释放投资机会:经济增长对尼日利亚东北部企业会计基础与股价关系的作用

IF 3 Q2 BUSINESS, FINANCE

Journal of Public Budgeting, Accounting and Financial Management Pub Date : 2023-10-13 DOI:10.56201/jafm.v9.no9.2023.pg124.143

Sadeeq Garba Abubakar, Yusuf Ova Mutalib

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引用次数: 0

摘要

会计基本原则被描述为投资者在进行投资决策时考虑的关键因素之一。以往的研究主要关注会计信息对股价的作用，而完全低估了实际国内生产总值(gdp)对二者关系的影响作用。学者们认为，RGDP在理解和解释股价变化方面很重要。因此，本研究在Ohlson模型的基础上进行了扩展，纳入了RGDP，以检验RGDP对尼日利亚交易所集团制造业上市公司关系会计基础和股价的调节作用。该研究涵盖了2012年至2021年期间在NGX上市的65家公司。该研究的数据来自NGX事实手册和中央银行公报。检验各类会计信息信息量的方法有:普通最小二乘法(OLS)、随机效应模型(REM)、固定效应模型(FEM)。分析结果表明，RGDP对会计基本面与股价之间的关系具有显著的调节作用。研究还发现，NGX制造业上市公司的每股收益、每股账面净值和市盈率与股价呈显著正相关关系。同时也揭示了PE与NGX制造业上市公司股价呈正相关且不显著。在这些发现的基础上，得出的结论是，通过NGX的会计基础，RGDP是释放投资机会的决定因素。由此可见，当会计编制者在上市制造公司的财务信息中识别、捕捉、呈现并平等地公布股票变动价格时，上市制造公司投资决策的会计基本面的可靠性可以在NGX中得到增强

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Unlocking Investment Opportunities: Role Of Economic Growth on the Relationship Between Accounting Fundaments and Share Price of Firms in North Eastern Nigeria

Accounting fundamentals has been described as one of the key factors considered by investors when taking investment decisions. Previous studies focused on the role of accounting information on share price and completely underestimated the influencing role of real Gross Domestic Product (RGDP) on the relationship. Scholars have suggested that RGDP is important in understanding and explaining the change in share prices. Therefore, this study extended on the Ohlson model to incorporate RGDP so as to examine the moderating role of RGDP on the relationship accounting fundamentals and share price of listed manufacturing firms in Nigeria Exchange Group. The study covers 65 firms listed on the NGX for the period 2012 to 2021. The data for the study was sourced from NGX fact book and the Central bank Bulletin. The methods used for testing the information content of various accounting information were Ordinary Least Squared (OLS), Random Effects Model (REM), Fixed Effects Model (FEM). The findings from the analysis indicate that RGDP has significant moderating role on the relationship between accounting fundamentals and share prices. The study also reveals that Earning per share and Net book value per share and Price Earnings ratio are positively and significantly related to share price of listed manufacturing companies in NGX. Also reveals that PE is positively and insignificantly related to share price of listed manufacturing companies in NGX. On the basis of these findings, it was concluded that RGDP is a determinant for unlocking investment opportunities through accounting fundamentals in NGX. By implication, the reliability of accounting Fundamentals of listed manufacturing companies for investment decision could be enhanced in the NGX when the changing prices of shares are identified, captured, presented and equally published in the financial information of such firms by the preparers of accounti

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来源期刊

Journal of Public Budgeting, Accounting and Financial Management Social Sciences-Public Administration

CiteScore

7.80

自引率

19.40%

发文量

期刊介绍： Published four times a year, the Journal of Public Budgeting, Accounting & Financial Management (JPBAFM) is an international refereed journal which aims at advancement and dissemination of research in the field of public budgeting, accounting, auditing, financial and performance management. The journal is committed to be an outlet for rigorous conceptual and empirical works aimed at challenging and innovating the field of accounting, management and governance in entities operating in the public sphere or public-private sphere (territorial government entities, universities, schools, hospitals as well as state-owned enterprises, hybrid organizations, public and private partnerships, non-profit organizations, NGOs, etc.).