigeria; whereas investments in security have significant positive effect on the profitability of Deposit Money Banks in Nigeria. The study thus concluded that asset allocation is an important financial management tool to enhancing bank profitability, and that investments in securities are veritable channel for banks to improve profitability in Nigeria.
Journal of Posthumanism, 2025
Although Nigerian banking industry has recorded tremendous growth in the volumes of mobile bankin... more Although Nigerian banking industry has recorded tremendous growth in the volumes of mobile banking transactions, the extent of deployment of the mobile banking application (MBA) in Nigeria on the overall, is still below expectations. Consequently, this research investigated the influence of MBA technical (poor network connectivity-PNC, app compatibility issues-ACI, technical glitches-TEG, and frequent system failures-FSF) and user-related challenges (low digital literacy-LDL and Inadequate Customer Support-ICS) on continued usage (COU) of MBA in Nigeria leveraging on information quality (IFQ), system quality (SYQ), and service quality (SEQ). 387 web-based copies of questionnaire were sent to bank experts using Google forms. The data collected from the students were coded, and analysed using the SmartPls. The findings revealed that both user-related such as LDL and technical challenges such as PNC, ACI, FSF and CST significantly hinder COU while user-related such as TEG and ICS had insignificant direct influence on COU. However, the introduction of IFQ, SYQ, and SEQ into the model significantly enhances the robustness of the analysis by evidencing the relevant mediating mechanisms, which improves COU. Hence, the study concludes that PNC, ACI, FSF and CST can still improve COU indirectly when the quality dimensions (IFQ, SYG, and SEQ) are high. Policywise, the Central Bank of Nigeria (CBN) and other financial regulators should mandate banks on national awareness campaigns on the usage of MBA.
International Journal of Science and Management Studies (IJSMS), 2019
The study examined the effect of international capital inflows on economic growth of Nigeria for ... more The study examined the effect of international capital inflows on economic growth of Nigeria for the periods, 1986 to 2016. The study employed four core channels of international capital inflows which includes foreign direct investment (FDI), official development assistance (ODA), personal remittances (REM), and external debt stock (EXTDS) into Nigeria as the explanatory variables and GDP growth rate as the dependent variable. The model of the study was hinged on the Harrod-Domar growth model and employed Johansen co-integration and Ordinary Least Square (OLS) techniques for data analyses. The result showed that international capital inflows have long run effect on economic growth of Nigeria. Specifically, the OLS revealed that FDI and REM had significant positive effects on economic growth. However, EXTDS and ODA had no significant effects on economic growth. The study further showed that international capital is a powerful tool for boosting economic growth of Nigeria(R-square = 71...
African Research Review, 2011
Alajekwu, Udoka Bernard-Department of Banking and Finance,
SSRN Electronic Journal, 2021
Financial inclusion avails all economic units the opportunity to access financial services needed... more Financial inclusion avails all economic units the opportunity to access financial services needed to boost economic activities. One of the objectives of financial inclusion is to provide access to finance for the poor majority who initially do not use formal financial services. The MSMEs requirement for funds is hampered by their limited access to the financial market. This study however investigated the effect of financial inclusion strategies on access to credit by micro, small and medium scale enterprises (MSMEs) in Nigeria. Data for the study were collected from the CBN Statistical bulletin for the period of 1991 to 2019. The explanatory variables used to develop a multiple regression model captured the market capitalization, pension account, insurance account, microfinance account and e-banking as strategies to financial inclusion. The Autoregressive Distributive Lag model was developed and analyzed for long and short-run dynamics of financial inclusion on access to loan and advances by the MSMEs in Nigeria. The bound test showed that financial inclusion strategies had a long-run relationship with loan and advances of the MSMEs. The coefficient of determination explained 99% of access to loans and advances by the MSMEs in Nigeria. The coefficients of regression revealed that lags of Loan and Advances to MSMEs had adverse endogenous effects on the model. More so, activities in the capital market (MKTC) and pension accounts (PA) at lag 1 have positive and significant effects on credit to MSMEs (LA) in Nigeria; but insurance accounts (IA), microfinance account (MFA) and e-banking innovations (EBDUM) creates unstable significant effects on credit to MSMEs in Nigeria. The study posits that financial inclusion strategies have a long-run impact on MSMEs with the capital market and pension funds the major enhancers of MSME funding.
