Thursday, 31 March 2016

Value Relevance Of Accounting Information Of Listed Conglomerate Firms In The Nigerian Stock Exchange


ABSTRACT

This study is to examine the impacts of value relevance of accounting information of listed conglomerate firms; to determine the impacts of earnings per share on the share price of Nigerian listed conglomerate firms; and to evaluate the impacts of dividend yield on the share price of Nigerian listed conglomerate firms. 

In order to achieve this, ex-post factor design was employed by extracting secondary data from the Nigerian Stock Exchange (NSE) Fact Books, annual report of the firms for the period 2007-2014, and daily price list on the Cash Craft website. 

The population is all the conglomerate companies listed on the Nigerian Stock Exchange between 2007 and 2014; while descriptive statistics and correlations analysis was employed as a tool for data analysis with the help of SPSS version 20. 

The study found that Book value per share has insignificant impacts on the share price of Nigerian listed conglomerate firms; Earnings per share have significant positive impacts on the share price of Nigerian listed conglomerate firms; and higher dividend yield will leads to an increase in the market share prices of Nigerian listed conglomerate companies under study. 

As such it was concluded that, Accounting Information variables of Nigerian listed conglomerate firms has no value relevance to the potential investor. The study therefore recommended that the management of Nigerian listed conglomerate firms to maintain stability in their earning which will go a long way in increasing market value of the firms by drawing investors' confidence to the shares of the firms.

TABLE OF CONTENTS
TITLE PAGE
Declaration page
Certification page
Dedication page
Acknowledgement page
Table of contents
Abstract

CHAPTER ONE:  INTRODUCTION
1.1       Background to the study
1.2       Statement of the problem
1.3       Objective of the study
1.4       Statements of research hypotheses
1.5       Scope of the study
1.6       Significance of the study

CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction
2.2 The Concept of Value Relevance
2.2.1 Company Size and Value Relevance of Accounting
2.2.2 Significant Differences between Statement Perspective and Measurement Perspective on Value Relevance
2.2.3 Efficient Versus Inefficient Stock Market and Value relevance
2.3 Company and Allied Matters Act 1990, Investment and Securities Act 1991 and Financial Statements
2.4 The Fundamental Analysis View of Value Relevance
2.4.1 The Prediction View of Value Relevance
2.4.2 The Statements View of Value Relevance
2.4.3 The Measurement View of Value Relevance
2.5 Empirical Evidence on Value Relevancy of Financial Statements

CHAPTER THREE: RESEARCH METHODOLOGY-
3.1 Introduction
3.2 Research Design
3.3 Population of the study
3.4 Sample Size and Sampling Technique
3.5 Methods of Data Collection
3.6 Measurement of variables
3.6.1 Dependent Variable
3.6.2 Independent Variables
3.7 Method of Data Analysis
3.7.1 Descriptive statistic
3.7.2    Multiple Regression Analysis
3.8       Models of the Study

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Introduction
4.2 Descriptive Statistics
4.3 Regression Results
4.3.1 Test of Hypotheses

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Introduction
5.2.1 Summary of the Work Done
5.2.2 Summary of Major Findings
5.3 Conclusion
5.4 Recommendations
References
Appendix


CHAPTER ONE

INTRODUCTION

1.1       Background to the Study

Universally, accounting information provides a vital service for broad and diverse users. Investors use financial or accounting statement for investment decisions; government agencies need it particularly for tax purposes while regulatory agencies use it to determine whether existing statutory pronouncements are complied with, among others (Kajola and Adedeji, 1998). According to Meyer (2007), “accounting plays a significant role within the concept of generating and communicating wealth of companies”. Financial statements still remain the most important source of externally feasible statement on companies. Nevertheless, in the wake of the recent accounting scandals and economic meltdown where billions of naira of investment and retirement wealth have disappeared, the very integrity and survivability of the value relevance of this service has been called to question. Accounting statement is any data or statement obtains from the accounting system of a firm whether contained in a financial statement, a special report, or verbal statement (William, 1968).

Notwithstanding, value relevance is defined as the ability of accounting numbers contained in the financial statements to explain the stock market measures (Beisland, 2009). Accounting data, such as earnings per share, is termed value relevant if it is significantly related to the dependent variable, which may be expressed by price, return or abnormal return (Gjerde, Knivsfla and Saettem, 2007).....To Continue

Content of the full work
  1. Chapter 1 to 5
  2. 75 Pages
  3. Table of content
  4. Abstract 
  5. Questionaire
  6. Reference
  7. Apendix
  8. Accounting Department 
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