The study investigated the effect of capital market on economic growth in Nigeria. It also determined the causal relationship between capital markets on economic growth. The study covered the liberalised economic era in Nigeria starting from 1987 to 2021. The study employed new issues, market size, market liquidity, market volatility and bond market size as proxies for capital market to determine the nexus with economic growth. Data were obtained from the Central Bank of Nigeria statistical bulletin and analysed using the ARDL regression and granger causality tests. The results showed that 1 New Issues has no significant long and short run effects on economic growth but economic growth granger causes new issues, 2 Stock Market Size has a negative long run significant effect a mixed short run effect of positive in the initial period and negative in later years but no causal relationship with economic growth, 3 Stock Market liquidity has significant and positive long run and short run effects but no causal relationship with economic growth, 4 Stock Market Volatility has insignificant negative long run effect a mixed positive and then negative effect in the short run but no causal relationship with economic growth, and 5 Bond Market Size has significant and negative long run and short run effects but no causal relationship with economic growth in Nigeria. The study concluded that capital market follows the demand following hypothesis as economic growth determines one of the capital market variables new issues . The capital market size, liquidity and volatility have no causal relationship with economic growth which depicts the neutrality hypothesis that the financial market nee capital market and economic growth has no recourse to each other in development. The recommendations put forward by the study include that existing firms in Nigeria should be encouraged to assess the capital market for business financing and the need for effective supervision of stock market activities. The outcome of the study contributed immensely to new knowledge in capital market and economic growth nexus by debunking the sought after finance led theory in support that the development of the capital market should drive economic growth. Ike, Ngozi Ann | Chukwunulu, Jessie Ijeoma "Capital Market and Economic Growth in Nigeria: A Causal Analysis (1987 – 2021)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51909.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/51909/capital-market-and-economic-growth-in-nigeria-a-causal-analysis-1987-–-2021/ike-ngozi-ann
Capital Market and Economic Growth Nexus: Evidence from Nigeriaiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications
Capital Market and Economic Growth in Nigeria 1981 - 2010 Samuel Udeji
This document provides an introduction and background to a study examining the relationship between capital markets and economic growth in Nigeria. It discusses Nigeria's various development plans and the importance of finance and capital markets for economic growth. The author notes there is debate around the impact of capital markets on growth. While some research finds a positive relationship, others find negative or no relationship. The document outlines the specific objectives and hypotheses that will guide the empirical analysis in later chapters. It also provides an overview of the methodology and organization of the upcoming study.
A comparative study of the relationship between stock price anglo99
This document discusses a comparative study of the relationship between stock price performance and firm profitability in Nigeria. It finds that firms with higher profits tend to have better stock price performance. The document provides background on the Nigerian capital market and the various products traded in the money and capital markets. It examines the historical development of the capital market in Nigeria and the reasons for its existence, which include providing alternative investment channels and fostering corporate and financial sector growth.
Evidence on the Dynamic Relationship between Stock Market All Share Index and...iosrjce
This study examines the dynamic relationship between Stock Market All Share Index and Gross Fixed
Capital Formation in Nigeria. Annual data on market capitalization, value of shares traded, all share index,
average prime lending rate, inflation rate, national savings and gross fixed capital formation at current
purchaser’s value from 1980 to 2012 were sourced from the statistical bulletin of the Central Bank of Nigeria
and the Nigerian Stock Exchange Fact Book various issues. The ordinary least square (OLS) regression
technique was employed in the data analysis and the error correction mechanism (ECM) was used to study the
short-run dynamics as well as long-run relationship between the stock market and gross fixed capital formation
in Nigeria. The result revealed that all share index of the Nigerian stock market has significant effect on gross
fixed capital formation. It further shows that though the capital market has the potential of influencing gross
fixed capital formation its’ effect has not been fully realized due to illiquidity and low level of development of
the Nigerian capital market. It is recommended that appropriate policy measures been taken to deepen the
market and strengthen the structure of the market to ensure that long term funds are used to finance long-term
investments.
Capital Market and Economic Growth Nexus: Evidence from Nigeriaiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications
Capital Market and Economic Growth in Nigeria 1981 - 2010 Samuel Udeji
This document provides an introduction and background to a study examining the relationship between capital markets and economic growth in Nigeria. It discusses Nigeria's various development plans and the importance of finance and capital markets for economic growth. The author notes there is debate around the impact of capital markets on growth. While some research finds a positive relationship, others find negative or no relationship. The document outlines the specific objectives and hypotheses that will guide the empirical analysis in later chapters. It also provides an overview of the methodology and organization of the upcoming study.
A comparative study of the relationship between stock price anglo99
This document discusses a comparative study of the relationship between stock price performance and firm profitability in Nigeria. It finds that firms with higher profits tend to have better stock price performance. The document provides background on the Nigerian capital market and the various products traded in the money and capital markets. It examines the historical development of the capital market in Nigeria and the reasons for its existence, which include providing alternative investment channels and fostering corporate and financial sector growth.
Evidence on the Dynamic Relationship between Stock Market All Share Index and...iosrjce
This study examines the dynamic relationship between Stock Market All Share Index and Gross Fixed
Capital Formation in Nigeria. Annual data on market capitalization, value of shares traded, all share index,
average prime lending rate, inflation rate, national savings and gross fixed capital formation at current
purchaser’s value from 1980 to 2012 were sourced from the statistical bulletin of the Central Bank of Nigeria
and the Nigerian Stock Exchange Fact Book various issues. The ordinary least square (OLS) regression
technique was employed in the data analysis and the error correction mechanism (ECM) was used to study the
short-run dynamics as well as long-run relationship between the stock market and gross fixed capital formation
in Nigeria. The result revealed that all share index of the Nigerian stock market has significant effect on gross
fixed capital formation. It further shows that though the capital market has the potential of influencing gross
fixed capital formation its’ effect has not been fully realized due to illiquidity and low level of development of
the Nigerian capital market. It is recommended that appropriate policy measures been taken to deepen the
market and strengthen the structure of the market to ensure that long term funds are used to finance long-term
investments.
Foreign financial resources inflows and stock market development empirical ev...Alexander Decker
This study empirically investigates the effects of foreign financial resource inflows on stock market development in Nigeria and Ghana between 1988-2011 for Nigeria and 1991-2011 for Ghana. Using market capitalization to GDP ratio as a proxy for stock market development and multiple linear regression analysis, the study finds that foreign direct investment, foreign portfolio investment, personal remittances, and official development assistance were positively related to stock market development in Nigeria, though official development assistance was insignificant. In Ghana, foreign direct investment, personal remittances, and external debt were negatively related to stock market development, while official development assistance was positively related. The study aims to contribute to existing literature by investigating the effects of multiple components of foreign financial inflows on stock
The Capital Market and Its Impact on Ndustrial Production in NigeriaIOSR Journals
The possession of industrial capabilities by an economy is considered an important potential for improved economic development. Indeed one of the distinguishing factors between developed and developing economies is the acquisition of industrial know-how. The emerging pattern of the institutional framework for the Nigeria which brought the capital market into existence has through the succeeding centuries continued to support the institution and justify its existence. The capital market is viewed as a major catalyst to industrial growth and indeed economic development. The benefit of appropriate industrial base for an economy lies in its combination of suitable technology management techniques and other resources in order to move the economy from a traditional and low level of production to a more automated and efficient system of mass processing and manufacture of goods and services. Unfortunately, the problem with industrial growth in Nigeria is largely due to the inability of firms to access long-term funds which the Nigerian capital marked should be providing. This unfortunately is stemmed from the fact that the Nigerian capital market has not been fully developed to adequately provide enough of such funds to the needy organizations. It was in line with the above that the study sought to determine the impact of the Nigerian capital market on the industrial sector component of the Nigerian gross domestic product, ascertain the impact of the Nigerian capital market on industrial loans issued by stock exchange and determine the impact of the Nigerian capital market on average capacity utilization rates of the Nigerian manufacturing sector. An ex-post facto research design was adopted using secondary data to determine the level of impact on the growth of the Nigerian industrial sector for the period 1990 – 2009. The ordinary least square (OLS) estimation technique was adopted using SPSS version 16.0) statistical computers software to evaluate the three objectives. The results showed (i) a positive significant impact of the market capitalization on industrial sector component of the gross domestic product and (ii) a positive significant impact of the market capitalization on average capacity utilization rates of the manufacturing sector. The result however showed (iii) a positive but non- significant impact of the annual market capitalization on industrial loans of the stock exchange. It was therefore concluded that every effort must be made by government and market operators to make the market viable and result oriented to further improve the economy
Macroeconomic Variables and Stock Price Changes in Emerging Stock Market Evid...ijtsrd
This study investigated macro economic variables and stock price changes in emerging stock market evidence from Nigeria. The main objective of the study was to ascertain the major macroeconomic variables that are determinants of stock prices in Nigerian Stock market. Secondary data was collected from CBN Statistical bulletins and used. The co integration technique was used for the data analysis. The results of the study or findings revealed that Exchange rate has a positive effect on stock prices Real GDP has a positive effect on stock prices money supply has negative effect on stock prices on the long run while interest rate, inflation rate, have no significant effect on stock prices. Based on the findings, it is thus recommended as follows more attention should be paid to credit control and long term supply of money by monetary authorities to stabilize stock prices instead of adopting price stabilization measures. Concerned authorities should tame inflation and interest rates, check stock prices manipulations, ensure the production and promotion of export products agents of stock market can also predict stock prices by observing trend of output growth consistently of a particular industry and Nigeria government and entrepreneurs should engage in the production of tradable goods rather than only crude oil to create more export for the country and hence boost stock market trading with more investors. Matthew Osedebamhen Moni | Steve Nkem Ibenta | Victor Ike Okonkwo "Macroeconomic Variables and Stock Price Changes in Emerging Stock Market Evidence from Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47503.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/47503/macroeconomic-variables-and-stock-price-changes-in-emerging-stock-market-evidence-from-nigeria/matthew-osedebamhen-moni
Modelling the Long Run Determinants of Foreign Portfolio in NigeriaMoses Oduh
1) This study examines the long-run determinants of foreign portfolio investment in Nigeria from 1981-2010 using time series analysis.
2) It finds that foreign portfolio investment has a positive long-run relationship with market capitalization and trade openness in Nigeria.
3) The study aims to help policymakers pursue policies that can attract more foreign portfolio investment in the long run, such as efforts to improve and sanitize the Nigerian capital market.
Modeling the effect of capital market empirical evidence from nigeria.Alexander Decker
This study examines the relationship between capital market activities and economic growth in Nigeria from 2001 to 2010. The capital market variables of annual market capitalization and total volume of transactions were analyzed in relation to gross domestic product as a proxy for economic development. The findings revealed a positive but not statistically significant relationship between capital market activities and GDP. It is recommended that building investor confidence through transparency, fair trading, political stability, and adequate publicity of the capital market could make the impact of the capital market on the economy more significant.
Macroeconomic determinants of stock market development in emerging marketsAlexander Decker
This research paper examines the macroeconomic determinants of stock market development in Kenya from 2000 to 2009. Using cointegration analysis and an error correction model, the study finds that income level, banking sector development, and stock market liquidity are important predictors of development of the Nairobi Stock Exchange. However, macroeconomic stability was not found to be a significant determinant. The paper provides background on the history and growth of the Nairobi Stock Exchange and reviews previous literature on factors that influence stock market development in emerging markets.
