THE IMPACT OF CAPITAL MARKET ON THE ECONOMIC DEVELOPMENT IN NIGERIA (1985-2011)
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- Pages:58
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ABSTRACT
Many efforts have been made towards understanding the relationship between capital market and the economic development of Nigeria. The capital market of every economy is setup for the attainment of specific objective which includes economic growth and stability; Data were collected and analyzed using ordinary least square analysis. These include F-test, to determine the significance of the entire regression plan, T- test to test for the significance of the individual variables and the second order test, which include test for autocorrelation, normality test and heteroscedasticity. The result of the study shows that the capital market has a positive and significant impact on the country‟s economic development. On the strength of this evidence, this work recommends that government should introduce policies to motivate and encourage the market. If these recommendations are efficiently implemented, the effectiveness of the Nigerian capital market will be enhanced.
TABLE OF CONTENTS
Title page- - - - - - - - - - - -i
Approval page- - - - - - - - - - -ii
Dedication- - - - - - - - - - - -iii
Acknowledgement- - - - - - - - - -iv
Abstract- - - - - - - - - - - -v
Table of contents- - - - - - - - - - -vi
Many efforts have been made towards understanding the relationship between capital market and the economic development of Nigeria. The capital market of every economy is setup for the attainment of specific objective which includes economic growth and stability; Data were collected and analyzed using ordinary least square analysis. These include F-test, to determine the significance of the entire regression plan, T- test to test for the significance of the individual variables and the second order test, which include test for autocorrelation, normality test and heteroscedasticity. The result of the study shows that the capital market has a positive and significant impact on the country‟s economic development. On the strength of this evidence, this work recommends that government should introduce policies to motivate and encourage the market. If these recommendations are efficiently implemented, the effectiveness of the Nigerian capital market will be enhanced.
TABLE OF CONTENTS
Title page- - - - - - - - - - - -i
Approval page- - - - - - - - - - -ii
Dedication- - - - - - - - - - - -iii
Acknowledgement- - - - - - - - - -iv
Abstract- - - - - - - - - - - -v
Table of contents- - - - - - - - - - -vi
CHAPTER ONE
1.1 Background of the study- - - - - - - -1
1.2 Statement of the problem- - - - - - - -3
1.3 Research questions- - - - - - - - -5
1.4 Objectives of the study- - - - - - - - -5
1.5 Research hypothesis- - - - - - - - -6
1.6 Significance of the study- - - - - - - -6
1.7 Scope and limitation of the study- - - - - - -7
1.1 Background of the study- - - - - - - -1
1.2 Statement of the problem- - - - - - - -3
1.3 Research questions- - - - - - - - -5
1.4 Objectives of the study- - - - - - - - -5
1.5 Research hypothesis- - - - - - - - -6
1.6 Significance of the study- - - - - - - -6
1.7 Scope and limitation of the study- - - - - - -7
CHAPTER TWO
Literature Review
2.1 Theoretical literature- - - - - - - - -8
2.1.1 The Nigerian Capital Market- - - - - - - -9
2.1.2 Functions of the Nigerian Capital Market- - - - - -10
2.1.3 Origin of the Nigerian stock exchange and Capital market- - -12
2.1.4 The Nigerian stock exchange (NSE)- - - - - - -13
2.1.5 The stock exchange and capital market- - - - - -15
2.1.6 Impact of the Capital market on the Nigerian Economy- - - -17
2.1.7 Problems of the Nigerian Capital market - - - - - -19
2.2 Empirical Literature- - - - - - - - -24
2.2.1 Limitation of previous study- - - - - - - -27
Literature Review
2.1 Theoretical literature- - - - - - - - -8
