Capital Market Performance Indicators And Economic Growth In Nigeria
International Journal of Research and Innovation in Social Science (IJRISS) Volume III, Issue II, February 2019 ISSN 2454-6186Capital Market Performance Indicators and EconomicGrowth in NigeriaKenneth Ogbeide ENORUWA1, Moyotole Daniel EZUEM2, Onyemaechi Christopher NWANI312,3Department of Banking & Finance, University of Nigeria, Nsukka, NigeriaDepartment of Banking and Finance, Federal University Wukari, Taraba State, NigeriaAbstract:-This work examines the impact of the capital marketon the economic growth of Nigeria. Data sample of 31years from1985 to 2015 was extracted from the Central Bank of NigeriaBulletin and the linear regression method of econometricanalysis was used for the study. To capture the capital market,we employed market capitalization, all share index, trade volumeand trade value while GDP at current basic price was used asproxy for the Nigerian economy. The major findings of theresearch reveal that all predictors exhibit a significantrelationship with economic growth in Nigeria at 5% level ofsignificance and show a high degree of correlation with thedependent variable except number of deals and value of dealswhich displayed a fair correlation with the dependent variable.The study suggests that the capital market will need to embraceinnovation and adopt fairness in information management inother to attract investors and the confidence of the investingpublic.Keywords: Nigeria Capital Market, Market Capitalization, AllShare Index, Number of Deals.I. INTRODUCTIONThe Nigerian Capital operating under Nigeria StockExchange is a major player in the market for sourcinglong term funds and exchange of securities. The instrumentstraded in the capital market are referred to as capital marketinstruments. They are usually securities with life span aboveone year. The Nigerian Stock exchange is the center point ofthe Nigerian Capital Market. It provides a mechanism tomobilize private and public savings as well as making suchfunds available for productive purposes (Olusegun,Oluwatoyin, & Fagbeminiyi, 2011).The financial system is large, broad and consist quite a lot offinancial institutions. Some of the institutions that male up thefinancial system in Nigeria include the Central Bank,Commercial banks, Pension Fund Administrators, DiscountHomes, Mortgage Houses, Brokerage Firms, Mutual fundHouses, and The Nigeria Stock Exchange. Abu (2009) opinesthat the various financial institutions trade in financialinstruments varying from international and domestic currency,stock and bonds, financial derivatives and so on, and in theprocess muster funds from surplus unit investment purposes.This helps business corporations to increase investment andexpand production, and eventually step up economic growth.The Capital market is a highly specialized and organizedfinancial market and indeed essential agent of economicwww.rsisinternational.orggrowth because of its ability to ease and muster investmentand savings. Atoyebi, Ishola, Kadiri, Adekunjo, and Ogundeji,(2013) defines Capital Market as a network of specializedfinancial institutions, series of mechanism, process andinfrastructure that facilitates the contact between suppliers andusers of medium to long term capital for investment in theeconomy.It becomes certain that one channel with which funds arechanneled for investment purposes is the capital market. Nowonder, Idenyi, Anoke, Onyeisi, and Chukwu, (2017) opinethat the capital market transfer idle savings and cash fromsuppliers of capital such as institutional investors and retailinvestors to end users of such funds such as government,individuals and corporate businesses. Capital markets are vitalto the functioning of an economy, since capital is a criticalcomponent for generating economic output. Capital marketsinclude primary markets, where new stock and bond issues aresold to investors and secondary markets, which trade existingsecurities (Idenyi, et al. 2017).Whether a nation succeeds in capital accumulation is afunction of several factors. It is largely a function of domesticsavings available and foreign capital inflows (Noko, 2018).Therefore, to prevent the danger of economic decline,deliberate efforts towards effective capital accumulationbecomes necessary. However, it must be stressed that the rateof economic growth of any nation is also a function of thesophistication of the capital market especially as it concernsmarket efficiency a country (Atoyebi, et al. 2013).Undoubtedly, the capital market is a dependable channel formustering idle funds but the overriding consideration in thisresearch will be to examine the role of the capital marketperformance indicators in harnessing and mobilizing thesefinancial resources for activities capable of creating economicvalues that result in growth in the country.1.1 Statement of ProblemSeveral works have been done on the subject with mixedresults. Studies reveal that the argument in the literature on thegrowth effects of capital market has not been adequatelyresolved. The inconclusive nature of these theoretical andempirical studies provides the basis for a further empiricalinvestigation on the role of capital market in economicgrowth. Hence, this study was needed.Page 435