Research Journal of Finance and Accounting, 2013
The study investigates the effect of trade openness on the impact of stock market development on ... more The study investigates the effect of trade openness on the impact of stock market development on economic growth of Nigeria. The ADF test revealed stationarity of the variables at first difference. The Johansen multivariate cointegration test confirms a long-run co-integrating relationship at 5% level of significance. In addition, the regression estimates shows that trade openness response to the relationship between stock market development does not have significant effect on economic growth. The pairwise granger causality test shows that there is no causal relation between trade openness and economic growth on one hand; and trade openness and stock market development on the other hand. The study conclude that exposure to external economies (trade openness) has no significance contribution to the development of Nigerian stock market in particular and the economy in general.
Annals of Spiru Haret University. Economic Series
The study examines determinants of dividend payout of consumer goods firms listed on the Nigerian... more The study examines determinants of dividend payout of consumer goods firms listed on the Nigerian Stock Exchange. The Nigerian Stock Exchange has 28 listed consumer goods firms. Purposive sampling technique was used and a sample of 9 consumer goods firms for duration of ten years from 2006 to 2015 was selected. Secondary data was collected from audited financial statements of the companies from the websites of the selected firms. Dividend payout ratio was the dependent variable while independent variables were market value, profitability, financial leverage, firm size and previous year dividend payout. Descriptive statistics and multiple regressions were used. Results showed that firm market value has significant positive effect on dividend payout; firm profitability has positive but insignificant effect on dividend payout; firm leverage has negative and insignificant effect on dividend payout; firm size has negative and insignificant effect on dividend payout; and previous year’s d...
Annals of Spiru Haret University. Economic Series
The study investigated effect of monetary policy on economic growth in Nigeria. The natural log o... more The study investigated effect of monetary policy on economic growth in Nigeria. The natural log of the GDP was used as the dependent variables against the explanatory monetary policy variables: monetary policy rate, money supply, exchange rate, lending rate and investment. The time series data is the market controlled period covering 1986 to 2016. The study adopted an Ordinary Least Squared technique and also conducted the unit root and co-integration tests. The study showed that long run relationship exists among the variables. Also, the core finding of this study showed that monetary policy rate, interest rate, and investment have insignificant positive effect on economic growth in Nigeria. Money supply however has significant positive effect on growth in Nigeria. Exchange rate has significant negative effect on GDP in Nigeria. Money supply and investment granger cause economic growth, while economic growth causes interest rate in Nigeria. On the overall, monetary policy explain 9...
Annals of Spiru Haret University. Economic Series
This study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed a... more This study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed and floating exchange eras were compared to know the exchange rate system in which the economy has fairly better. The time period covered was 1970 to 2012. The study employed the ordinary least square (OLS) multiple regression technique for the analysis. The coefficient of determination (R2), F-test, t-test, beta and Durbin-Watson were used in the interpretation of the results. The resulted revealed that about 85% of the changes in macroeconomic indicators are explained in the fixed exchange era. In the floating exchange era, 99% was explained while the whole periods has 73% explanatory power, hence the floating exchange era (1986 to date) is more effective in explaining economic trend in Nigeria. Also, exchange rate has significant positive effect on GDP during the fixed exchange rate era and negative effect the eras floating and all-time; inflation has insignificant negative effect on G...
Annals of "Spiru Haret". Economic Series
The study examined the effect of investor sentiment on future returns in the Nigerian stock marke... more The study examined the effect of investor sentiment on future returns in the Nigerian stock market. 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 (ΔCCI) 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 (ΔCCI) 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.
International Journal of Trend in Scientific Research and Development
In the business of banking, banks do not only invest the received deposits to meet future obligat... more In the business of banking, banks do not only invest the received deposits to meet future obligations but also to make a profit. The study investigates the effect of asset allocation on profitability Deposit Money Banks in Nigeria. The study adopted a panel regression model involving five selected commercial banks. The data were obtained from the financial statement and annual reports of the selected banks spanning 2011 to 2015. The explanatory variables of the study are liquid assets, equities, loans, securities. The panel Ordinary Least Square regression was employed for data analyses. The findings have shown that aggregate asset allocation variable significantly explains 54% of changes in bank profits. Further results shows that liquid assets, investments equities have positive but insignificant effect on profitability of Deposit Money Banks in Nigeria; loan extension of the banks have insignificant negative effect on profitability of Deposit Money Banks in Nigeria; whereas investments in security have significant positive effect on the profitability of Deposit Money Banks in Nigeria. The study thus concluded that asset allocation is an important financial management tool to enhancing bank profitability, and that investments in securities are veritable channel for banks to improve profitability in Nigeria.