Performing Online Survey’s “An Added Advantage” Over Advertisementijtsrd
In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
Financial Openness and Capital Market Development in Sub Saharan African Coun...ijtsrd
This study examined the nexus between financial openness and capital market development in Sub Saharan African Countries for 30 years period ranging from 1990 2019. Okafor, Martin Emeka | Nwakoby, Clement Ikechukwu Ndukaife | Adigwe, Patrick Kanayo | Ezu, Gideon Kasie "Financial Openness and Capital Market Development in Sub-Saharan African Countries" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38568.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38568/financial-openness-and-capital-market-development-in-subsaharan-african-countries/okafor-martin-emeka
An Empirical Study on the Relationship between Financial Intermediaries and E...iosrjce
The study empirically investigated the relationship between financial intermediaries and economic
growth in Nigeria. Annual time series data covering 1970 to 2013 were used to analyze the long run and short
run relationship between the development of financial intermediaries and economic growth along with the
direction of causality between the indicators. The results of the unit root test show that the variables are
integrated at I(1). Cointegration is being found between the series in the presence of a structural break in 1987,
1992 and 1996. Using bound testing technique for cointegration a stable long-run relationship was found
between the indicators of financial intermediaries and the economic growth. Error correction coefficient was
statistically significant. It was concluded that insurance premium and value of stock transaction have a positive
impact on economic growth in both short runs and long-run. However, bank credit has a negative influence on
economic growth. The causality test reveals a bi-directional relationship between bank credit and economic
growth while a unidirectional causality moves from economic growth to insurance premium and value of stock
transactions. Here remains an important policy implication for the concerned individuals of Nigeria, that is,
they have to emphasize in financial development to ignite economic growth.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Selected Macroeconomic Factors versus Bond Market Development in Nigeriainventionjournals
This paper examines the macroeconomic determinants of bond market development in Nigeria to address the persistent research question of whether bond market development is driven by macroeconomic factors or institutional factors in emerging markets. Time series data generated over the period of 32 years was analyzed using ordinary least square regression techniques involving multiple regressions. The aggregate bond market capitalization comprising both government bonds and corporate bonds were exploited. The major findings of the study reveals that exchange rate, interest rate, inflation rate and banking sector development have negative and significant influence on the Nigerian bond market capitalization and as such, they demonstrated strong evidence as robust macroeconomic determinants of bond market development in Nigeria. Bond market, development, determinants, economy, Nigeria
Assessment of Credit Risk Management System in Ethiopian Bankinginventionjournals
This document examines the macroeconomic determinants of bond market development in Nigeria. It finds that exchange rate, interest rate, inflation rate, and banking sector development have negative and significant influences on Nigerian bond market capitalization, demonstrating that they are robust macroeconomic determinants of bond market development in Nigeria. The study aims to address questions about what drives bond market development in Nigeria from a macroeconomic perspective, as the Nigerian bond market is characterized as shallow, inefficient, and bank-dominated compared to more developed market-based economies. Time series data from 32 years was analyzed using regression techniques to study the relationship between various macroeconomic factors and aggregate bond market capitalization in Nigeria.
Transitory and Permanent Effects of Capital Market Development on Capital For...AJHSSR Journal
ABSTRACT: Recent research on the relationship between capital market development and capital formation is
inconsistent.This study investigates the effect of capital market development on capital formation, and
theempiricalmethodutilisedinthisstudy, the Mundlak method,decomposestheeffectsofcapitalmarket development
on capital formation into transitory and permanent effects. This decomposition is important in order to ascertain
whether capital market development is beneficial to short-run or long-run capital formation, which is a key
determinant of a country‟s growth level.The study investigates the capital market development-capital formation
nexus byapplyingaggregate dataset from seven countries within the Sub-Saharan African
regionnamelyGhana,Kenya,IvoryCoast,Mauritius,Nigeria,SouthAfrica,and Zimbabwe over the period from 1980
to 2021. The results indicatethat capital market development has a transitory negative impact on capital
formation,but has a permanent positive impact on capital formation. More importantly, the permanent effect
seems more robust and stronger than the transitory effect. The findings conform to conventional wisdom that
Sub-Saharan African countries with well-developed capital markets experience long-run benefits of increased
capital formation and improved economic development. Based on the research findings, we recommend that
capital market authorities of Sub-Saharan African countries should prioritise policies that will boost productivity,
liquidity, and resilience. The study further recommends that Sub-Saharan African countries must improve their
capital markets‟ infrastructures, and eliminate the tax, legal and regulatory hurdles that impede the development
of their domestic capital markets.
KEYWORDS:Capitalmarketdevelopment,capitalformation,Sub-Saharan Africa, Mundlak Methodology, Panel
data.
This document examines the relationship between capital market development and economic growth in Nigeria from 2008 to 2018. It uses market capitalization, interest rate, and inflation rate as proxies for capital market development and GDP as the measure of economic growth. Multiple regression analysis is employed to analyze the data. The results suggest that the stock market has a positive but insignificant effect on economic growth in Nigeria. It is recommended that capital market regulators be more flexible to promote innovation without compromising investor protection. The government should also improve infrastructure to create a better business environment and boost productivity and economic activity.
Foreign Portfolio Investment and Human Capital Development in Nigeria 1987 2018ijtsrd
As a result of low savings that characterize their economies, most developing economies scramble for international capital inflows to fill the void in their domestic savings. The international capital can take the form of Foreign Portfolio Investment. There are mixed and conflicting results in past studies on the effect of Foreign Portfolio Investment on Human Capital Development in Nigeria which this study will attempt to resolve. Foreign portfolio investment FPI is an aspect of international capital inflows and involves the transfer of financial assets such as cash, stock or bonds across international borders in want of profit. The main objective of this study is to explore, determine, assess, examine and ascertain the effect of FPI on human capital development in Nigeria. The specific objectives of this study are to explore, determine, assess, examine and ascertain the effects of foreign portfolio investment, market capitalization, exchange rate and interest rate respectively on human capital development in Nigeria. The study adopted ex post facto research design and sourced data sourced data from the Central Bank of Nigeria Statistical Bulletin and Annual Reports and the World Bank Development Indicators which were analyzed using Descriptive Statistics, Augmented Dicker Fuller tests for unit roots and Autoregressive Distributive Lag ARDL for the hypothesis.The study concluded that foreign portfolio investment has both short run and long run positive and significant effects on human capital development. Hence, it is recommended that government should strengthen and deepen the capital market system in Nigeria to sustain existing foreign portfolio investment and attract new ones. Mbanefo Patrick Amaechi "Foreign Portfolio Investment and Human Capital Development in Nigeria: 1987-2018" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49231.pdf Paper URL: https://www.ijtsrd.com/management/management-development/49231/foreign-portfolio-investment-and-human-capital-development-in-nigeria-19872018/mbanefo-patrick-amaechi
Do government expenditure and debt affect stock market development in nigeriaAlexander Decker
Government expenditure and debt levels can impact stock market development. This study examines the effect of government spending and debt on the Nigerian stock market from 1981-2012. It finds:
1) Government capital expenditure had a significant negative short-run and long-run effect on stock market transaction values.
2) Government recurrent spending, domestic debt, and external debt did not have statistically significant effects on transaction values in the short-run or long-run.
3) The study uses an error correction model and cointegration analysis to assess the short-run and long-run effects. It finds the variables are cointegrated, indicating a long-run equilibrium relationship between government spending/debt and stock market development in
Determinants of Emerging Capital Markets Development: A Case of Dar Es Salaam...AI Publications
This study aims to assess determinants of emerging capital markets development with particular reference to Dar es Salaam Stock Exchange (DSE). Specifically, the study aimed to analyze influence of legal and institutional framework, influence of political and macroeconomic stability and effects of broadening the investors’ base on capital markets development. The study employed time series research design. Data from statistical observations were recorded in a duration of 10 years (2011-202) on capital market development in relation to macroeconomic factors including liquidity in the stock market, investment, banking sector expansion and foreign direct investment. The regression findings correspondingly showed that the multiple determination coefficient R2 is 0.9272. The result showed that the exogenous variables (INTR, INFL, EXCHR, NINFA and LFW) are explained by 92.72% of the variations in dependent variable (CMD) while remaining 7.28 % are attributed to other factors not considered in the model are to blame. In addition, Durbin Watson (DW) statistics of 1 were disclosed in the results. The study recommends that small and medium businesses, which play a significant role in Tanzania's economy, should also be encouraged to engage in the stock market. A systematic and comprehensive investment promotion and facilitation plan that suits Tanzania's interests is required. Savings habit must be encouraged in the country by government policies that favour it. Also, as a country attracts foreign investment, more jobs become available, and individuals have more money to save. In addition, foreign direct investment adds management and technology transfer capabilities.
