IMPACT OF CAPITAL MARKET PERFORMANCE ON ECONOMIC GROWTH IN NIGERIA
By
Hakeem
Presented To
Department of Business Administration
ABSTRACT
This study examines the impact of Capital Market performance on economic
growth of Nigeria for the period 1983 – 2010. Economic growth was proxied by
gross domestic product while capital market performance was measured by
market capitalization, total new issues, volume of transaction and listed
equities. Data was collected using secondary source of data only. The technique
employed was multiple regression as tool of analysis for the study. The findings
of the study shows that the capital market performance has positively and
significantly impacted on the Nigerian economy within the period of the study
(1983- 2010). The study therefore, recommends among others that the Central
Bank of Nigeria (CBN), the Nigerian Stock Exchange (NSE) and Security and
Exchange Commission (SEC) should ensure free flow of information in the
market. This is necessary in order to attract more investors and increase new
issues which will automatically increase the quantum of market capitalization
that will result in improving the performance of the Nigerian capital market.
TABLE OF CONTENTS
Title Page…………………………………………………………… i
Declaration………………………………………………………… - ii
Certification…………………………………………………………. iii
Dedication…………………………………………………………… iv
Acknowledgement………………………………………………….. v
Abstract……………………………………………………………… vi
Table of Contents…………………………………………………….. vii
i
CHAPTER ONE: INTRODUCTION
1.1 Background to the study ……………………………………. 1
1.2 Statement of the problem …………………………………… 5
1.3 Research questions …………………………………………. 6
1.4 Objectives of the study………………………………………. 7
1.5 Hypotheses of the study……………………………………… 7
1.6 Significance of the study ……………………………………. 8
1.7 Scope of the Study…………………………………………… 9
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction …………………………………………………. 10
2.2 Concept of Capital Market Variables - ……………………… 10
2.3 Review of Literature in the Concept of Capital Market Variable … 15
2.4 Review of Empirical Studies on the Capital Market and Economic
Growth ………………………………………… - ………. 19
2.5 Review of Empirical Studies on the Capital Market and Gross Domestic
Product …………………………………………………. 30
2.6 Contribution of the Capital Market to Economic Growth of Nigeria… 36
2.7 Analysis of the Nigerian Capital Market’s Performance………….. 37
2.8 Theories of Economic Growth - . ………………………….…… 39
2.9 Theoretical Framework - ………………………………………… 41
2.10 Summary…………………………………………………………. 42
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction……………………………………………………… 44
3.2 Research design…………………………………………………. 44
3.3 Population and Sample Design………………………………… 44
3.4 Sources of Data Collection ……………………………………. 45
3.5 Technique of Data Analysis…………………………………… 45
3.6 Variable Measurement………………………………………… 46
3.7 Decision Criteria………………………………………………. 47
3.8 Robustness Test……………………………………………….. 47
3.9 Justification of Methods and Techniques…………………….. 48
3.10 Summary……………………………………………………… 48
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Introduction………………………………………………….. 49
4.2 Basic Statistic……….……………………………………….. 51
4.3 Descriptive Statistic….………………………………………. 51
4.4 Correlation Matrix…….……………………………………… 53
4.5 Test of hypotheses……………………………………… - .. 54
4.6 Policy Implication of the Findings… - ……………………… 59
4.7 Summary of the Chapter…………………………………….. 61
CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary………………………………………………….. 63
5.2 Conclusion………………………………………………… 64
5.3 Recommendations………………………………………… 66
5.4 Limitation of the Study……………………………………. 67
5.5 Areas for further Study……………………………………… 68
Bibliography……………………………………………….. 69
Appendix…………………………………………………… 77
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