THE IMPACT OF NIGERIAN NEW ISSUES MARKET INVESTMENTS ON CAPITAL FORMATION.

AUTHOR: NDUKWE, CHIOMA RACHEL (MSc)

DEPARTMENT: FINANCIAL MANAGEMENT TECHNOLOGY

AFFILIATION: FEDERAL UNIVERSITY OF TECHNOLOGY OWERRI

This study examined the influence of the Nigeria stock exchange
market investments on capital formation, covering a period of
twenty-one years, from 1983-2003. The need to empirically
determine the contribution of the capital market to the level of
capital formation, fixed assets accumulation and the economy in
general, formed the central problem and objective of the study.
Employing the simple linear regression model, the study found a
significant relationship between the capital market investments
proxied by the total market capitalization as the explanatory
variable, and the levels of new issues, gross fixed capital formation
and gross domestic product, respectively for hypothesis I through 3.
Some of our conclusions therefore, are that the Nigerian capital
market exerts a significant influence on the three-named dependent
variables and in each case meets the a priori expectation. On this
basis, we recommend policy consistency as a way to encourage
growth and development of the capital market which in turn brings
about a general economic development.

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url: http://tinyurl.com/pf72gsc

 

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