‘Six Sigma Technique’ A Journey Through its Implementationijtsrd
The manufacturing industries all over the world are facing tough challenges for growth, development and sustainability in today’s competitive environment. They have to achieve apex position by adapting with the global competitive environment by delivering goods and services at low cost, prime quality and better price to increase wealth and consumer satisfaction. Cost Management ensures profit, growth and sustainability of the business with implementation of Continuous Improvement Technique like Six Sigma. This leads to optimize Business performance. The method drives for customer satisfaction, low variation, reduction in waste and cycle time resulting into a competitive advantage over other industries which did not implement it. The main objective of this paper ‘Six Sigma Technique A Journey Through Its Implementation’ is to conceptualize the effectiveness of Six Sigma Technique through the journey of its implementation. Aditi Sunilkumar Ghosalkar "‘Six Sigma Technique’: A Journey Through its Implementation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64546.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64546/‘six-sigma-technique’-a-journey-through-its-implementation/aditi-sunilkumar-ghosalkar
Edge Computing in Space Enhancing Data Processing and Communication for Space...ijtsrd
Edge computing, a paradigm that involves processing data closer to its source, has gained significant attention for its potential to revolutionize data processing and communication in space missions. With the increasing complexity and data volume generated by modern space missions, traditional centralized computing approaches face challenges related to latency, bandwidth, and security. Edge computing in space, involving on board processing and analysis of data, offers promising solutions to these challenges. This paper explores the concept of edge computing in space, its benefits, applications, and future prospects in enhancing space missions. Manish Verma "Edge Computing in Space: Enhancing Data Processing and Communication for Space Missions" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64541.pdf Paper Url: https://www.ijtsrd.com/computer-science/artificial-intelligence/64541/edge-computing-in-space-enhancing-data-processing-and-communication-for-space-missions/manish-verma
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Foreign financial resources inflows and stock market development empirical ev...Alexander Decker
This study empirically investigates the effects of foreign financial resource inflows on stock market development in Nigeria and Ghana between 1988-2011 for Nigeria and 1991-2011 for Ghana. Using market capitalization to GDP ratio as a proxy for stock market development and multiple linear regression analysis, the study finds that foreign direct investment, foreign portfolio investment, personal remittances, and official development assistance were positively related to stock market development in Nigeria, though official development assistance was insignificant. In Ghana, foreign direct investment, personal remittances, and external debt were negatively related to stock market development, while official development assistance was positively related. The study aims to contribute to existing literature by investigating the effects of multiple components of foreign financial inflows on stock
The Capital Market and Its Impact on Ndustrial Production in NigeriaIOSR Journals
The possession of industrial capabilities by an economy is considered an important potential for improved economic development. Indeed one of the distinguishing factors between developed and developing economies is the acquisition of industrial know-how. The emerging pattern of the institutional framework for the Nigeria which brought the capital market into existence has through the succeeding centuries continued to support the institution and justify its existence. The capital market is viewed as a major catalyst to industrial growth and indeed economic development. The benefit of appropriate industrial base for an economy lies in its combination of suitable technology management techniques and other resources in order to move the economy from a traditional and low level of production to a more automated and efficient system of mass processing and manufacture of goods and services. Unfortunately, the problem with industrial growth in Nigeria is largely due to the inability of firms to access long-term funds which the Nigerian capital marked should be providing. This unfortunately is stemmed from the fact that the Nigerian capital market has not been fully developed to adequately provide enough of such funds to the needy organizations. It was in line with the above that the study sought to determine the impact of the Nigerian capital market on the industrial sector component of the Nigerian gross domestic product, ascertain the impact of the Nigerian capital market on industrial loans issued by stock exchange and determine the impact of the Nigerian capital market on average capacity utilization rates of the Nigerian manufacturing sector. An ex-post facto research design was adopted using secondary data to determine the level of impact on the growth of the Nigerian industrial sector for the period 1990 – 2009. The ordinary least square (OLS) estimation technique was adopted using SPSS version 16.0) statistical computers software to evaluate the three objectives. The results showed (i) a positive significant impact of the market capitalization on industrial sector component of the gross domestic product and (ii) a positive significant impact of the market capitalization on average capacity utilization rates of the manufacturing sector. The result however showed (iii) a positive but non- significant impact of the annual market capitalization on industrial loans of the stock exchange. It was therefore concluded that every effort must be made by government and market operators to make the market viable and result oriented to further improve the economy
Macroeconomic Variables and Stock Price Changes in Emerging Stock Market Evid...ijtsrd
This study investigated macro economic variables and stock price changes in emerging stock market evidence from Nigeria. The main objective of the study was to ascertain the major macroeconomic variables that are determinants of stock prices in Nigerian Stock market. Secondary data was collected from CBN Statistical bulletins and used. The co integration technique was used for the data analysis. The results of the study or findings revealed that Exchange rate has a positive effect on stock prices Real GDP has a positive effect on stock prices money supply has negative effect on stock prices on the long run while interest rate, inflation rate, have no significant effect on stock prices. Based on the findings, it is thus recommended as follows more attention should be paid to credit control and long term supply of money by monetary authorities to stabilize stock prices instead of adopting price stabilization measures. Concerned authorities should tame inflation and interest rates, check stock prices manipulations, ensure the production and promotion of export products agents of stock market can also predict stock prices by observing trend of output growth consistently of a particular industry and Nigeria government and entrepreneurs should engage in the production of tradable goods rather than only crude oil to create more export for the country and hence boost stock market trading with more investors. Matthew Osedebamhen Moni | Steve Nkem Ibenta | Victor Ike Okonkwo "Macroeconomic Variables and Stock Price Changes in Emerging Stock Market Evidence from Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47503.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/47503/macroeconomic-variables-and-stock-price-changes-in-emerging-stock-market-evidence-from-nigeria/matthew-osedebamhen-moni
Modelling the Long Run Determinants of Foreign Portfolio in NigeriaMoses Oduh
1) This study examines the long-run determinants of foreign portfolio investment in Nigeria from 1981-2010 using time series analysis.
2) It finds that foreign portfolio investment has a positive long-run relationship with market capitalization and trade openness in Nigeria.
3) The study aims to help policymakers pursue policies that can attract more foreign portfolio investment in the long run, such as efforts to improve and sanitize the Nigerian capital market.
Modeling the effect of capital market empirical evidence from nigeria.Alexander Decker
This study examines the relationship between capital market activities and economic growth in Nigeria from 2001 to 2010. The capital market variables of annual market capitalization and total volume of transactions were analyzed in relation to gross domestic product as a proxy for economic development. The findings revealed a positive but not statistically significant relationship between capital market activities and GDP. It is recommended that building investor confidence through transparency, fair trading, political stability, and adequate publicity of the capital market could make the impact of the capital market on the economy more significant.
Macroeconomic determinants of stock market development in emerging marketsAlexander Decker
This research paper examines the macroeconomic determinants of stock market development in Kenya from 2000 to 2009. Using cointegration analysis and an error correction model, the study finds that income level, banking sector development, and stock market liquidity are important predictors of development of the Nairobi Stock Exchange. However, macroeconomic stability was not found to be a significant determinant. The paper provides background on the history and growth of the Nairobi Stock Exchange and reviews previous literature on factors that influence stock market development in emerging markets.
Performing Online Survey’s “An Added Advantage” Over Advertisementijtsrd
In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
Financial Openness and Capital Market Development in Sub Saharan African Coun...ijtsrd
This study examined the nexus between financial openness and capital market development in Sub Saharan African Countries for 30 years period ranging from 1990 2019. Okafor, Martin Emeka | Nwakoby, Clement Ikechukwu Ndukaife | Adigwe, Patrick Kanayo | Ezu, Gideon Kasie "Financial Openness and Capital Market Development in Sub-Saharan African Countries" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38568.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38568/financial-openness-and-capital-market-development-in-subsaharan-african-countries/okafor-martin-emeka
An Empirical Study on the Relationship between Financial Intermediaries and E...iosrjce
The study empirically investigated the relationship between financial intermediaries and economic
growth in Nigeria. Annual time series data covering 1970 to 2013 were used to analyze the long run and short
run relationship between the development of financial intermediaries and economic growth along with the
direction of causality between the indicators. The results of the unit root test show that the variables are
integrated at I(1). Cointegration is being found between the series in the presence of a structural break in 1987,
1992 and 1996. Using bound testing technique for cointegration a stable long-run relationship was found
between the indicators of financial intermediaries and the economic growth. Error correction coefficient was
statistically significant. It was concluded that insurance premium and value of stock transaction have a positive
impact on economic growth in both short runs and long-run. However, bank credit has a negative influence on
economic growth. The causality test reveals a bi-directional relationship between bank credit and economic
growth while a unidirectional causality moves from economic growth to insurance premium and value of stock
transactions. Here remains an important policy implication for the concerned individuals of Nigeria, that is,
they have to emphasize in financial development to ignite economic growth.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Selected Macroeconomic Factors versus Bond Market Development in Nigeriainventionjournals
This paper examines the macroeconomic determinants of bond market development in Nigeria to address the persistent research question of whether bond market development is driven by macroeconomic factors or institutional factors in emerging markets. Time series data generated over the period of 32 years was analyzed using ordinary least square regression techniques involving multiple regressions. The aggregate bond market capitalization comprising both government bonds and corporate bonds were exploited. The major findings of the study reveals that exchange rate, interest rate, inflation rate and banking sector development have negative and significant influence on the Nigerian bond market capitalization and as such, they demonstrated strong evidence as robust macroeconomic determinants of bond market development in Nigeria. Bond market, development, determinants, economy, Nigeria
Assessment of Credit Risk Management System in Ethiopian Bankinginventionjournals
This document examines the macroeconomic determinants of bond market development in Nigeria. It finds that exchange rate, interest rate, inflation rate, and banking sector development have negative and significant influences on Nigerian bond market capitalization, demonstrating that they are robust macroeconomic determinants of bond market development in Nigeria. The study aims to address questions about what drives bond market development in Nigeria from a macroeconomic perspective, as the Nigerian bond market is characterized as shallow, inefficient, and bank-dominated compared to more developed market-based economies. Time series data from 32 years was analyzed using regression techniques to study the relationship between various macroeconomic factors and aggregate bond market capitalization in Nigeria.
Transitory and Permanent Effects of Capital Market Development on Capital For...AJHSSR Journal
ABSTRACT: Recent research on the relationship between capital market development and capital formation is
inconsistent.This study investigates the effect of capital market development on capital formation, and
theempiricalmethodutilisedinthisstudy, the Mundlak method,decomposestheeffectsofcapitalmarket development
on capital formation into transitory and permanent effects. This decomposition is important in order to ascertain
whether capital market development is beneficial to short-run or long-run capital formation, which is a key
determinant of a country‟s growth level.The study investigates the capital market development-capital formation
nexus byapplyingaggregate dataset from seven countries within the Sub-Saharan African
regionnamelyGhana,Kenya,IvoryCoast,Mauritius,Nigeria,SouthAfrica,and Zimbabwe over the period from 1980
to 2021. The results indicatethat capital market development has a transitory negative impact on capital
formation,but has a permanent positive impact on capital formation. More importantly, the permanent effect
seems more robust and stronger than the transitory effect. The findings conform to conventional wisdom that
Sub-Saharan African countries with well-developed capital markets experience long-run benefits of increased
capital formation and improved economic development. Based on the research findings, we recommend that
capital market authorities of Sub-Saharan African countries should prioritise policies that will boost productivity,
liquidity, and resilience. The study further recommends that Sub-Saharan African countries must improve their
capital markets‟ infrastructures, and eliminate the tax, legal and regulatory hurdles that impede the development
of their domestic capital markets.
KEYWORDS:Capitalmarketdevelopment,capitalformation,Sub-Saharan Africa, Mundlak Methodology, Panel
data.
This document examines the relationship between capital market development and economic growth in Nigeria from 2008 to 2018. It uses market capitalization, interest rate, and inflation rate as proxies for capital market development and GDP as the measure of economic growth. Multiple regression analysis is employed to analyze the data. The results suggest that the stock market has a positive but insignificant effect on economic growth in Nigeria. It is recommended that capital market regulators be more flexible to promote innovation without compromising investor protection. The government should also improve infrastructure to create a better business environment and boost productivity and economic activity.
Foreign Portfolio Investment and Human Capital Development in Nigeria 1987 2018ijtsrd
As a result of low savings that characterize their economies, most developing economies scramble for international capital inflows to fill the void in their domestic savings. The international capital can take the form of Foreign Portfolio Investment. There are mixed and conflicting results in past studies on the effect of Foreign Portfolio Investment on Human Capital Development in Nigeria which this study will attempt to resolve. Foreign portfolio investment FPI is an aspect of international capital inflows and involves the transfer of financial assets such as cash, stock or bonds across international borders in want of profit. The main objective of this study is to explore, determine, assess, examine and ascertain the effect of FPI on human capital development in Nigeria. The specific objectives of this study are to explore, determine, assess, examine and ascertain the effects of foreign portfolio investment, market capitalization, exchange rate and interest rate respectively on human capital development in Nigeria. The study adopted ex post facto research design and sourced data sourced data from the Central Bank of Nigeria Statistical Bulletin and Annual Reports and the World Bank Development Indicators which were analyzed using Descriptive Statistics, Augmented Dicker Fuller tests for unit roots and Autoregressive Distributive Lag ARDL for the hypothesis.The study concluded that foreign portfolio investment has both short run and long run positive and significant effects on human capital development. Hence, it is recommended that government should strengthen and deepen the capital market system in Nigeria to sustain existing foreign portfolio investment and attract new ones. Mbanefo Patrick Amaechi "Foreign Portfolio Investment and Human Capital Development in Nigeria: 1987-2018" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49231.pdf Paper URL: https://www.ijtsrd.com/management/management-development/49231/foreign-portfolio-investment-and-human-capital-development-in-nigeria-19872018/mbanefo-patrick-amaechi
Do government expenditure and debt affect stock market development in nigeriaAlexander Decker
Government expenditure and debt levels can impact stock market development. This study examines the effect of government spending and debt on the Nigerian stock market from 1981-2012. It finds:
1) Government capital expenditure had a significant negative short-run and long-run effect on stock market transaction values.