Journal of posthumanism, 2025
Although Nigerian banking industry has recorded tremendous growth in the volumes of mobile bankin... more Although Nigerian banking industry has recorded tremendous growth in the volumes of mobile banking transactions, the extent of deployment of the mobile banking application (MBA) in Nigeria on the overall, is still below expectations. Consequently, this research investigated the influence of MBA technical (poor network connectivity-PNC, app compatibility issues-ACI, technical glitches-TEG, and frequent system failures-FSF) and user-related challenges (low digital literacy-LDL and Inadequate Customer Support-ICS) on continued usage (COU) of MBA in Nigeria leveraging on information quality (IFQ), system quality (SYQ), and service quality (SEQ). 387 web-based copies of questionnaire were sent to bank experts using Google forms. The data collected from the students were coded, and analysed using the SmartPls. The findings revealed that both user-related such as LDL and technical challenges such as PNC, ACI, FSF and CST significantly hinder COU while user-related such as TEG and ICS had insignificant direct influence on COU. However, the introduction of IFQ, SYQ, and SEQ into the model significantly enhances the robustness of the analysis by evidencing the relevant mediating mechanisms, which improves COU. Hence, the study concludes that PNC, ACI, FSF and CST can still improve COU indirectly when the quality dimensions (IFQ, SYG, and SEQ) are high. Policywise, the Central Bank of Nigeria (CBN) and other financial regulators should mandate banks on national awareness campaigns on the usage of MBA.
Saudi Journal of Business and Management Studies, 2017
This study examined whether a selected African stock exchanges provide evidence of weak form effi... more This study examined whether a selected African stock exchanges provide evidence of weak form efficiency in the recent time period January 2013 to December 2015. Two objectives examined were the normality of distribution of stock prices in African stock markets; and to ascertain whether current values of the stock prices are related to various lags of the past stock prices in African stock markets. The study covered 13 out of the 28 stock exchanges in Africa, representing 38 nations' capital markets. The Jarque-bera statistics test of normal distribution and Augmented Dicker Fuller test of stationarity for stock market efficiency were employed. The data obtained from the monthly All Share Index data of the markets are log transformed to arrive at stock market returns used for the data analyses. Findings from the result indicate that (1) African stock market follows normal distribution; (2) succeeding price changes are not independent and move randomly in African stock markets. The study concluded that African stock markets are weak form inefficient within the period under study. The study therefore recommended that addressing trading frictions; promoting timely disclosure and dissemination of information to investors on the performance of listed companies; and strengthening regulatory oversight are key elements of a strategy aimed at improving the efficiency of the capital market.
NG -Journal of Social Development, 2017
The study investigated the presence of weak form efficiency in the Nigerian stock market within t... more The study investigated the presence of weak form efficiency in the Nigerian stock market within the period of 1985 and 2015. The period was divided into clusters to enable the researcher determine whether certain periods are more efficient than the others. The data used to conduct this research is the All Share Index (ASI) converted to stock market returns. The specific objectives investigated include (1) presence of normal distribution, (2) and the randomness or independence of the stock market returns. These tests were conducted with descriptive statistics, Kolmogorov-Smirnov Test, runs test, ADF unit root test and simple regression. The results are as follows: (1) the large differences between the Mean and Standard deviation of the variables in the descriptive statistics suggest that the stock market is highly risky. (2) Descriptive statistics and One-Sample Kolmogorov-Smirnov Test, show that stock market returns in Nigerian is not normally distributed in the period between 1985-1992; 1993-1999; 2000-2008, and in the whole period (1985 to 2015). However, in the recent period, 2011 to 2014, it was found that stock returns are normally distributed. (3) The results of the test of serial independence or randomness as obtained from Runs and ADF tests show that in periods 1985-1992, 1993-1999, 2000-2008 and the whole period 1985-2015, the Nigerian stock market is dependent and not random thus inefficient. The study showed that Nigerian stock market was inefficient between 1985 and 2008 and improved into weak form efficiency overtime2009 till 2015. Among the recommendations preferred was that the Securities and Exchange Commission should take a leading role in regulating abnormal financial activities such as inflated stock prices, speculation, and insider trading normally intensified by herding behaviour.
International Journal of Trend in Scientific Research and Development, 2017
In the business of banking, banks do not only invest the received deposits to meet future obligat... more In the business of banking, banks do not only invest the received deposits to meet future obligations but also to make a profit. The study investigates the effect of asset allocation on profitability Deposit Money Banks in Nigeria. The study adopted a panel regression model involving five selected commercial banks. The data were obtained from the financial statement and annual reports of the selected banks spanning 2011 to 2015. The explanatory variables of the study are liquid assets, equities, loans, securities. The panel Ordinary Least Square regression was employed for data analyses. The findings have shown that aggregate asset allocation variable significantly explains 54% of changes in bank profits. Further results shows that liquid assets, investments equities have positive but insignificant effect on profitability of Deposit Money Banks in Nigeria; loan extension of the banks have insignificant negative effect on profitability of Deposit Money Banks in Nigeria; whereas investments in security have significant positive effect on the profitability of Deposit Money Banks in Nigeria. The study thus concluded that asset allocation is an important financial management tool to enhancing bank profitability, and that investments in securities are veritable channel for banks to improve profitability in Nigeria.