International Journal of Research and Innovation in Social Science (IJRISS) Volume III, Issue II, February 2019 ISSN 2454-6186Some evidences from past research work on this subjectreveal a positive and significant link between Capital Marketand Economic Growth (Ariyo & Adelegan, 2009; Osazee2000,), other studies do not find any empirical evidence tosupport the conclusion that capital market has a positiverelationship with economic growth (Ewah, Esang, & Bassey2009; Donwa & Odia, 2010).It does also appear that the capital market neither contributespositively nor negatively to growth as found in some studies.For instance, Owusu, (2016) examined the relationshipbetween stock market evolution and sustainable economicgrowth in Nigeria, employing Auto-Regressive DistributedLag, finds that, in the long run, stock markets have no positiveand at best mixed effect on economic growth in Nigeria. Thismixed contention in extant literature on the impact of thestock market on economic growth in Nigeria and developingnations forms the basis for this study.1.2 Research Questions Is there any significant relationship between marketcapitalization and economic growth in Nigeria?Does All Share Index have any significantrelationship with economic growth of Nigeria?Does Number of Shares have any significantrelationship with economic growth of Nigeria?Is there any significant relationship between value oftraded stocks economic growth in Nigeria?1.3 Objective of the StudyThe broad objective of this study is to examine the activitiesand performance of Nigerian capital market. The specificobjectives of the study are as follows:1.2.Evaluate the long-run relationship between selectedcapital market variables and Nigeria’s economicgrowth.Empirically investigate the impact of the identifiedvariables on Nigeria economic growth.1.4 Research HypothesisThe hypotheses to be tested are stated in null form as:H1: Market Capitalization does not haverelationship with economic growth in Nigeria.significantH2: All Share Index does not have significant relationshipwith economic growth in Nigeria.H3: Number of Deals and Economic Growth in Nigeria are notsignificantly relatedH4: Value of Deals and Traded Stocks does not havesignificant relationship with economic growth in Nigeria1.5 Significance of StudyThis research work focused on the relationship betweencapital market instruments and Nigerian economic growth. Itwill contribute to existing literature on the subject matter bywww.rsisinternational.orginvestigating empirically the role, which the capital marketplays in the economic growth and development of the country.1.6 Scope of StudyThis work did not cover all the various sectors that make upthe financial system, but focus only on the capital market,major performance indicators, and its activities as it impactson the Nigerian economic growth. The following variableswhere used to capture capital market indicators (Marketcapitalization, all share index, Number of deals and Value ofDeals). The period captured by the data is restricted to 1985and 2015. The choice of this date range is to ensureuniformity of years as data was not available for some of theproxies. Finally, the work is an improvement on Abu (2009).II. REVIEW OF RELATED LITERATUREFinancial systems play a vital role in the development andgrowth of national economies all over the world. This is notan overstatement. The Stock Market is one aspect of thefinancial systems and it is a specialized financial market withacclaimed capacity to facilitate and mobilize savings andinvestment for economic and industrial growth (Ihendinihu, &Onwuchekwa, 2012). The capital market is a market fortrading on long term securities. It is no doubt pivotal to thelevel of development and growth of the economy. Chinwubaand Amos, (2011) note that capital market is one of the majorinstitutions that act in propelling a prostate economy throughsustainable investments for growth and development.There has been increasing and deliberate effort to develop thecapital market all over the world especially developingcountries. For instance the Nigerian government has madeseveral reforms on the Nigerian Stock Exchange market withthe intention to make it more competitive and efficient.Some of these reforms include automation of surveillance,implementation of market quality analysis, revision of sharebuyback policy, updated penalties for violations, developmentof NASDAQ OMX X-stream trading platform, feeds,subscriptions and reports for market participants, new datapolicy , new corporate database, a new website to enableaccess and market information for investors and allstakeholders (Onyema, 2012).2.1 Background of the Nigeria Stock ExchangeThe Nigerian Stock Exchange (NSE) initially known as theLagos Stock Exchange which was established by Lagos StockExchange Act of 1960. The company was incorporated onSeptember 15, 1960 and commenced full operations on June15, 1961 with 19 securities listed for trading. The NigeriaStock Exchange took on its present name in 1977 with theexistence of over six trading floors located in major businesslocations in Nigeria. The initial trading floors and the openingdates are:-Lagos opened in the year 1961Kaduna opened in the year 1978Page 436