2) Government recurrent spending, domestic debt, and external debt did not have statistically significant effects on transaction values in the short-run or long-run.
3) The study uses an error correction model and cointegration analysis to assess the short-run and long-run effects. It finds the variables are cointegrated, indicating a long-run equilibrium relationship between government spending/debt and stock market development in
Determinants of Emerging Capital Markets Development: A Case of Dar Es Salaam...AI Publications
This study aims to assess determinants of emerging capital markets development with particular reference to Dar es Salaam Stock Exchange (DSE). Specifically, the study aimed to analyze influence of legal and institutional framework, influence of political and macroeconomic stability and effects of broadening the investors’ base on capital markets development. The study employed time series research design. Data from statistical observations were recorded in a duration of 10 years (2011-202) on capital market development in relation to macroeconomic factors including liquidity in the stock market, investment, banking sector expansion and foreign direct investment. The regression findings correspondingly showed that the multiple determination coefficient R2 is 0.9272. The result showed that the exogenous variables (INTR, INFL, EXCHR, NINFA and LFW) are explained by 92.72% of the variations in dependent variable (CMD) while remaining 7.28 % are attributed to other factors not considered in the model are to blame. In addition, Durbin Watson (DW) statistics of 1 were disclosed in the results. The study recommends that small and medium businesses, which play a significant role in Tanzania's economy, should also be encouraged to engage in the stock market. A systematic and comprehensive investment promotion and facilitation plan that suits Tanzania's interests is required. Savings habit must be encouraged in the country by government policies that favour it. Also, as a country attracts foreign investment, more jobs become available, and individuals have more money to save. In addition, foreign direct investment adds management and technology transfer capabilities.
Ähnlich wie Capital Market and Economic Growth in Nigeria A Causal Analysis 1987 – 2021 (20)
‘Six Sigma Technique’ A Journey Through its Implementationijtsrd
The manufacturing industries all over the world are facing tough challenges for growth, development and sustainability in today’s competitive environment. They have to achieve apex position by adapting with the global competitive environment by delivering goods and services at low cost, prime quality and better price to increase wealth and consumer satisfaction. Cost Management ensures profit, growth and sustainability of the business with implementation of Continuous Improvement Technique like Six Sigma. This leads to optimize Business performance. The method drives for customer satisfaction, low variation, reduction in waste and cycle time resulting into a competitive advantage over other industries which did not implement it. The main objective of this paper ‘Six Sigma Technique A Journey Through Its Implementation’ is to conceptualize the effectiveness of Six Sigma Technique through the journey of its implementation. Aditi Sunilkumar Ghosalkar "‘Six Sigma Technique’: A Journey Through its Implementation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64546.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64546/‘six-sigma-technique’-a-journey-through-its-implementation/aditi-sunilkumar-ghosalkar
Edge Computing in Space Enhancing Data Processing and Communication for Space...ijtsrd
Edge computing, a paradigm that involves processing data closer to its source, has gained significant attention for its potential to revolutionize data processing and communication in space missions. With the increasing complexity and data volume generated by modern space missions, traditional centralized computing approaches face challenges related to latency, bandwidth, and security. Edge computing in space, involving on board processing and analysis of data, offers promising solutions to these challenges. This paper explores the concept of edge computing in space, its benefits, applications, and future prospects in enhancing space missions. Manish Verma "Edge Computing in Space: Enhancing Data Processing and Communication for Space Missions" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64541.pdf Paper Url: https://www.ijtsrd.com/computer-science/artificial-intelligence/64541/edge-computing-in-space-enhancing-data-processing-and-communication-for-space-missions/manish-verma
Dynamics of Communal Politics in 21st Century India Challenges and Prospectsijtsrd
Communal politics in India has evolved through centuries, weaving a complex tapestry shaped by historical legacies, colonial influences, and contemporary socio political transformations. This research comprehensively examines the dynamics of communal politics in 21st century India, emphasizing its historical roots, socio political dynamics, economic implications, challenges, and prospects for mitigation. The historical perspective unravels the intricate interplay of religious identities and power dynamics from ancient civilizations to the impact of colonial rule, providing insights into the evolution of communalism. The socio political dynamics section delves into the contemporary manifestations, exploring the roles of identity politics, socio economic disparities, and globalization. The economic implications section highlights how communal politics intersects with economic issues, perpetuating disparities and influencing resource allocation. Challenges posed by communal politics are scrutinized, revealing multifaceted issues ranging from social fragmentation to threats against democratic values. The prospects for mitigation present a multifaceted approach, incorporating policy interventions, community engagement, and educational initiatives. The paper conducts a comparative analysis with international examples, identifying common patterns such as identity politics and economic disparities. It also examines unique challenges, emphasizing Indias diverse religious landscape, historical legacy, and secular framework. Lessons for effective strategies are drawn from international experiences, offering insights into inclusive policies, interfaith dialogue, media regulation, and global cooperation. By scrutinizing historical epochs, contemporary dynamics, economic implications, and international comparisons, this research provides a comprehensive understanding of communal politics in India. The proposed strategies for mitigation underscore the importance of a holistic approach to foster social harmony, inclusivity, and democratic values. Rose Hossain "Dynamics of Communal Politics in 21st Century India: Challenges and Prospects" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64528.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/history/64528/dynamics-of-communal-politics-in-21st-century-india-challenges-and-prospects/rose-hossain
Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in...ijtsrd
Background and Objective Telehealth has become a well known tool for the delivery of health care in Saudi Arabia, and the perspective and knowledge of healthcare providers are influential in the implementation, adoption and advancement of the method. This systematic review was conducted to examine the current literature base regarding telehealth and the related healthcare professional perspective and knowledge in the Kingdom of Saudi Arabia. Materials and Methods This systematic review was conducted by searching 7 databases including, MEDLINE, CINHAL, Web of Science, Scopus, PubMed, PsycINFO, and ProQuest Central. Studies on healthcare practitioners telehealth knowledge and perspectives published in English in Saudi Arabia from 2000 to 2023 were included. Boland directed this comprehensive review. The researchers examined each connected study using the AXIS tool, which evaluates cross sectional systematic reviews. Narrative synthesis was used to summarise and convey the data. Results Out of 1840 search results, 10 studies were included. Positive outlook and limited knowledge among providers were seen across trials. Healthcare professionals like telehealth for its ability to improve quality, access, and delivery, save time and money, and be successful. Age, gender, occupation, and work experience also affect health workers knowledge. In Saudi Arabia, healthcare professionals face inadequate expert assistance, patient privacy, internet connection concerns, lack of training courses, lack of telehealth understanding, and high costs while performing telemedicine. Conclusions Healthcare practitioners telehealth perceptions and knowledge were examined in this systematic study. Its collection of concerned experts different personal attitudes and expertise would help enhance telehealths implementation in Saudi Arabia, develop its healthcare delivery alternative, and eliminate frequent problems. Badriah Mousa I Mulayhi | Dr. Jomin George | Judy Jenkins "Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in Saudi Arabia: A Systematic Review" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64535.pdf Paper Url: https://www.ijtsrd.com/medicine/other/64535/assess-perspective-and-knowledge-of-healthcare-providers-towards-elehealth-in-saudi-arabia-a-systematic-review/badriah-mousa-i-mulayhi
The Impact of Digital Media on the Decentralization of Power and the Erosion ...ijtsrd
The impact of digital media on the distribution of power and the weakening of traditional gatekeepers has gained considerable attention in recent years. The adoption of digital technologies and the internet has resulted in declining influence and power for traditional gatekeepers such as publishing houses and news organizations. Simultaneously, digital media has facilitated the emergence of new voices and players in the media industry. Digital medias impact on power decentralization and gatekeeper erosion is visible in several ways. One significant aspect is the democratization of information, which enables anyone with an internet connection to publish and share content globally, leading to citizen journalism and bypassing traditional gatekeepers. Another aspect is the disruption of conventional media industry business models, as traditional organizations struggle to adjust to the decrease in advertising revenue and the rise of digital platforms. Alternative business models, such as subscription models and crowdfunding, have become more prevalent, leading to the emergence of new players. Overall, the impact of digital media on the distribution of power and the weakening of traditional gatekeepers has brought about significant changes in the media landscape and the way information is shared. Further research is required to fully comprehend the implications of these changes and their impact on society. Dr. Kusum Lata "The Impact of Digital Media on the Decentralization of Power and the Erosion of Traditional Gatekeepers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64544.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64544/the-impact-of-digital-media-on-the-decentralization-of-power-and-the-erosion-of-traditional-gatekeepers/dr-kusum-lata
Online Voices, Offline Impact Ambedkars Ideals and Socio Political Inclusion ...ijtsrd
This research investigates the nexus between online discussions on Dr. B.R. Ambedkars ideals and their impact on social inclusion among college students in Gurugram, Haryana. Surveying 240 students from 12 government colleges, findings indicate that 65 actively engage in online discussions, with 80 demonstrating moderate to high awareness of Ambedkars ideals. Statistically significant correlations reveal that higher online engagement correlates with increased awareness p 0.05 and perceived social inclusion. Variations across colleges and a notable effect of college type on perceived social inclusion highlight the influence of contextual factors. Furthermore, the intersectional analysis underscores nuanced differences based on gender, caste, and socio economic status. Dr. Kusum Lata "Online Voices, Offline Impact: Ambedkar's Ideals and Socio-Political Inclusion - A Study of Gurugram District" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64543.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64543/online-voices-offline-impact-ambedkars-ideals-and-sociopolitical-inclusion--a-study-of-gurugram-district/dr-kusum-lata
Problems and Challenges of Agro Entreprenurship A Studyijtsrd
Noting calls for contextualizing Agro entrepreneurs problems and challenges of the agro entrepreneurs and for greater attention to the Role of entrepreneurs in agro entrepreneurship research, we conduct a systematic literature review of extent research in agriculture entrepreneurship to overcome the study objectives of complications of agro entrepreneurs through various factors, Development of agriculture products is a key factor for the overall economic growth of agro entrepreneurs Agro Entrepreneurs produces firsthand large scale employment, utilizes the labor and natural resources, This research outlines the problems of Weather and Soil Erosions, Market price fluctuation, stimulates labor cost problems, reduces concentration of Price volatility, Dependency on Intermediaries, induces Limited Bargaining Power, and Storage and Transportation Costs. This paper mainly devoted to highlight Problems and challenges faced for the sustainable of Agro Entrepreneurs in India. Vinay Prasad B "Problems and Challenges of Agro Entreprenurship - A Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64540.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64540/problems-and-challenges-of-agro-entreprenurship--a-study/vinay-prasad-b
Comparative Analysis of Total Corporate Disclosure of Selected IT Companies o...ijtsrd
