Impact of Firm Attributes on Stock Returns
In the Nigerian Listed Conglomerate Industry
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This study examines the impact of firm attributes on stock returns of listed conglomerate companies in Nigeria over the period 2005-2014. Studies in this area seem to have mixed result, mostly foreign based and the few conducted in Nigeria, none touched on the Nigerian conglomerates firm and covers a ten year period. There is growing empirical evidence which demonstrates the inability of market factors to fully explain security prices, as suggested by Capital Asset Pricing Model (CAPM). Samples of five firms out of six conglomerate companies listed on the Nigerian Stock Exchange were studied. ...
This study examines the impact of firm attributes on stock returns of listed conglomerate companies in Nigeria over the period 2005-2014. Studies in this area seem to have mixed result, mostly foreign based and the few conducted in Nigeria, none touched on the Nigerian conglomerates firm and covers a ten year period. There is growing empirical evidence which demonstrates the inability of market factors to fully explain security prices, as suggested by Capital Asset Pricing Model (CAPM). Samples of five firms out of six conglomerate companies listed on the Nigerian Stock Exchange were studied. The study made use of secondary data generated from Annual Reports and Accounts of the sampled firms and the Nigerian Stock Exchange Fact Book. The data is analyzed by means of descriptive statistics, correlation and regression analysis using STATA package. A Panel Data Regression Technique is employed since the data has both time series and cross sectional characteristics. The pooled OLS, fixed effect and random effect are applied to estimate the models.
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