Journal of Posthumanism, 2025
Although Nigerian banking industry has recorded tremendous growth in the volumes of mobile bankin... more Although Nigerian banking industry has recorded tremendous growth in the volumes of mobile banking transactions, the extent of deployment of the mobile banking application (MBA) in Nigeria on the overall, is still below expectations. Consequently, this research investigated the influence of MBA technical (poor network connectivity-PNC, app compatibility issues-ACI, technical glitches-TEG, and frequent system failures-FSF) and user-related challenges (low digital literacy-LDL and Inadequate Customer Support-ICS) on continued usage (COU) of MBA in Nigeria leveraging on information quality (IFQ), system quality (SYQ), and service quality (SEQ). 387 web-based copies of questionnaire were sent to bank experts using Google forms. The data collected from the students were coded, and analysed using the SmartPls. The findings revealed that both user-related such as LDL and technical challenges such as PNC, ACI, FSF and CST significantly hinder COU while user-related such as TEG and ICS had insignificant direct influence on COU. However, the introduction of IFQ, SYQ, and SEQ into the model significantly enhances the robustness of the analysis by evidencing the relevant mediating mechanisms, which improves COU. Hence, the study concludes that PNC, ACI, FSF and CST can still improve COU indirectly when the quality dimensions (IFQ, SYG, and SEQ) are high. Policywise, the Central Bank of Nigeria (CBN) and other financial regulators should mandate banks on national awareness campaigns on the usage of MBA.
International Journal of Science and Management Studies (IJSMS), 2019
The study examined the effect of international capital inflows on economic growth of Nigeria for ... more The study examined the effect of international capital inflows on economic growth of Nigeria for the periods, 1986 to 2016. The study employed four core channels of international capital inflows which includes foreign direct investment (FDI), official development assistance (ODA), personal remittances (REM), and external debt stock (EXTDS) into Nigeria as the explanatory variables and GDP growth rate as the dependent variable. The model of the study was hinged on the Harrod-Domar growth model and employed Johansen co-integration and Ordinary Least Square (OLS) techniques for data analyses. The result showed that international capital inflows have long run effect on economic growth of Nigeria. Specifically, the OLS revealed that FDI and REM had significant positive effects on economic growth. However, EXTDS and ODA had no significant effects on economic growth. The study further showed that international capital is a powerful tool for boosting economic growth of Nigeria(R-square = 71...
African Research Review, 2011
Alajekwu, Udoka Bernard-Department of Banking and Finance,
SSRN Electronic Journal, 2021
Financial inclusion avails all economic units the opportunity to access financial services needed... more Financial inclusion avails all economic units the opportunity to access financial services needed to boost economic activities. One of the objectives of financial inclusion is to provide access to finance for the poor majority who initially do not use formal financial services. The MSMEs requirement for funds is hampered by their limited access to the financial market. This study however investigated the effect of financial inclusion strategies on access to credit by micro, small and medium scale enterprises (MSMEs) in Nigeria. Data for the study were collected from the CBN Statistical bulletin for the period of 1991 to 2019. The explanatory variables used to develop a multiple regression model captured the market capitalization, pension account, insurance account, microfinance account and e-banking as strategies to financial inclusion. The Autoregressive Distributive Lag model was developed and analyzed for long and short-run dynamics of financial inclusion on access to loan and advances by the MSMEs in Nigeria. The bound test showed that financial inclusion strategies had a long-run relationship with loan and advances of the MSMEs. The coefficient of determination explained 99% of access to loans and advances by the MSMEs in Nigeria. The coefficients of regression revealed that lags of Loan and Advances to MSMEs had adverse endogenous effects on the model. More so, activities in the capital market (MKTC) and pension accounts (PA) at lag 1 have positive and significant effects on credit to MSMEs (LA) in Nigeria; but insurance accounts (IA), microfinance account (MFA) and e-banking innovations (EBDUM) creates unstable significant effects on credit to MSMEs in Nigeria. The study posits that financial inclusion strategies have a long-run impact on MSMEs with the capital market and pension funds the major enhancers of MSME funding.