Disclosure is a process through which a business enterprise communicates with external parties. A corporate disclosure is communication of financial and non financial information of the activities of a business enterprise to the interested entities. Corporate disclosure is done through publishing annual reports. So corporate disclosure through annual reports plays a vital role in the life of all the companies and provides valuable information to investors. The basic objectives of corporate disclosure is to give a true and fair view of companies to the parties related either directly or indirectly like owner, government, creditors, shareholders etc. in the companies act, provisions have been made about mandatory and voluntary disclosure. The IT sector in India is rapidly growing, the trend to invest in the IT sector is rising and employment opportunities in IT sectors are also increasing. Therefore the IT sector is expected to have fair, full and adequate disclosure of all information. Unfair and incomplete disclosure may adversely affect the entire economy. A research study on disclosure practices of IT companies could play an important role in this regard. Hence, the present research study has been done to study and review comparative analysis of total corporate disclosure of selected IT companies of India and to put forward overall findings and suggestions with a view to increase disclosure score of these companies. The researcher hopes that the present research study will be helpful to all selected Companies for improving level of corporate disclosure through annual reports as well as the government, creditors, investors, all business organizations and upcoming researcher for comparative analyses of level of corporate disclosure with special reference to selected IT companies. Dr. Vaibhavi D. Thaker "Comparative Analysis of Total Corporate Disclosure of Selected IT Companies of India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64539.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64539/comparative-analysis-of-total-corporate-disclosure-of-selected-it-companies-of-india/dr-vaibhavi-d-thaker
The Impact of Educational Background and Professional Training on Human Right...ijtsrd
This study investigated the impact of educational background and professional training on human rights awareness among secondary school teachers in the Marathwada region of Maharashtra, India. The key findings reveal that higher levels of education, particularly a master’s degree, and fields of study related to education, humanities, or social sciences are associated with greater human rights awareness among teachers. Additionally, both pre service teacher training and in service professional development programs focused on human rights education significantly enhance teacher’s knowledge, skills, and competencies in promoting human rights principles in their classrooms. Baig Ameer Bee Mirza Abdul Aziz | Dr. Syed Azaz Ali Amjad Ali "The Impact of Educational Background and Professional Training on Human Rights Awareness among Secondary School Teachers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64529.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64529/the-impact-of-educational-background-and-professional-training-on-human-rights-awareness-among-secondary-school-teachers/baig-ameer-bee-mirza-abdul-aziz
A Study on the Effective Teaching Learning Process in English Curriculum at t...ijtsrd
“One Language sets you in a corridor for life. Two languages open every door along the way” Frank Smith English as a foreign language or as a second language has been ruling in India since the period of Lord Macaulay. But the question is how much we teach or learn English properly in our culture. Is there any scope to use English as a language rather than a subject How much we learn or teach English without any interference of mother language specially in the classroom teaching learning scenario in West Bengal By considering all these issues the researcher has attempted in this article to focus on the effective teaching learning process comparing to other traditional strategies in the field of English curriculum at the secondary level to investigate whether they fulfill the present teaching learning requirements or not by examining the validity of the present curriculum of English. The purpose of this study is to focus on the effectiveness of the systematic, scientific, sequential and logical transaction of the course between the teachers and the learners in the perspective of the 5Es programme that is engage, explore, explain, extend and evaluate. Sanchali Mondal | Santinath Sarkar "A Study on the Effective Teaching Learning Process in English Curriculum at the Secondary Level of West Bengal" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd62412.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/62412/a-study-on-the-effective-teaching-learning-process-in-english-curriculum-at-the-secondary-level-of-west-bengal/sanchali-mondal
The Role of Mentoring and Its Influence on the Effectiveness of the Teaching ...ijtsrd
This paper reports on a study which was conducted to investigate the role of mentoring and its influence on the effectiveness of the teaching of Physics in secondary schools in the South West Region of Cameroon. The study adopted the convergent parallel mixed methods design, focusing on respondents in secondary schools in the South West Region of Cameroon. Both quantitative and qualitative data were collected, analysed separately, and the results were compared to see if the findings confirm or disconfirm each other. The quantitative analysis found that majority of the respondents 72 of Physics teachers affirmed that they had more experienced colleagues as mentors to help build their confidence, improve their teaching, and help them improve their effectiveness and efficiency in guiding learners’ achievements. Only 28 of the respondents disagreed with these statements. With majority respondents 72 agreeing with the statements, it implies that in most secondary schools, experienced Physics teachers act as mentors to build teachers’ confidence in teaching and improving students’ learning. The interview qualitative data analysis summarized how secondary school Principals use meetings with mentors and mentees to promote mentorship in the school milieu. This has helped strengthen teachers’ classroom practices in secondary schools in the South West Region of Cameroon. With the results confirming each other, the study recommends that mentoring should focus on helping teachers employ social interactions and instructional practices feedback and clarity in teaching that have direct measurable impact on students’ learning achievements. Andrew Ngeim Sumba | Frederick Ebot Ashu | Peter Agborbechem Tambi "The Role of Mentoring and Its Influence on the Effectiveness of the Teaching of Physics in Secondary Schools in the South West Region of Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64524.pdf Paper Url: https://www.ijtsrd.com/management/management-development/64524/the-role-of-mentoring-and-its-influence-on-the-effectiveness-of-the-teaching-of-physics-in-secondary-schools-in-the-south-west-region-of-cameroon/andrew-ngeim-sumba
Design Simulation and Hardware Construction of an Arduino Microcontroller Bas...ijtsrd
This study primarily focuses on the design of a high side buck converter using an Arduino microcontroller. The converter is specifically intended for use in DC DC applications, particularly in standalone solar PV systems where the PV output voltage exceeds the load or battery voltage. To evaluate the performance of the converter, simulation experiments are conducted using Proteus Software. These simulations provide insights into the input and output voltages, currents, powers, and efficiency under different state of charge SoC conditions of a 12V,70Ah rechargeable lead acid battery. Additionally, the hardware design of the converter is implemented, and practical data is collected through operation, monitoring, and recording. By comparing the simulation results with the practical results, the efficiency and performance of the designed converter are assessed. The findings indicate that while the buck converter is suitable for practical use in standalone PV systems, its efficiency is compromised due to a lower output current. Chan Myae Aung | Dr. Ei Mon "Design Simulation and Hardware Construction of an Arduino-Microcontroller Based DC-DC High-Side Buck Converter for Standalone PV System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64518.pdf Paper Url: https://www.ijtsrd.com/engineering/mechanical-engineering/64518/design-simulation-and-hardware-construction-of-an-arduinomicrocontroller-based-dcdc-highside-buck-converter-for-standalone-pv-system/chan-myae-aung
Sustainable Energy by Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadikuijtsrd
Energy becomes sustainable if it meets the needs of the present without compromising the ability of future generations to meet their own needs. Some of the definitions of sustainable energy include the considerations of environmental aspects such as greenhouse gas emissions, social, and economic aspects such as energy poverty. Generally far more sustainable than fossil fuel are renewable energy sources such as wind, hydroelectric power, solar, and geothermal energy sources. Worthy of note is that some renewable energy projects, like the clearing of forests to produce biofuels, can cause severe environmental damage. The sustainability of nuclear power which is a low carbon source is highly debated because of concerns about radioactive waste, nuclear proliferation, and accidents. The switching from coal to natural gas has environmental benefits, including a lower climate impact, but could lead to delay in switching to more sustainable options. “Carbon capture and storage” can be built into power plants to remove the carbon dioxide CO2 emissions, but this technology is expensive and has rarely been implemented. Leading non renewable energy sources around the world is fossil fuels, coal, petroleum, and natural gas. Nuclear energy is usually considered another non renewable energy source, although nuclear energy itself is a renewable energy source, but the material used in nuclear power plants is not. The paper addresses the issue of sustainable energy, its attendant benefits to the future generation, and humanity in general. Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadiku "Sustainable Energy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64534.pdf Paper Url: https://www.ijtsrd.com/engineering/electrical-engineering/64534/sustainable-energy/paul-a-adekunte
Concepts for Sudan Survey Act Implementations Executive Regulations and Stand...ijtsrd
This paper aims to outline the executive regulations, survey standards, and specifications required for the implementation of the Sudan Survey Act, and for regulating and organizing all surveying work activities in Sudan. The act has been discussed for more than 5 years. The Land Survey Act was initiated by the Sudan Survey Authority and all official legislations were headed by the Sudan Ministry of Justice till it was issued in 2022. The paper presents conceptual guidelines to be used for the Survey Act implementation and to regulate the survey work practice, standardizing the field surveys, processing, quality control, procedures, and the processes related to survey work carried out by the stakeholders and relevant authorities in Sudan. The conceptual guidelines are meant to improve the quality and harmonization of geospatial data and to aid decision making processes as well as geospatial information systems. The established comprehensive executive regulations will govern and regulate the implementation of the Sudan Survey Geomatics Act in all surveying and mapping practices undertaken by the Sudan Survey Authority SSA and state local survey departments for public or private sector organizations. The targeted standards and specifications include the reference frame, projection, coordinate systems, and the guidelines and specifications that must be followed in the field of survey work, processes, and mapping products. In the last few decades, there has been a growing awareness of the importance of geomatics activities and measurements on the Earths surface in space and time, together with observing and mapping the changes. In such cases, data must be captured promptly, standardized, and obtained with more accuracy and specified in much detail. The paper will also highlight the current situation in Sudan, the degree to which survey standards are used, the problems encountered, and the errors that arise from not using the standards and survey specifications. Kamal A. A. Sami "Concepts for Sudan Survey Act Implementations - Executive Regulations and Standards" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63484.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63484/concepts-for-sudan-survey-act-implementations--executive-regulations-and-standards/kamal-a-a-sami
Towards the Implementation of the Sudan Interpolated Geoid Model Khartoum Sta...ijtsrd
The discussions between ellipsoid and geoid have invoked many researchers during the recent decades, especially during the GNSS technology era, which had witnessed a great deal of development but still geoid undulation requires more investigations. To figure out a solution for Sudans local geoid, this research has tried to intake the possibility of determining the geoid model by following two approaches, gravimetric and geometrical geoid model determination, by making use of GNSS leveling benchmarks at Khartoum state. The Benchmarks are well distributed in the study area, in which, the horizontal coordinates and the height above the ellipsoid have been observed by GNSS while orthometric heights were carried out using precise leveling. The Global Geopotential Model GGM represented in EGM2008 has been exploited to figure out the geoid undulation at the benchmarks in the study area. This is followed by a fitting process, that has been done to suit the geoid undulation data which has been computed using GNSS leveling data and geoid undulation inspired by the EGM2008. Two geoid surfaces were created after the fitting process to ensure that they are identical and both of them could be counted for getting the same geoid undulation with an acceptable accuracy. In this respect, statistical operation played an important role in ensuring the consistency and integrity of the model by applying cross validation techniques splitting the data into training and testing datasets for building the geoid model and testing its eligibility. The geometrical solution for geoid undulation computation has been utilized by applying straightforward equations that facilitate the calculation of the geoid undulation directly through applying statistical techniques for the GNSS leveling data of the study area to get the common equation parameters values that could be utilized to calculate geoid undulation of any position in the study area within the claimed accuracy. Both systems were checked and proved eligible to be used within the study area with acceptable accuracy which may contribute to solving the geoid undulation problem in the Khartoum area, and be further generalized to determine the geoid model over the entire country, and this could be considered in the future, for regional and continental geoid model. Ahmed M. A. Mohammed. | Kamal A. A. Sami "Towards the Implementation of the Sudan Interpolated Geoid Model (Khartoum State Case Study)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63483.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63483/towards-the-implementation-of-the-sudan-interpolated-geoid-model-khartoum-state-case-study/ahmed-m-a-mohammed
