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All Journal The International Journal of Accounting and Business Society
Babarinde, Gbenga Festus
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences

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ANALYSIS OF COVID-19 DISCHARGED CASES AND EQUITY TURNOVER IN THE NIGERIAN CAPITAL MARKET: AN EVENT STUDY APPROACH Babarinde, Gbenga Festus
The International Journal of Accounting and Business Society Vol 29, No 2 (2021): The International Journal of Accounting and Business Society
Publisher : Accounting Department,

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Purpose —  The purpose of this study is to investigate the effect of cumulative and new discharged cases of COVID-19 on equity turnover value in the Nigerian Stock Exchange(NSE) between March 2, 2020, and September 25, 2020.Design/methodology/approach —  Correlation test and Vector Autoregressive (VAR) model were used to analyze the daily time series data sourced from the Nigerian Stock Exchange and the Nigeria Centre for Disease Control(NCDC) websites.Findings —  The study found evidence of a weak negative correlation between measures of COVID-19 recovery and equity turnover value in Nigeria. Furthermore, the VAR model results indicate that cumulative and new discharged cases of COVID-19 have a negative but non-significant impact on equity turnover value in Nigeria over the study periodPractical implications —  This implies that COVID-19 recovery cases still have the potential to shrink equity turnover value in the Nigerian capital market, though its influence may not be significant. There is therefore the need to speed up the vaccine development/commercial launch pace and other measures to curb the pandemic and ensure quicker recovery of those infected persons. These will help to reduce the long-run potential threat of COVID-19 on the Nigerian capital market. Originality/value —  This paper provides empirical evidence on the nexus between COVID-19 discharged cases and equity turnover in a developing economy, this is Nigeria. It is expected that this case will help the investment community particularly, the capital market investors on the potential influence of COVID-19 on market transactions in terms of turnover, such that the prolongation of the coronavirus pandemic constitutes an important source of financial volatility in the capital market of the country.Keywords —  Coronavirus; COVID-19; Discharge cases; Recovery rate; Equity turnover value; Nigerian Stock Exchange; Vector Autoregressive (VAR).Paper type —  Research Paper
Dynamic Link Between Stock Market Size and Stock Market Investment Returns In Nigeria Babarinde, Gbenga Festus
The International Journal of Accounting and Business Society Vol. 30 No. 1 (2022): The International Journal of Accounting and Business Society
Publisher : Accounting Department,

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ijabs.2022.30.1.658

Abstract

Purpose—This study examines the dynamic link between stock market size and investment returns in Nigeria. Design/Methodology: Based on an ex post facto research design, the Autoregressive Distributed Lag (ARDL) technique was applied to the annual time series data obtained from the Central Bank of Nigeria’s statistical bulletin for the period 1985 to 2019. Findings-- Findings indicate a negative, weak, and significant correlation and a long-run relationship between stock market size and stock market returns in Nigeria. Furthermore, this study confirmed that in the long run, the stock market size negatively and significantly affects stock market returns in Nigeria. However, in the short run, the effect of stock market size on returns is positive and statistically significant. Practical Implications--It is imperative that the government vigorously pursue capital market policies directed at expanding the market size in close partnership with the organized private sector. In contrast, the long-run negative effect of stock market size on stock market investors should be mitigated by improving the financial market environment in the areas of law and policy framework, professionalism and ethical operations, infrastructural improvements, etc. Original Value—This study posits that there is a significant negative long-run relationship between size and investment returns in the Nigerian Stock Exchange, and this relationship has long-term policy implications for the economy. Keywords-- All-share index, Autoregressive Distributed Lag, Investments, Market capitalization, Stock market size, Stock returns. Paper Type—Research paper
Investors' Sentiment in The Nigerian Stock Market: Does Covid-19 Matter? Babarinde, Gbenga Festus; Adegoke Adewusi, Olusegun; Idera Abdulmajeed , Tajudeen; Hassan Haziel, Yusuf
The International Journal of Accounting and Business Society Vol. 30 No. 2 (2022): The International Journal of Accounting and Business Society
Publisher : Accounting Department,