Research Journal of Finance and Accounting, 2013
The study investigates the effect of trade openness on the impact of stock market development on ... more The study investigates the effect of trade openness on the impact of stock market development on economic growth of Nigeria. The ADF test revealed stationarity of the variables at first difference. The Johansen multivariate cointegration test confirms a long-run co-integrating relationship at 5% level of significance. In addition, the regression estimates shows that trade openness response to the relationship between stock market development does not have significant effect on economic growth. The pairwise granger causality test shows that there is no causal relation between trade openness and economic growth on one hand; and trade openness and stock market development on the other hand. The study conclude that exposure to external economies (trade openness) has no significance contribution to the development of Nigerian stock market in particular and the economy in general.
Annals of Spiru Haret University. Economic Series
The study examines determinants of dividend payout of consumer goods firms listed on the Nigerian... more The study examines determinants of dividend payout of consumer goods firms listed on the Nigerian Stock Exchange. The Nigerian Stock Exchange has 28 listed consumer goods firms. Purposive sampling technique was used and a sample of 9 consumer goods firms for duration of ten years from 2006 to 2015 was selected. Secondary data was collected from audited financial statements of the companies from the websites of the selected firms. Dividend payout ratio was the dependent variable while independent variables were market value, profitability, financial leverage, firm size and previous year dividend payout. Descriptive statistics and multiple regressions were used. Results showed that firm market value has significant positive effect on dividend payout; firm profitability has positive but insignificant effect on dividend payout; firm leverage has negative and insignificant effect on dividend payout; firm size has negative and insignificant effect on dividend payout; and previous year’s d...
Annals of Spiru Haret University. Economic Series
The study investigated effect of monetary policy on economic growth in Nigeria. The natural log o... more The study investigated effect of monetary policy on economic growth in Nigeria. The natural log of the GDP was used as the dependent variables against the explanatory monetary policy variables: monetary policy rate, money supply, exchange rate, lending rate and investment. The time series data is the market controlled period covering 1986 to 2016. The study adopted an Ordinary Least Squared technique and also conducted the unit root and co-integration tests. The study showed that long run relationship exists among the variables. Also, the core finding of this study showed that monetary policy rate, interest rate, and investment have insignificant positive effect on economic growth in Nigeria. Money supply however has significant positive effect on growth in Nigeria. Exchange rate has significant negative effect on GDP in Nigeria. Money supply and investment granger cause economic growth, while economic growth causes interest rate in Nigeria. On the overall, monetary policy explain 9...
Annals of Spiru Haret University. Economic Series
This study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed a... more This study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed and floating exchange eras were compared to know the exchange rate system in which the economy has fairly better. The time period covered was 1970 to 2012. The study employed the ordinary least square (OLS) multiple regression technique for the analysis. The coefficient of determination (R2), F-test, t-test, beta and Durbin-Watson were used in the interpretation of the results. The resulted revealed that about 85% of the changes in macroeconomic indicators are explained in the fixed exchange era. In the floating exchange era, 99% was explained while the whole periods has 73% explanatory power, hence the floating exchange era (1986 to date) is more effective in explaining economic trend in Nigeria. Also, exchange rate has significant positive effect on GDP during the fixed exchange rate era and negative effect the eras floating and all-time; inflation has insignificant negative effect on G...
Annals of "Spiru Haret". Economic Series
The study examined the effect of investor sentiment on future returns in the Nigerian stock marke... more The study examined the effect of investor sentiment on future returns in the Nigerian stock market. 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 (ΔCCI) 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 (ΔCCI) 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.
International Journal of Trend in Scientific Research and Development
In the business of banking, banks do not only invest the received deposits to meet future obligat... more In the business of banking, banks do not only invest the received deposits to meet future obligations but also to make a profit. The study investigates the effect of asset allocation on profitability Deposit Money Banks in Nigeria. The study adopted a panel regression model involving five selected commercial banks. The data were obtained from the financial statement and annual reports of the selected banks spanning 2011 to 2015. The explanatory variables of the study are liquid assets, equities, loans, securities. The panel Ordinary Least Square regression was employed for data analyses. The findings have shown that aggregate asset allocation variable significantly explains 54% of changes in bank profits. Further results shows that liquid assets, investments equities have positive but insignificant effect on profitability of Deposit Money Banks in Nigeria; loan extension of the banks have insignificant negative effect on profitability of Deposit Money Banks in Nigeria; whereas investments in security have significant positive effect on the profitability of Deposit Money Banks in Nigeria. The study thus concluded that asset allocation is an important financial management tool to enhancing bank profitability, and that investments in securities are veritable channel for banks to improve profitability in Nigeria.