Activating Geospatial Information for Sudans Sustainable Investment Mapijtsrd
Sudan is witnessing an acceleration in the processes of development and transformation in the performance of government institutions to raise the productivity and investment efficiency of the government sector. The development plans and investment opportunities have focused on achieving national goals in various sectors. This paper aims to illuminate the path to the future and provide geospatial data and information to develop the investment climate and environment for all sized businesses, and to bridge the development gap between the Sudan states. The Sudan Survey Authority SSA is the main advisor to the Sudan Government in conducting surveying, mappings, designing, and developing systems related to geospatial data and information. In recent years, SSA made a strategic partnership with the Ministry of Investment to activate Geospatial Information for Sudans Sustainable Investment and in particular, for the preparation and implementation of the Sudan investment map, based on the directives and objectives of the Ministry of Investment MI in Sudan. This paper comes within the framework of activating the efforts of the Ministry of Investment to develop technical investment services by applying techniques adopted by the Ministry and its strategic partners for advancing investment processes in the country. Kamal A. A. Sami "Activating Geospatial Information for Sudan's Sustainable Investment Map" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63482.pdf Paper Url: https://www.ijtsrd.com/engineering/information-technology/63482/activating-geospatial-information-for-sudans-sustainable-investment-map/kamal-a-a-sami
Educational Unity Embracing Diversity for a Stronger Societyijtsrd
In a rapidly changing global landscape, the importance of education as a unifying force cannot be overstated. This paper explores the crucial role of educational unity in fostering a stronger and more inclusive society through the embrace of diversity. By examining the benefits of diverse learning environments, the paper aims to highlight the positive impact on societal strength. The discussion encompasses various dimensions, from curriculum design to classroom dynamics, and emphasizes the need for educational institutions to become catalysts for unity in diversity. It highlights the need for a paradigm shift in educational policies, curricula, and pedagogical approaches to ensure that they are reflective of the diverse fabric of society. This paper also addresses the challenges associated with implementing inclusive educational practices and offers practical strategies for overcoming barriers. It advocates for collaborative efforts between educational institutions, policymakers, and communities to create a supportive ecosystem that promotes diversity and unity. Mr. Amit Adhikari | Madhumita Teli | Gopal Adhikari "Educational Unity: Embracing Diversity for a Stronger Society" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64525.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64525/educational-unity-embracing-diversity-for-a-stronger-society/mr-amit-adhikari
Integration of Indian Indigenous Knowledge System in Management Prospects and...ijtsrd
The diversity of indigenous knowledge systems in India is vast and can vary significantly between different communities and regions. Preserving and respecting these knowledge systems is crucial for maintaining cultural heritage, promoting sustainable practices, and fostering cross cultural understanding. In this paper, an overview of the prospects and challenges associated with incorporating Indian indigenous knowledge into management is explored. It is found that IIKS helps in management in many areas like sustainable development, tourism, food security, natural resource management, cultural preservation and innovation, etc. However, IIKS integration with management faces some challenges in the form of a lack of documentation, cultural sensitivity, language barriers legal framework, etc. Savita Lathwal "Integration of Indian Indigenous Knowledge System in Management: Prospects and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63500.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/63500/integration-of-indian-indigenous-knowledge-system-in-management-prospects-and-challenges/savita-lathwal
DeepMask Transforming Face Mask Identification for Better Pandemic Control in...ijtsrd
The COVID 19 pandemic has highlighted the crucial need of preventive measures, with widespread use of face masks being a key method for slowing the viruss spread. This research investigates face mask identification using deep learning as a technological solution to be reducing the risk of coronavirus transmission. The proposed method uses state of the art convolutional neural networks CNNs and transfer learning to automatically recognize persons who are not wearing masks in a variety of circumstances. We discuss how this strategy improves public health and safety by providing an efficient manner of enforcing mask wearing standards. The report also discusses the obstacles, ethical concerns, and prospective applications of face mask detection systems in the ongoing fight against the pandemic. Dilip Kumar Sharma | Aaditya Yadav "DeepMask: Transforming Face Mask Identification for Better Pandemic Control in the COVID-19 Era" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64522.pdf Paper Url: https://www.ijtsrd.com/engineering/electronics-and-communication-engineering/64522/deepmask-transforming-face-mask-identification-for-better-pandemic-control-in-the-covid19-era/dilip-kumar-sharma
Streamlining Data Collection eCRF Design and Machine Learningijtsrd
Efficient and accurate data collection is paramount in clinical trials, and the design of Electronic Case Report Forms eCRFs plays a pivotal role in streamlining this process. This paper explores the integration of machine learning techniques in the design and implementation of eCRFs to enhance data collection efficiency. We delve into the synergies between eCRF design principles and machine learning algorithms, aiming to optimize data quality, reduce errors, and expedite the overall data collection process. The application of machine learning in eCRF design brings forth innovative approaches to data validation, anomaly detection, and real time adaptability. This paper discusses the benefits, challenges, and future prospects of leveraging machine learning in eCRF design for streamlined and advanced data collection in clinical trials. Dhanalakshmi D | Vijaya Lakshmi Kannareddy "Streamlining Data Collection: eCRF Design and Machine Learning" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63515.pdf Paper Url: https://www.ijtsrd.com/biological-science/biotechnology/63515/streamlining-data-collection-ecrf-design-and-machine-learning/dhanalakshmi-d
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
2. International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD51909 | Volume – 6 | Issue – 6 | September-October 2022 Page 520
but this can only suffice for short term capital needs.
Investors thus deserves an institution capable of
providing funds that meets the long periods of
gestation inherent in real sector for which banks are
incapable of undertaking.
The financial market comprises two broad segments
being the money and the capital markets. Unlike the
money market that serves short term needs, capital
market, is a market for long term securities, including
the equity and the bonds market. The capital market
provides funds which enables government and firms
to raise long-term capital for financing new projects,
or expanding and modernizing industrial concern. It is
therefore an economic institution which promotes
efficiency in capital formation and allocation, since
funds are taken from surplus economic units to deficit
economic units for investment purposes, (Osaze,
2007). Suffice it to say that if capital is not provided
to those productive economic units, the rate of
expansion of the economy will lag behind, this is
because it is the capital resource gap that leads to
external borrowing (Ihezukwu & Uche, 2020).
The capital market in Nigeria is categorized into two
aspects; the Primary and the Secondary markets. The
primary market being a market for trading newly
issued securities while the secondarymarkets trade on
old or already existing securities. Major institutions
involved in the capital market activities are; the
Securities and Exchange Commission (SEC) as a
regulatory body, the Nigerian Exchange Group,
Brokerage Houses, Issuing Houses, Unit Trusts, and
so on. The development of the Nigerian capital
market dates back to the late 1950’s when the Federal
Government through its Ministry of Industries set up
the Babcock Committee to advise her on ways and
means of setting up a stock market. Prior to
independence, financial operators in Nigeria
comprised mainly of foreign owned company
commercial banks that provided short-term
commercial trade credits for the overseas companies
with offices in Nigeria, (Nwankwo, 1991; Ibenta,
2000).
The Nigerian government in a bid to accelerate
economic growth embarked on the development of
the Nigeria Capital market. This is to provide local
opportunities for borrowing and lending of long-term
capital by the public and private sectors as well as
opportunity for foreign-based companies to offer their
shares to the local investors and provide avenues for
the expatriate companies to invest surplus funds
(Bassey, Ewah & Essang, 2009). Based on the report
of the Babcock Committee, the Lagos Stock
Exchange was set up in 1959 with the enactment of
the Lagos Stock Exchange Act of 1961. It
commenced business in June 1961 and assumed the
major activities of the stock market by providing
facilities for the public to trade in shares and stocks,
maintaining fair prices through stock-jobbing and
restricting the business to its members (Ihezukwu &
Uche, 2020).
In 1977, the Lagos Stock Exchange was renamed the
Nigerian Stock Exchange charged with the objectives
of providing facilities to the Nigerian public for the
purchase and sale of funds, stocks and shares of any
king and for investment of money among others.
According to the Memorandum and Articles of
Association, the Exchange is incorporated as a private
non-profit organisation limited by guarantee to
undertake the functions of providing trading facilities
for dealing in securities listed on it among others.
Initially, trading activities commenced with two
federal government development stocks, one
preference share and three domestic equities. The
market grew slowly during the period with only six
equities at the end of 1966 compared with three in
1961. Government stocks comprised the bulk of the
listing with 19 of such securities quoted on the
Exchange in 1966 compared with six at the end of
1961.
Prior to 1972, when the indigenization policy took
off, activities on the Nigerian Stock Exchange were
low, that was true both in terms of the value and
volume of transactions. For instance, the value of
transactions grew from ₦1.49 million in 1961 to
₦16.6 million in 1971. Similarly, the volume of
transaction grew from 33 to 634 over the same period.
Although the bulk of the transactions were in
government securities, which were mainly
development loan stock through which government
raised money for the execution of its development
plans (NSE Fact Book, 2002). Accordingly, with the
promulgation and implementation of the Nigerian
Enterprises Promotion Decree of 1972, the principal
objectives of the capital market becomes promoting
capital formation, savings and investment in the
industrial/commercial activities of the country, the
low level of activities in the stock market increased as
Nigerians gained the commanding heights of the
economy.
However, following criticisms that the Nigerian Stock
Exchange was not responsive to the needs of local
investors, especially indigenous business men who
wished to raise capital for their businesses, the NSE,
introduced the Second-tier Securities Market (SSM)
in 1985 to provide the framework for the listing of
small and medium-sized Nigerian companies on the
exchange. Six companies were listed on the segment
of the stock market by 1988 and by 2002, over
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twenty-three companies had availed themselves of the
opportunities offered by this market (Odoko, 2004).
A fundamental question concerning stock markets is
their efficiencies, the three forms of market efficiency
described in the financial markets are; allocational,
operational and informational efficiencies. However,
Ibenta, Adigwe, Obialor and Alajekwu (2017) noted
that a stock market with higher informational
efficiency is more likely to retain operational and
allocation efficiencies.
A market is efficient with respect to a set of
information, if it is impossible to make economic
profits by trading on the basis of this information set.
The term efficiency refers to a wide availability of
information on past stock prices to the general public
and in turn stock, how price movements respond to
the information in a timely and accurate manner.
Capital market efficiency therefore suggests that
stock prices incorporate all relevant information on
past stock prices when that information is readily
available and widely disseminated such that there is
no systematic way to exploit trading opportunities
and acquire excess profit. In other words, no arbitrage
opportunities can be tapped using ex-ante information
as all the available information has been discounted in
the current prices (Ihezukwu & Uche, 2020).
The financial intermediation paradigm posits that, in
an efficient market, the capital market will transmits
economic resources in a manner that enhances
economic growth (Bagehort 1873, Schumpeter,
1911). The neoclassical growth model makes three
important predictions that defines the condition for
the financial intermediation paradigm as follows: (1)
increasing capital relative to labour creates economic
growth; (2) poor countries with less capital per person
will grow faster because each person investment in
capital will produce higher return than rich countries
with ample capital; and that (3) as a result of
diminishing return to capital, an economy will
eventually reach a point at which any increase in
capital will no longer create economic growth.