International Journal of Research and Innovation in Social Science (IJRISS) Volume III, Issue II, February 2019 ISSN 2454-6186-Port Harcourt opened in the year 1980Kano opened in the year 1989Onitsha opened in the year 1990Ibadan opened in the year 1990Abuja opened in the year 1999Yola opened in the year 2002The Nigerian stock exchange has over 13 branches now withall of them having operational trading floors.As at 2012, only 199 companies were listed in the stockmarket. This figure however, increased to 251 in 2016. TheNigeria Stock Exchange 2nd quarter 2016 fact sheet shows that3 of the listed companies represented premium board equities,168-main board equities, 9-AseM equities, 7-traded products,17 – Federal Government of Nigeria Bonds, 22 – CorporateBonds, 23 - State Municipal Bonds and 2 – SupranationalBonds. However in 2018, listed companies increased to 288.Further increase is expected in the year 2019 considering theperformance of the market and the confidence the public andprivate companies now have in the capital market.The main functions of the Nigerian Stock (Exchange) marketinclude among others- providing opportunities for theofferings of shares and stocks to the public; assisting bothpublic and private sectors of the economy to raise capital forexpansion of businesses and development projects;encouraging and promoting the buying and selling of sharesand stocks and other securities, so as to ensure adequateliquidity within the stock exchange; promoting theindigenization decree by encouraging Nigerians to buy intothe shares of foreign companies; encouraging the saving andinvestment behaviour of Nigerians; making the Nigerian stockmarket attractive to foreign investors; and protectingshareholders and other participants from sharp practices thatmay arise during transactions on the stock exchange (Abu,2009)The Capital Market is a market for selling and trading in longterm securities. This is different from the money marketwhere short term securities are traded. Okereke, (2000)describes the capital market as constituting of market andinstitutions that facilitates the issuance and secondary tradingof long-term financial instruments but describes the moneymarket as a market for short-term facilities and obligationswith maturity vary from one day to a year. Furthermore, thecapital market provides government at all levels an effectiveway of financing public projects; thus playing a vital role instimulating industrial as well as economic growth anddevelopment (Okereke 2000; Osazee, 2000)In a study on stock market development and economic growthin India, Srinivasan, (2014), using the cointegration andcausality tests for the period June 1991 to June 2013, confirmsa well defined long-run equilibrium relationship between thestock market development indicators and economic growth inIndia. The results show bidirectional causality between marketcapitalization and economic growth and unidirectionalwww.rsisinternational.orgcausality from turnover ratio to economic growth in the longrun and short-run.In a study on emerging stock markets performance andeconomic growth in Iran, Seyyed, (2010), presented asystematic investigation of the relationship between the twovariables within the Vector Autoregressive (VAR) model anddeduced that macroeconomic activity was a main cause for themovement of stock prices in the long run and that the stockmarket plays a role as a leading economic indicator of futureeconomic growth in the short run.A study of 5 Euronext countries (Belgium, France, Portugal,Netherlands and United Kingdom) for the period 1995:Q1 to2008:Q4, Ake and Dehuan (2010) explore the causalityrelationship between stock market and economic growth inthese countries and found that stock market proxies (marketcapitalization, total trade value, turnover ratio and economicgrowth exhibited a significant relationship. Causal relationswere investigated for each country. The results of the studysuggest a positive links between the stock market and economicgrowth for some countries for which the stock market is liquidand highly active.Furthermore but relative to Nigeria, Atoyebi, et al. (2013), intheir study of the impact of capital market on economic growthusing annual data ranging from 1981 - 2010, used both theOrdinary Least Square and Vector Auto Regression technique,and found that a percentage increase in market index andmarket capitalization both results in an average of 33.7% and44.8% increase in real GDP. Olokoyo and Ogunnaike, (2011),reveal a negative relationship between number of deals in thestock market and Gross domestic growth of