Effects of Selected Macroeconomic Variables on Stock Market Returns in Nigeria
Adeleke Gabriel Aremo, Olabode Eric Olabisi, Oyinlola O. Adeboye
Asian Journal of Economics, Business and Accounting · pp. 56–70 · Published 5 Aug 2020
10.9734/ajeba/2020/v16i330242Abstract
The paper empirically examines the effects of selected macroeconomic variables on stock market returns in Nigeria within the period 1985 and 2014 with a view to determining the macro-factors determining stock market returns in Nigeria. The Autoregressive Distributed Lag (ARDL) approach was employed to examine both the short and long-run effects of selected macroeconomic variables on stock market returns using annual time series data spanning 1985 to 2014. The findings show that both foreign direct investment inflows and external debt do not have significant impact on stock market returns in Nigeria while money supply and trade openness have significant positive effect on stock market returns in the long-run. The annual speed of adjustment towards equilibrium is 91 per cent. The causality results show two-way causality between the nominal stock market returns and foreign direct investment inflows, while one-way causality runs from nominal stock market returns to trade openness.
Cited by 6
Purna Man Shrestha, Mahesh Rana · Journal of Business and Management · 2024
Salimata Saadu Olumo · Pakistan Journal of Life and Social Sciences (PJLSS) · 2025
Ahmet Akusta · Abant Sosyal Bilimler Dergisi · 2024
Dias Satria · Jurnal Keuangan dan Perbankan · 2023
Eser YEŞİLDAĞ · Yönetim ve Ekonomi Araştırmaları Dergisi · 2021
Krishna Bahadur Thapa · International Journal of Atharva · 2025
Related research
- Role of the FIIs in the Development of the Indian Stock Market: An Econometric Analysis — shares topic coverage
- Relationship between Cash Flow of Companies in Risaralda and Regional Gross Domestic Product for the Industrial Sector in the 2002-2011 Period — shares topic coverage
- Effect of Macroeconomic Variables on Stock Market Performance in Nigeria — shares topic coverage
- The Convergence of Macroeconomic Variables within the East Africa Community — shares topic coverage
- Aggregate Earnings and (Un)employment Rate: Evidence from Nigeria — shares topic coverage
Article metrics
Real usage data collected on this platform.
0
Page views
0
PDF downloads
0
Outbound clicks
6
Citations
Views by country
Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".
No views recorded yet.
Traffic sources
Referring site, by host.
No traffic recorded yet.
Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.