EuroEconomica, Vol 35, No 2 (2016)

A Panel Data Analysis of the Impact of Macroeconomic Indicators on Firms’ Shares Performance in Nigeria

Michael Segun Ogunmuyiwa, Olayinka Akinlo



This paper contributes to the ongoing debate on whether the impact of macroeconomic indicators on the stock market is positive or negative or of no effect by analyzing the relationship between macroeconomic fundamentals and performance of quoted firms on the Nigerian Stock Exchange market. A sample of fifty (50) quoted firms across eight (8) major sectors of the market was selected for the study. The static panel regression technique was employed on monthly data sourced from the Nigeria Stock Exchange (NSE) and the Central Bank of Nigeria (CBN) between 2007:1 and 2013:12. Results from empirical findings reveal that varying impacts exist between the macroeconomic indicators and firm share returns in Nigeria. It goes further to affirm that inflation rate, interest rate and exchange rate are the major significant macroeconomic indicators driving firm share returns in Nigeria.


Full Text: PDF



  • There are currently no refbacks.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.