Nigeria. A 100%increase in NOD will reduce the GDP by 116%, and because ofthis gap, it won’t be wise for the Nigerian government to useNOD to measure her performance and her economic growthdue to the present cause of the crisis in the stock market. Theyhowever, found a positive relationship between marketcapitalization and economic growth.Osinubi and Amaghionyeodiwe (2003), also examined therelationship between the Nigerian stock market and economicgrowth during the period 1980- 2000. Unfortunately, theirresults did not support the claim that stock marketdevelopment promotes economic growth. Earlier, Nyong(1997) analyzed the relationship between capital marketdevelopment and economic growth. The author used variousindicators of stock market development (like marketcapitalization-GDP ratio, total value of transaction-GDP ratio,value of transaction-GDP and listings) to capture capitalmarket development. He also included the degree of financialmarket depth in the growth model. The results revealed anegative effect on economic growth of capital marketdevelopment. This conclusion is in tandem with the findingsof Olusegun et al (2011), who revealed a negative relationshipbetween market capitalization and economic growth.Page 437
International Journal of Research and Innovation in Social Science (IJRISS) Volume III, Issue II, February 2019 ISSN 2454-61862.2 Empirical ReviewOkonkwo, Ogwuru, and Ajudua, (2014), in their work onStock Market Performance and Economic Growth in Nigerialooked at determining the role and contributions of the stockmarket to economic growth in Nigeria using data from 1981to 2012 and the Johansen co-integration test to estimate thelong-term equilibrium relationship among the variables. Theyconclude that, although the stock market size remains a veryimportant indicator in measuring the stock market impact oneconomic growth, their study reveals that Nigeria’s stockmarket size, with an average of 250 listed companies, exactssignificant influence on economic growth and that economicgrowth and stock market capitalization have no causalrelationship.However, there are some findings that found a negative orinsignificant relationship between Market capitalization andeconomic growth. In their work, Yadirichukwu and Chigbu(2014), adopts a time-series research design relyingextensively on secondary data covering 1985 -2012. The studyutilizes regression analysis as data analysis methodincorporating multivariate co-integration and error correctionto examine characteristics of time series data adoptingdisaggregate the capital market indices approach opine thatthere is no positive relationship between market capitalizationand economic growth in Nigeria. Similar, Ewah, et al. (2009),in their appraisal of the capital and economic growth inNigeria conclude that the stock market has potentials toinduce economic growth but that not much has been achievedin Nigeria as a result of a very low market capitalization,small size of the market, illiquidity, low volume oftransactions and few listed companies. Araoye, Ajayi, andAruwaji (2018), in their work on the impact of stock marketdevelopment on economic growth in Nigeria found that thestock market has impacted insignificantly on growth.Under a crisis situation, a major drop in market capitalizationis expected and this has significant negative effect oneconomic growth. This is further confirmed by Olokoyo, andOgunnaike, (2011), who opine that stock market crisis has ahighly significant effect on Nigeria’s economic growth.For the Nigeria capital market to achieve its full potentials,Taiwo, J.N., Alaka, A., & Afieroho, E. (2016), recommendthat its environment must be enabled to promote andencourage investment opportunities for both local andinternational investors, since the stock market operates in amacroeconomic environment. Consequently, an improvementin the Nigerian trading system with the aim of increasing theease with which investors can purchase and sell shares, couldguarantee the stock market liquidity.Although Market Capitalization fell early 2000s as a result ofthe major economic meltdown witnessed world over, stockprices fell and investor’s confidence dropped. However,results of the Market capitalization trend in the last five yearsshow a constant increase and improvement. For instance,Total market capitalization as at 2012 stood at N14.8trillion.www.rsisinternational.orgHowever, it closed with N21.12trillion in the year 2017. As atend of 3rd quarter 2018, market capitalization stood atN22.3trillion. A further rise is expected after the 1 st quarter2019. This constant rise in the author’s opinion is likely due tothe improvement and reforms the Nigerian stock exchange hasundergone in the last 10 years which has attracted investorsboth locally and internationally.Market MarketCapitalization5,000.00-2012 2013 2014 2015 2016 2017 2018septSource: Author’s Computation (2019)Onyekachi and Odi (2013), examined the impact of capitalmarket reform on the growth of Nigerian economy. Thecapital market reform was