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ijabs.2022.30.2.688

Abstract

Purpose: Past studies have focused on psychological and macroeconomic factors as determinants of investor sentiment. However, the 2019 novel coronavirus disease (COVID-19) outbreak has raised the need to determine whether the pandemic shapes investors' sentiment. Hence, this research aims to examine the role of COVID-19 in shaping investors' sentiment in the Nigerian capital market. Methodology: In determining whether COVID-19 matters or not in shaping investor sentiment in the Nigerian capital market, this study applied the Vector Error Correction Model (VECM) and Pearson correlation techniques to the analysis of the weekly time series data on COVID-19 confirmed (positive), discharged and fatal cases and their relationships as well as impacts on the stock (capital) market investors' sentiment in Nigeria for the period 2nd March 2020 to 25th October 2020. Findings: This study confirms a weak positive relationship between COVID-19 and investors' sentiment in the Nigerian stock market. Furthermore, there is evidence that the discharged and fatal cases of COVID-19 have had significant positive impacts on investors' sentiment in Nigeria in the long run, unlike the positive cases, which have had significant negative impacts. In the short-run, however, COVID-19 positive cases have positive while discharged and fatal cases have negative non-significant effects on stock market investors' sentiment in Nigeria. Practical Implications: It is therefore concluded that COVID-19 cases are significant determinants of investors' sentiment in the Nigerian stock market, such that the effects of the pandemic are significant in shaping stock market investors' sentiment in the country. It is high time the regulatory authorities and investment community, particularly investors, considered the long-run implications of the current COVID-19 pandemic on their behaviour and decisions. Originality/Value: This is one of the very few studies in Nigeria that discount the influence of health pandemics such as COVID-19 on the behaviour of investors in the stock market concerning sentiments. Keywords: Investors Sentiment, COVID-19, Nigerian Stock Exchange, Investment Decision. Paper type- Research paper
Environmental Factors and Bank Performance In Nigeria: A Panel GMM Approach Babarinde, Gbenga Festus; Abdulmajeed, Idera Tajudeen; Gidigbi , Matthew Oladapo
The International Journal of Accounting and Business Society Vol. 31 No. 3 (2023): The International Journal of Accounting and Business Society
Publisher : Accounting Department,

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ijabs.2023.31.3.781

Abstract

Purpose—This paper examines the impact of various environmental factors on the performance of banks in Nigeria. Specifically, the study analyzes how exchange rates, GDP growth, government expenditures, and interest rates influence the performance of selected Deposit Money Banks (DMBs) in Nigeria. Design/methodology/approach—The study uses annual data sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and the annual reports and accounts of 12 randomly selected DMBs for the period from 2009 to 2018. The Panel Generalized Method of Moments (GMM) approach is employed to estimate the relationships between environmental factors and bank performance. Findings — The research finds that GDP growth, interest rates, and government expenditure all have a positive and significant impact on the performance of banks. Among these factors, government expenditure has the most substantial effect on the earnings per share (EPS) of the selected banks. Practical implications — Based on the findings, it is recommended that banks should manage their interest rates creatively within legal constraints to enhance performance. Banks should also pay close attention to government fiscal policies, especially expenditures, and incorporate these into their strategic decision-making. Additionally, banks are encouraged to develop policies, products, and services that support economic growth in Nigeria, potentially through development finance initiatives. Originality/value—This study uses a robust panel data approach to provide valuable insights into how environmental factors affect bank performance in Nigeria. By highlighting the significant role of government expenditures and other factors, it offers practical recommendations for banks to improve their performance and align their strategies with macroeconomic conditions. This research contributes to understanding banking performance in emerging economies, particularly within the context of Nigeria.
Co-Authors Abdulmajeed, Idera Tajudeen Adegoke Adewusi, Olusegun Gidigbi , Matthew Oladapo Hassan Haziel, Yusuf Idera Abdulmajeed , Tajudeen