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All Journal Indonesian Management and Accounting Research
Olakunle Abraham Olateju
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Economics, Econometrics & Finance

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Journal : Indonesian Management and Accounting Research

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Ownership structure and market value of commercial banks in Nigeria: How significant is the retail owners, domestic institutions ownership, foreign institutions ownership, Government Olakunle Abraham Olateju; Olateju, Dare John; Olagunju, Adebayo; Adebayo, Aderemi Olalere; Olowookere, Johnson Kolawole
Indonesian Management and Accounting Research Vol. 21 No. 2 (2022): INDONESIAN MANAGEMENT AND ACCOUNTING RESEARCH
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisns, Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/k6evxr32

Abstract

This study investigates the relationship between ownership structure and the market value of commercial banks in Nigeria, utilizing agency theory as a theoretical framework. Panel data from 2014 to 2022, comprising 63 firm-year observations from 7 commercial banks, is analyzed using Fully Modified Least Squares (FMOLS) and Phillips-Perron cointegration tests. The findings reveal that domestic shareholdings have a statistically significant positive effect on bank valuations, while foreign and government shareholdings have significant negative effects. The results suggest that increased domestic investment enhances market value, whereas higher foreign and government ownership may reduce it. These findings underscore the importance of ownership structure in shaping market perceptions and provide valuable insights for policymakers aiming to optimize ownership arrangements in the Nigerian banking sector.
Co-Authors Adebayo, Aderemi Olalere Olagunju, Adebayo Olateju, Dare John Olowookere, Johnson Kolawole