However, it can overcome this steady state and grow
by investing in new technology.
The role of the capital market to economic growth has
spread across four opinion quarters forming the bases
for the theory behind the financial development and
economic growth. These are the supply-leading
hypothesis, demand-following hypothesis,
bidirectional-causality feedback view and the fourth
view of neutrality stipulating that financial
development and economic growth have no causal
relationship (Nyasha & Odhiambo, 2015). The supply
leading hypothesis claims that the development of
financial sector as the precondition for economic
growth (Bayar, Kaya, &Yildirim, 2014). The demand
following hypothesis claims that growth instigates the
demand for financial commodities (Maharjan, 2020).
The bi-directional causality hypothesis stipulates that
financial progression and economic growth are bi-
directionally causal while the fourth view states that
financial progression has no relationship with
economic growth (Nyasha & Odhiambo, 2015).This
study seeks to contribute to the literature on the
relationship between capital market and growth in
Nigeria on five levels: capacity to inject new funds
through the new issues market, the market size,
market liquidity, market volatility and bond market.
Moreover, the incidence of poverty, unemployment,
and income inequality are still evident and rampant in
the Nigeria Stock Exchange. This needs investigation
as to causal influence of capital market development
indicators on growth of Nigeria economy.
2. Statement of the Problem
The most dominant notion in literature is that
establishing and strengthening the capital market
institutions boosts economic growth for the welfare of
the economy. However, theorists are dichotomous on
the role and importance of the financial market; from
finance-led, through the opposite demand following
argument to the no-effect neutrality paradigm of the
role of capital market on the financial system. Despite
that arguments supports that stage of economic
development as developing, emerging or developed,
determines which theoretical proposition prevails in
an economy, Nigeria in a developing stage still
records diverse empirical findings from finance-led to
demand following paradigms.
The spate of growth in the Nigerian capital market
was distracted by series of crises including the 2008
world economic crunch, economic downturn of the
2015s and the recent COVID 19 pandemic.
Observations reveal that both the economy and the
capital market seems to respond in similar flow to
these eras suggesting serious relationship between
capital market and growth. However, the trends does
not suggest whether it was the growth issues that
affect the capital market. This would constitute a
dilemma for the policy makers in directing growth
policies for Nigeria.
The empirical studies from Nigeria so far seems
unanimous to finance-led proposition (Uruakpa,
2019; Adebayo, Awosusi & Eminer, 2020; Oluyemi
& Adewale, 2020; Migap, Ngutsav & Andohol, 2020;
Maharjan, 2020), except the work of Eneisik,
Ogbonnaya and Onuoha (2021) that shows feedback
relationship. Moreover, these studies did not account
for causal relationship with bond market, and stock
market volatility. There is need to understand in a
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holistic manner the capital market – growth nexus in
Nigeria.
3. Theoretical Framework
The theoretical framework of this study is anchored
on financial intermediation theory that was
propagated by the early economists as Bagehort
(1873), Schumpeter (1911) and Hicks (1969). The
theory posit that the financial system enables the
transmission of economic resources from the less
productive idle unit to the more productive active unit
of the economy. This process is performed by the
financial system by receiving deposits and granting
loans. It is the financial institutions as agents of
financial intermediation that carryout these functions.
The theory of financial intermediation supports that
the financial market development enhances the
raising of savings and increased investment which
ultimately boosts economic growth. Thus the
McKinnon (1973) and Shaw (1973) finance-led or
supply leading hypothesis supports that the financial
market is the driver of the economy.
4. Empirical Review
Table 1: Webometric analysis of capital market and growth nexus
SN
Author and
Date
Topic Scope
Variables
Employed
Methods
Major
Findings
1 Alajekwu
and
Ezeabasili
(2012)
Relationship
Between
Stock
Market
Liquidity
and
Economic
Growth
Nigeria:
1986 to 2010
Dependent: Gross
Domestic Product
(GDP)
Independent:
Value Trade Ratio
(VTR), Number of
Shares Trade Ratio
(NTR) and
Turnover Ratio
(TOR)
Johansson
integration
approach
No effect, no
causal
relationship
2 Alajekwu
and Achugbu
(2012)
Stock
Market
Development
on Economic
Growth
Nigeria:
1994 - 2008
Dependent: GDP
Independent:
market
capitalization ratio
(MCR), VTR and
TOR
Ordinary Least
Square (OLS)
techniques
MCR and
VTR have
negative
effect.
TOR has
positive effect
3 Oluwatosin,
Adekanye
and Yusuf
(2013)
Impact of
Capital
Market on
Economic
Growth and
Development
Nigeria:
1999 and
2012
Dependent: GDP
Independent:
MCR, VTR and
TOR
ordinary least
square
regression
No effects
4 Aduda,
Chogii and
Murayi
(2014)
Capital
Market
Deepening
and
Economic
Growth
Kenya,
Nairobi
Securities
Exchange,
1992 to 2011
Dependent: GDP
Independent:
TOR, Bond
Market Turnover
Ratio (BTOR),
VTR and MCR
OLS regression
technique
BMTR, TOR
and are
significant and
positive;
VTR and
MCR are
insignificant
and negative
5 Briggs
(2015)
Impact of the
Capital
Market on
the Economy
Nigeria:
1981-2011
Dependent: GDP
Independent:
MCR, total new
issues (TNI), value
of transactions
(VLT), and total
Listed Equities and
government stocks
(LEGS)
Johansen co-
integration and
Granger
causality tests
positive
impacts
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6 Coskun,
Seven,
Ertugrul and
Ulussever
(2017)
Capital
Market Sub-
Components
and
Economic
Growth
2006:M1 and
2016:M6 in
Turkey
Dependent: GDP
Independent:
MCR, pension and
mutual funds' total
asset values
(FUNDS), market
capitalization of
corporate bonds
(BMCAP), VTR,
total value of short
and long term
government bonds
(DIBS), rate of
employment
(EMP), consumer
price index (CPI),
and reel effective
exchange rate
(REER)
Autoregressive
distributed lag
(ARDL),
Granger and
Todo
Yammatoro
techniques and
Markov
Switching
Regression and
Kalman Filter
models
Long run
relationship
exist.
Capital
Market
development
causes
economic
growth
Bond market
development
is negative
7 Muyambiri
and
Chabaefe
(2018)
Causal
Relationship
Btw
Financial
Development
and
Economic
Growth
Bostwana,
1976 to 2014
Dependent:
GDP
Independent:
Investment,
Savings, MCR,
VTR, TOR
Multivariate
Granger
causality
model
Bank-related
variables
causes GDP
8 Tabash
(2018)
Islamic
Banking
Investments
and
Economic
Growth
United Arab
Emirates
(UAE), 1989
to 2016
Dependent: GDP
Independent:
Bank Investment
ARDL and
Granger
causality
Positive
effects in long
and short run.
Bidirectional
Causal
relationship
9 Mamun, Ali,
Hoque,
Mowla and
Basher
(2018)
Stock
Market
Development
and
Economic
Growth
Bangladesh,
1993 and
2016
Dependent: GDP
Independent:
MCR, financial
deepening,, INTR
and real effective
exchange rate
ARDL and
Granger
causality
MCR has
direct impact
in long and
short run.
Bidirectional
causal
relationship
10 Abina and
Lemea
(2019)
Capital
Market and
Performance
Of Economy
Nigeria:
1985 to 2017
Dependent: GDP
Independent:
MCR, VTR, NI
Johansen Co-
integration,
Error
correction and
Granger
Causality
long-run
positive
relationship
GDP cause
MCR and
VTR
11 Uruakpa
(2019)
Capital
Market and
Industrial
Sector
Development
Nigeria,
1985 to 2017
Dependent: GDP
of industries
Independent:
All share index
(ASI), MCR, VTR
Co-integration
and Error
Correction
Model
Capital market
has long and
short run
impact on
GDP
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Industrial
output causes
MCR and
VTR (supply
leading
hypothesis)
12 Adebayo,
Awosusi and
Eminer
(2020)
Stock
Market and
Economic
Growth
Nigeria,
1989 to 2017
Dependent: GDP
per Capita
Independent:
VTR, STOR, MCR
ARDL,
FMOLS,
DOLS, Toda
Yamamoto
causality and
the variance
decomposition
techniques
stock markets
has long run
effect on
economic
growth
MCR, VTR
are positive
Stock market
variables has
unidirectional
causality on
GDP (supply
leading
hypothesis)
14 Oluyemi
andAdewale
(2020)
Financial
Development
and
Economic
Growth
Nigeria:
1985 to 2015
Dependent: GDP
Independent:
MCR, VTR,
STOR,
Financial market
(CPS, MS,
commercial bank
assets)
Toda and
Yamamoto and
Dolado and
Lütkepohl
(TYDL)
approach
bi-directional
causality
between
financial
markets
indicators and
GDP
Unilateral
causality from
stock market
indicators to
GDP
15 Migap,
Ngutsav and
Andohol
(2020)
dynamics of
financial
inclusion,
capital
market
development
and
economic
growth
Nigeria:
1986 to 2017
Dependent: GDP
Independent:
Market
capitalisation,
penetration index
(financial
inclusion),
Lending rate, bank
loans to SMEs and
Exchange rate
Toda and
Yamamoto
causality
No causal
relationship
between
financial
inclusion and
capital market
Unidirectional
causality from
capital market
to GDP
16 Maharjan
(2020)
financial
development
and
economic
growth
Nepal: 1975
to 2019
Dependent: GDP
and GFCF
Independent:
Stock Market
Capitalization
(MC), Insurance
Premium, (IP) and
Real Private Sector
Credit
Johansen co-
integration test,
Granger
Causality test,
and Vector
Error
Correction
Model
(VECM)
Long run
relationship
exists
Unidirectional
causality from
MC to GDP
17 Ihezukwu
and Uche
Capital
market and
Nigeria:
1981 to 2017
Dependent:
unemployment rate
impulse
response
Both models
showed long
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(2020) growth
nexus
(UNPR) and
poverty reduction
(PR)
Independent:
MCR, VTR, ASI,
functions (IRF)
and variance
decompositions
run
relationships.
Capital market
does not have
significant
contribution to
poverty and
unemployment
reductions
18 Adesanya,
Adediji and
Okenna
(2020)
Stock
Exchange
Market
Activities
and
Economic
Development
Nigeria:
1985 to 2019
Dependent: GDP
Independent:
MCR, ASI, Total
volume of
transaction
(TNOV)
ordinary least
square (OLS)
method
Capital market
had positive,
with
significant
effects from
ASI and
TNOV
19 Paudel and
Acharya
(2020)
Financial
Development
and
Economic
Growth
Nepal: 1965
to 2018
Dependent: GDP
Independent:
Broad money,
domestic credit to
private sector, total
credit from
banking sector,
capital formation,
and Foreign direct
investment
ARDL financial
development
causes to
economic
growth
20 Eze, Ezenwa
and Chikezie
(2020)
Stock
exchange
and
economic
growth
Nigeria:
1990 to 2015
Dependent: Real
GDP
Independent:
domestic share
traded (DOP,
Listed domestic
companies (LDC),
Turnover ratio of
the stock market
(TOR) and Value
of shares traded to
GDP (VST)
ARDL LDC and TOR
had a negative
and significant
effect on
lnRGDP,
While VST
had a positive
and significant
effect on
lnRGDP
21 Eneisik,
Ogbonnaya
and Onuoha
(2021)
capital
market
indicators
and
economic
growth
Nigeria:
1989 to 2019
Dependent: Real
GDP
Independent:
MCR, ASI, and
VTR
OLS, Johansen
cointegration
test, and
pairwise
granger
causality
Bidirectional
causality exist
MCR has
positive effect.