2.1.1 The Nigerian Capital Market- - - - - - - -9
2.1.2 Functions of the Nigerian Capital Market- - - - - -10
2.1.3 Origin of the Nigerian stock exchange and Capital market- - -12
2.1.4 The Nigerian stock exchange (NSE)- - - - - - -13
2.1.5 The stock exchange and capital market- - - - - -15
2.1.6 Impact of the Capital market on the Nigerian Economy- - - -17
2.1.7 Problems of the Nigerian Capital market - - - - - -19
2.2 Empirical Literature- - - - - - - - -24
2.2.1 Limitation of previous study- - - - - - - -27
CHAPTER THREE
3.1 Model Specification- - - - - - - - - -29
3.2 Estimation of procedure- - - - - - - - -31
3.3 Method of evaluation- - - - - - - - -31
3.3.1 Evaluation based on economic “a priori” test- - - - - -31
3.3.2Evaluation based on statistical criteria- - - - - - -32
3.3.3 Evaluation based on Econometric criteria- - - - - -32
3.4 Data requirement and sources- - - - - - - -33
3.1 Model Specification- - - - - - - - - -29
3.2 Estimation of procedure- - - - - - - - -31
3.3 Method of evaluation- - - - - - - - -31
3.3.1 Evaluation based on economic “a priori” test- - - - - -31
3.3.2Evaluation based on statistical criteria- - - - - - -32
3.3.3 Evaluation based on Econometric criteria- - - - - -32
3.4 Data requirement and sources- - - - - - - -33
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF RESULT
4.1 Presentation and interpretation of result- - - - - -36
4.2 Economic “Apriori” criteria- - - - - - - -37
4.3 Statistical criteria (first order test)- - - - - - -39
4.3.1Coefficient of multiple determinant (R2)- - - - - -39
4.3.2 The student t- test- - - - - - - - - -39
4.3.3 F statistics- - - - - - - - - - -41
4.4 Econometrics criteria- - - - - - - - -42
4.4.1 Test for Autocorrelation- - - - - - - -42
4.4.2 Normality Test for Residual- - - - - - - -43
4.4.3 Test for Heteroscardasity- - - - - - - -44
4.5 Presentation and interpretation of result- - - -- - -46
4.6 Economic “Apriori” criteria- - - - - - - -47
4.7 Statistical criteria (first order test)- - - - - - -48
4.7.1 Coefficient of multiple determinant (R2)- - - - - -48
4.7.2 The student t-test F statistics- - - - - - - -48
4.8 Econometrics criteria- - - - - - - - -50
4.8.1 Test for Autocorrelation- - - - - - - -50
4.8.2 Normality Test for Residual- - - - - - - -52
4.8.3 Test for Heteroscardasity- - - - - - - -52
PRESENTATION AND ANALYSIS OF RESULT
4.1 Presentation and interpretation of result- - - - - -36
4.2 Economic “Apriori” criteria- - - - - - - -37
4.3 Statistical criteria (first order test)- - - - - - -39
4.3.1Coefficient of multiple determinant (R2)- - - - - -39
4.3.2 The student t- test- - - - - - - - - -39
4.3.3 F statistics- - - - - - - - - - -41
4.4 Econometrics criteria- - - - - - - - -42
4.4.1 Test for Autocorrelation- - - - - - - -42
4.4.2 Normality Test for Residual- - - - - - - -43
4.4.3 Test for Heteroscardasity- - - - - - - -44
4.5 Presentation and interpretation of result- - - -- - -46
4.6 Economic “Apriori” criteria- - - - - - - -47
4.7 Statistical criteria (first order test)- - - - - - -48
4.7.1 Coefficient of multiple determinant (R2)- - - - - -48
4.7.2 The student t-test F statistics- - - - - - - -48
4.8 Econometrics criteria- - - - - - - - -50
4.8.1 Test for Autocorrelation- - - - - - - -50
4.8.2 Normality Test for Residual- - - - - - - -52
4.8.3 Test for Heteroscardasity- - - - - - - -52
CHAPTER FIVE
Summary, Recommendation and Conclusion
5.1 Summary- - - - - - - - - - -54
5.2 Recommendation- - - - - - - - - -54
5.3 Conclusion - - - - - - - - - - -55
References - - - - - - - - - - - -57
Appendix- - - - - - - - - - - -58
THE IMPACT OF CAPITAL MARKET ON THE ECONOMIC DEVELOPMENT IN NIGERIA (1985-2011)Summary, Recommendation and Conclusion
5.1 Summary- - - - - - - - - - -54
5.2 Recommendation- - - - - - - - - -54
5.3 Conclusion - - - - - - - - - - -55
References - - - - - - - - - - - -57
Appendix- - - - - - - - - - - -58
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