proxied by Market Capitalization,All Share Index and Total Volume of Transaction on thegrowth of Nigerian economy proxied by gross domesticproduct (GDP). The study posits that the economy will growwell and at a speedy rate if capital market reforms areeffective. This is true as revealed in Olusegun, et al. (2011),that all share index (ASI) and economic growth exhibit apositive relationship. This implies that capital market onlyperformed poorly in the era of global economic meltdown;causing loss of investor’s confidence.An attempt to provide further evidence on the relationshipbetween stock market capitalization and economic growthusing recent data from a sample of African countries withwell-functioning stock markets, Mohammed (2015),employed a dynamic panel estimation approach with a view toassessing the relative impact of stock market capitalization oneconomic growth in Africa. The results from the study revealpositive and significant relationship. The findings furtherexplains that raising stock market capitalization by a marginalaverage of 10% induces growth on average by 5.4% incountries studied.Taiwo, et al. (2016) reviewed the nature of relationshipbetween market capitalization rate, total value of listedsecurities, labor force participation rate, accumulated savings,capital formation and economic growth. The study revealedPage 438
International Journal of Research and Innovation in Social Science (IJRISS) Volume III, Issue II, February 2019 ISSN 2454-6186that there is a significant relationship between the dependentand explanatory variables and that the explanatory variablesare significant macroeconomic determinants factors ofeconomic growth in Nigeria.The size of activity in the capital market is a function of thesoundness of the entire financial systems. As intermediaries,the Nigerian financial system needs to be functional andactive to have major impact on the development and growthof the economy. Onwumere, Onudugo, and Imo (2013), intheir work on financial structure and economic growth inNigeria opine that financial structure has positive andsignificant impact on economic growth in Nigeria but explainsthat a nation’s financial system is much more than just anintermediary that ensures the allocation of savings toinvestment. The efficiency of such a system is endogenouslyachieved if the financial structure of that economy promotesoptimal use of the resources available for development.2.3 Theoretical FrameworkEndogenous Growth TheoryEndogenous growth theory is one the foremost theories ofgrowth propounded by Paul Romer in the late 1980s andmodified by Robert Lucas early 1990s. It posit that in the longrun, the policies of government and the activities of privateorganizations should be able to either affect the income levelsof individuals in terms of per capita income or reflect in thegrowth rate of personal income of individuals. Between 1960and 1990, many endogenous growth models emerged, withmost of them looking at either the role played by technologyin income growth rate or human capital formation as thesource of long run-growth. The endogenous growth modelshows that economic growth performance is related tofinancial development, technology and income distribution.The theory is based on income levels of individuals andorganizations available for investments. Greenwood andSmith (1997) argued that income per capita helps to determinewhether an individual will partake in the financial marketwhich in turn improves investment decisions and economicgrowth. Apart from income levels, the endogenous growthmodel also incorporates human skills and knowledge ofmanpower in determining a workers’ productivity.considerable empirical proof in favour of the efficient markethypothesis, several authors question it is best model foranalysis. Chen (2018) in support of the theory opines thatstocks and financial market securities always trade at their fairvalue, thus implying that investors can never buy stocks atundervalued prices or sell at an overrated price.III. METHODOLOGY3.1 Data Type & SourceData employed in this study is a secondary data. The timeseries data from 1985 – 2017 was sourced from Central Bankof Nigeria Bulletin published monthly. Secondary data wasused in this study. In other to measure the impact of capitalmarket indicators on economic growth of Nigeria, we usedtheir proxies as variables of interest.3.2 Model SpecificationThis study adopted ordinary least square linear regressionmethod. This paper adopted the model of Abu (2009), withslight modifications though. In his model, the authormeasured economic growth as a function of stock marketdevelopment but measured economic growth as the logarithmof the real GDP, Market capitalization (total marketcapitalization divided by GDP), Market Turnover (MarketTurnover divided by GDP), openness of the economy (total ofimport and export divided by GDP). The author opines thatstock market development directly impact on the economicgrowth of Nigeria. This paper however made slightmodification to Abu (2009) by