VALUE BASED DETERMINANTS OF MARKET PERFORMANCE OF LISTED COMPANIES IN NIGERIA: A DYNAMIC APPROACH

https://doi.org/10.5281/zenodo.17725435

Authors

  • USMAN Tanimu Gadi, Ph.D Author
  • ABBDULKARIM Shaibu Alhassan, Ph.D. Department of Accounting, Nasarawa State University, Keffi Author
  • TERU, Susan Peter, Ph.D. Department of Accounting, University of Abuja Author

Keywords:

Value-Based, Market Performance, Dynamic Approach

Abstract

The study examined value-based determinants of the market performance of listed companies in Nigeria from 2013-2022. The study adopted signaling theory and longitudinal research design with a sample size of one hundred and thirteen (113) companies, which was drawn from the population of one hundred and sixty-four (164) listed companies on the Nigeria Exchange Group as of December 2022. Data were collected from the annual report of the sampled companies and a System Based Generalized Method of Moments (GMM) estimator was used for the analysis. The result indicated that market value-added, economic value-added, and refined economic value-added have positive and significant effects on market performance. The study suggests among others, that investors should consider the value-based determinants of a company's performance and competitive advantage. This involves assessing the company's ability to generate income higher than the cost of capital, which is a fundamental aspect of value creation and sustainable growth.

Downloads

Published

2025-11-14

Issue

Vol. 1 No. 1 (2024): Journal of Management Science Research and Contemporary Issues (JMSRCI)

Section

Articles