Ani, Thomas Maduabuchi and Nzewi, U. C. and Abere, Gbenga Emmanuel (2024) Foreign Exchange Rate Disruptions and Stock Market Performance of Selected Manufacturing Firms Quoted on the Nigerian Exchange Group. European Journal of Accounting, Auditing and Finance Research, 12 (4). pp. 1-15. ISSN 2053-4086(Print), 2053-4094(Online)
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Abstract
The core objective of the study is to empirically examine the effect of foreign exchange rate disruptions on stock market performance of selected manufacturing firms quoted on the Nigerian exchange group. Stock market price and stock volume were proxy for dependent variable, while exchange rates disruptions for independent variable. In pursuit of the objectives of this study, two hypotheses were formulated and tested. This study adopted ex-post facto research design. Secondary data cut from Nigerian stock market reports, 2023. Five (5) selected manufacturing firms quoted in Nigerian exchange group using random sample techniques. The study covered a period of 10 ranging between June and September, 2023. Data were analyzed using simple ordinary regression analytical estimation technique with aid of E-view v8. The empirical results reveal that exchange rate disruption has non-significant negative effect (t=1.042021; PV=0.3013) effect on stock market price of selected manufacturing firms in Nigeria exchange group. That the disruption of the exchange rate has no appreciable negative impact (t = 0.789457; PV=0.4329) on the volume of stock transaction of selected manufacturing firms on the Nigerian exchange group. In accordance with the data, we draw the conclusion that disruptions in foreign exchange rate have non-significant negative effects on the market performance of selected manufacturing firms quoted in the Nigerian exchange group. The researcher recommends that if the foreign currency rate is permitted to continue to disrupt, the Nigerian government should think about developing consistent rules to control, monitor, and manage the disruptions. It has the ability, people, and other costs associated with material inputs. Directors of manufacturing firms should also hire a professional who can precisely predict the direction of the exchange rate.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences > H Social Sciences (General) |
| Depositing User: | Professor Mark T. Owen |
| Date Deposited: | 12 Mar 2024 09:11 |
| Last Modified: | 12 Mar 2024 09:11 |
| URI: | https://tudr.org/id/eprint/2769 |
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