replacing market turnover andopenness with number of deals and value of deals. Thus themodel for this study is stated in a linear form as:Y a bX1-------------------------. (1)Where: Y Dependent variable, X1 Xn Independentvariable or explanatory variables, a & b constant to be showthe level of relationship between both the dependent andindependent variables. They also serve as predictors for (Y).Substituting our variables, we specify the model of this studyin a functional form as:RGDP a b(MCAP) - - - -- - - - (2)The methodology of this work is founded on this theory withthe assumption that income levels, information of theactivities of the capital market, knowledge and skills of theparticipants are fundamental to investment decisions.RGDP a b(ALSI)----------------(3)Efficient Market Hypothesis (EMH)Where:The Efficient Market Hypothesis (EMH) is an investmenttheory which states that share prices fully reveal all availableinformation regarding all stocks in the market. This impliesthat it is near impossible to overrun the market consistentlyunder a risk-adjusted criterion. This is because market pricesare expected to react to new information only. It is often in anunbiased fashion and thus provides unbiased estimates ofunderlying values (Basu, 1977). Although there isRGDP Gross Domestic Productwww.rsisinternational.orgRGDP a b(NOD)----------------(4)RGDP a b(VOD)-----------------(5)MCAP Market CapitalizationALSI All Share IndexNOD Number of DealsVOD Value of DealsPage 439
International Journal of Research and Innovation in Social Science (IJRISS) Volume III, Issue II, February 2019 ISSN 2454-6186IV. DATA ANALYSIS & RESULTThe study began with the test of standard deviation and meanaverage of the data to test for average and risk variation. Todetermine whether there is a correlation between thedependent and independent variables, Pearson correlationanalysis was conducted at a one tailed significant level.Significant level (α) is put at 0.05. The ordinary least squaresestimation technique was used for data analysis with the aid ofSPSS.4.1 Presentation and Interpretation of ResultsTable 1: Linear regression of Market CapitalizationDescriptive StatisticsMeanStd DeviationNGDP at Current Basic Price(Economic Growth)24861.444634308.7045237Market rson CorrelationGDP at Current Basic Price(Economic Growth)Market CapitalizationGDP at Current Basic Price(Economic Growth)Market Capitalization1.0000.9710.9711.000GDP at Current Basic Price(Economic Growth)Sig (1-tailed)N0.000Market Capitalization0.000GDP at Current Basic Price(Economic Growth)3737Market Capitalization3737ANOVAa Table 1ModelSum of SquaresdfMean SquareFSig1 Regression3.998E 1013.998E 10583.5910.000b23975953813568502725.184.238E 1036ResidualTotala. Dependable Variable: GDP at Current Basic Price(Economic Growth)b. Predictors: (Constant);Market CapitalizationSource: Author’s Computation (2019) α 0.05; R 0.971; R2 0.942a.b.Dependable Variable: GDP at Current Basic Price (Economic Growth)Predictors: (Constant), Market CapitalizationRegression Equation: Economic growth 2215 4.929(Market Capitalization)Table 1 above shows an F-Value of 583.591 and a P-Value of0.000. Testing at an alpha level of 0.05, the P-Value is lessthan the alpha level, so it is significant and the null hypothesis(H1) that states that there is no significant relationshipbetween GDP and Market Capitalization is rejected.The R value of 0.971 indicates a high degree of correlationbetween the dependent and independent variable. The R2 of0.971 indicates that the dependent variable (GDP) can bewww.rsisinternational.orgexplained by the independent variable (Market Capitalization)by 97.1% which is very large. It implies that the relationshipbetween market capitalization and economic growth is strongand positive (97.1%) and statistically significant at(0.000 0.05). This suggests that increases in marketcapitalization in Nigeria will impact positively andsignificantly on economic growth. This result is in tandemwith findings in extant literature (Ihendinihu J.U, &Onwuchekwa, J.C. 2012)Page 440
International Journal of Research and Innovation in Social Science (IJRISS) Volume III, Issue II, February 2019 ISSN 2454-6186Descriptive StatisticsMeanStd DeviationNGDP at Current Basic Price(Economic Growth)27855.765535195.1170933All Share Index186088.2918181409.454133CorrelationsPearson CorrelationGDP at Current Basic Price(Economic Growth)All Share IndexSig (1-tailed)GDP at Current Basic Price(Economic Growth)All Share IndexNGDP at Current Basic Price(Economic Growth)All Share Index10.7530.75310.0000.000GDP at Current Basic Price(Economic Growth)3333All Share Index3333ANOVAa Table 2Model
Growth in Nigeria Kenneth Ogbeide ENORUWA1, 3Moyotole Daniel EZUEM2, Onyemaechi Christopher NWANI 1Department of Banking & Finance, University of Nigeria, Nsukka, Nigeria 2,3Department of Banking and Finance, Federal University Wukari, Taraba State, Nigeria Abstract:-This work examines the impact of the capital market
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