FIRM-SPECIFIC AND MACROECONOMIC DETERMINANTS OF SHARE PRICING OF LISTED FIRMS IN NIGERIA

Investors are generally concerned about the share prices of listed firms as they depict the risk-return characteristics of their investments. The study examined firm-specific and macro-economic determinants of share pricing of listed firms in Nigeria. The study focused the listed consumer goods firms and data which were extracted from the audited annual report of eighteen (18) firms from 2010 to 2022. Macro-economic data were also obtained from World Bank Database and the Central Bank of Nigeria statistical bulletin. Two-step System Generalized Method of Moments (GMM) was used to analyze the data. Findings showed positive effects of dividend payout and leverage, on share prices at 1% and 5% significant levels respectively. Return on assets and firm growth was found to have had negative, effect on share prices at 1% and 10% significant level, respectively. Also, money supply had negative effect at 1% significant level, while crude oil price had positive effect at 10% significant level. The result further showed that political event had negative effect on share prices at 1% significant level. The study concluded that firm-specific factors and macro-economic variables significantly influence share prices of listed consumer goods firms in Nigeria. The study recommended that potentials investors should monitor the movement of dividend payout, leverage, and return on asset, firm growth, money supply and crude oil price when making investment decision in the sector