ASI and VTR
has no effect
22 Oke, Dada,
and Aremo
(2021)
Bond Market
Development
and
Economic
Growth
Nigeria:
1986 to 2018
Dependent: GDP
Independent:
Government Bond
(GBOND),
Corporate Bond
(CBOND), Bond
Yield (BYID) and
Value of Bond
Co-integration
bounds test
approach
CBOND was
positive while
BYID had
negative
effects.
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Traded (VBTD)
23 Hismendi,
Masbar,
Nazamuddin,
Majid and
Suriani
(2021)
Comparative
Causal
Relationship
Between
Sectoral
Stock
Markets and
Economic
Growth
Quarterly
time-series
data (first
quarter 2009
to fourth
2019).
Dependent: GDP
of agricultural,
financial,
industrial, and
mining sectors
Independent:
Sectoral Stock
Market Shares
Multivariate
granger
causality test
Agric has
demand pull
hypothesis
Industrial
sector had
supply leading
hypothesis
24 Abel,
Magomana,
Makamba
and Le Roux
(2021)
Stock
Market
Development
and
Economic
Growth
Southern
African
Development
Community
(SADC)
region: 1993
to 2017
Dependent: GDP
Independent:
market
capitalisation,
trade openness and
investment
ARDL bi-directional
causality both
in the short
and long run
25 Algaeed
(2021)
Capital
Market
Development
on the per-
Capita GDP
Growth
Saudi
Arabia: 1985
to 2018
Dependent: GDP
Independent:
share price index,
capitalization,
liquidity, number
of share
transactions, and
number of shares
ARDL,
FMOLS and
Johansen tests
capitalization
and liquidity
had negative
signs, whereas
share price
index, number
of shares
traded, and the
ratio of
number of
share
transactions
had positive
signs
NO casual
effects
Source: Author’s conception
The review cut across Asia, Africa and some developed economies. It also cut across the financial markets
(including bank-related money market and the capital market). More of the concern of the present study is the
capital market, of which the review identified several segments to include new issues market, debt market, and
stock market. The debt market involved variables as the government bond, corporate bond among others
whereas the stock market captured the market capitalisation and number of shares as measure of size; the value
traded, volume traded and turnover ratio as measures of liquidity while All Share index measures volatility.
Another strand is the new issues market and bond market development which was not adequately captured by
the previous studies in Nigeria. Thus, it has been learned from the review that capital market components include
new issues market development (new capitals), bond market development (government and corporate bonds
sizes and turnover) and stock market development (market capitals, number of quoted firms, value traded,
volume traded, turnover ratio, and All share index).
Of the studies reviewed, majority centred on capital market variables and growth nexus. The outcome is replete
with conflicting findings. For instance, on a causal issues, the findings lies across supply leading (finance led)
hypothesis, demand following (growth driven) economy and no causal effects between finance and growth
trends. Algaeed (2021) in Saudi Arabia posits no causal relationship. The studies of Abel, Magomana, Makamba
and Le Roux (2021) in SADC and Eneisik, Ogbonnaya and Onuoha (2021) from Nigeria, and Tabash (2018)
from UAE and Mamun, Ali, Hoque, Mowla and Basher (2018) in Bangladesh saw two-way causal relationship.
However, the work of Paudel and Acharya (2020) and Maharjan (2020) both in Nepal and Migap, Ngutsav and
Andohol (2020) and Adebayo, Awosusi and Eminer (2020) in Nigeria found that finance led (supply leading
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hypothesis) obtains. Even a monthly sourced data from developed Turkish economy from Coskun, Seven,
Ertugrul and Ulussever (2017) supported the finance led hypothesis. In a relatively mixed results, Hismendi,
Masbar, Nazamuddin, Majid and Suriani (2021) found that agricultural sector follows demand following
hypothesis whereas the industrial sector supports supply leading hypothesis. These results tends to suggest that
nature of relationships and relevance of the capital market to the economy is economy dependent and at times
can be driven by the activities in a given sector. One remarkable fact about the causal relationships is that it
demeans the time serial nature of data whether for annual, quarterly and monthly data.
The theoretical review identified a spectrum of views about of the direction on relationship in the capital market
and growth nexus. The demand following hypothesis supposes that growth drives capital market development
whereas the supply leading hypothesis posits the opposite; a scenario where growth in the capital market drives
the economy. The supply leading hypothesis is the anchor of most finance supporters as the wheel and fulcrum
on which the economy revolves. Another strand of the theory is that both the economy and financial market
drives one another as claimed by the bi-directional causal proponents. However, the neoclassical portends that
the financial market and economic activities runs at variants and has no recourse to one another in the course of
development. These theories are the bane of academic conflict from the era of Schumpeter till date.
5. Methodology
The study was based on ex-post facto research design. The study employed secondary data set based on time
series covering the market-based era in Nigeria starting from 1987 to 2021
The variables for the study are two pronged. Dependent variable is economic growth indicator; while
independent variables are the capital market indicators.
Dependent Variable: The dependent variable will be economic growth. It will be represented with GDP growth
rate. This is rate of change in GDP over time. It captures a rate of change of trend in movement of the quantity of
GDP. An upward trend indicate growth and a continuous upward trend signified economic boom. A downward
trend is an indication of low output and a continuous downward trend implies economic downturn. Thus, annual
GDP growth rate will be a good measure of economic growth in this study.
A number of capital market indicators are employed to proxyfor the capital market performance that the specific
objectives represented. These include
1. New issues which is the total value of new shares issues and subscribed to for capital investment of quoted
firms in Nigeria. It is obtained by dividing the New Issued Amount by Real GDP.
2. Market Capitalisation as proxy for stock market size. Market capitalisation in Nigeria comprises government
securities, corporate bonds, Exchange Trade Funds and equities. The value is computed as total market
capitalisation divided by Real GDP. This is market capitalisation ratio.
3. Turnover ratio is used as proxy for stock market liquidity. It is obtained as the total value of traded shares
divided by total market capitalisation.
4. The all share index is used as proxy for stock market volatility. It measured the stock market riskiness. It is
expressed as the log of the index values.
The model specification follows from the contents of the specific objectives of the study. The variables included
in the study were based on the works of Algaeed (2021), Eneisik, et al (2021) and Adesanya, et al (2020) that
employed a plethora of capital market variables to develop a framework for capital market studies. These models
did not include new issues which the current study incorporated. Thus the present model will be:
GDPr = f(NI, SMS, SML, SMV, and BMS)
Where:
GDPr = Gross Domestic Product growth rate
NI = new issues represented by value of new issues raised.
SMS = Stock market size represented by the stock market capitalisation ratio.
SML = Stock market liquidity represented by turnover ratio
SMV = Stock market volatility represented by All Share index as a proxy for stock market riskiness.
BMS = Bond market size represented by the value of government debts traded
The Vector Autoregressive (VAR) model of the univariate model was adapted from the work of Hismendi, et al
(2021) based on the pairwise causality framework. According to Granger (1969), “X causes Y, if X's past values
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improve the estimate of Y, simply by using Y's past values”. It is therefore a concept that is based on
predictability, that is, the ability of one variable to help predict another. The models for the study, in line with
the specific objectives are as follows:
GDPrt = α01 GPDrt-1+ NIt-1+ e1t (3.1)
GDPrt = α01 GPDrt-1 + SMSt-1+ e1t (3.2)
GDPrt = α01 GPDrt-1 + SMLt-1+ e1t (3.3)
GDPrt = α01 GPDrt-1 + SMVt-1+ e1t (3.4)
GDPrt = α01 GPDrt-1 + BMSt-1+ e1t (3.5)
Where: e = error term, t = term periods, I = variables and ∑ = summation of variables over time.
The finance led hypothesis posits that capital market development has positive relationship with economic
growth. Thus, NI, SMS, SML, and BMS have positive relationships with GDPr. However, SMV has negative
relationship with GDPr.
The unit root analysis is apt in every long term time series data to test for the stationarity of the variables. The
Augmented Dicker Fuller test will be adopted, wherein the null hypothesis is presence of unit root. The Engel
Cointegration test will be used to confirm presence of long run relationship among the variables. Then the
pairwise granger causality test will be used to determine the direction of causality between each capital market
variable and GDPr.
6. Presentation and Analysis of Data
6.1. Description of the Variables
Table 2: Summary of Descriptive Nature of the Variables
GDPR NI SMS SML SMV BMS
Mean 4.658529 0.016544 0.122641 0.0600 3.9049 0.3217
Maximum 14.60000 0.032500 0.380100 0.1756 4.7026 7.3199
Minimum -1.920000 0.005200 0.030900 0.0102 2.2477 0.0000
Std. Dev. 3.927889 0.006987 0.083747 0.0366 0.7428 1.2702
Jarque-Bera 1.034020 2.310460 5.015787 5.9032 5.5913 1093.7
Probability 0.596301 0.314985 0.081440 0.0522 0.0610 0.0000
Observations 34 34 34 34 34 34
Source: Authors computation from Eviews 9.0
The result in Table 2 is the summary of mean, maximum, minimum and standard deviation of the variables used
for the study. The mean showed the average value of the variables. The mean for real GDP growth is 4.658529
which indicates that Nigeria economic growth over the period under study is an average of 4.66% annually. This
implies that Nigeria is a growth economy with high GDP growth rate. The GDP growth rate compares with very
high maximum of 14.6% witnessed in early 2000s, and the negative minimum of -1.9% seem in the recent 2020.
This shows that Nigeria economic growth was booming in the periods around 2000s and in austere in the later
years especially within the last five years backward from 2020. The standard deviation is 3.927 and within a
lower bound than maximum and minimum to indicate that there is no wide variation from normal distribution.
The New Issues (NI) measures as ratio of total amount issues divided by real GDP is given as 0.016544. This
shows a ratio of 0.02 to real GDP, with maximum and minimum of 0.0325 and 0.0052 respectively. The
standard deviation is 0.0069.
For the stock market size (SMS) measured as total market capitalisation divided by real GDP, the mean is
0.1226, maximum of 0.3801 and minimum of 0.0309, with a standard deviation of 0.0837. The stock market
liquidity (SML) being the total value traded divided by real GDP has a mean, maximum and minimum values of
0.0600, 0.1756 and 0.0102 with a standard deviation of 0.0366.
The stock market volatility (SMV) being stock riskiness is the All Share Index indicating variation in total
market share prices over time. The mean, maximum and minimum values are 3.9049, 4.7026, and 2.2477
respectively. The standard deviation is 0.7428. The mean value for Bond Market Size (BMS) measured as
government debt is 0.3217. The maximum and minimum values are 7.3199 and 0.0000, respectively with a
standard deviation of 1.2702.
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The results of the Jarque Bera statistics is used to determine the normality of the individual variables. The
coefficients for GDPr (1.0340, P > 0.05), NI (2.3104, P > 0.05), SMS (5.0157, P > 0.05), SML (5.9032, P >
0.05), SMV (5.5913, P > 0.05) and BMS (1093, P < 0.05). The decision rule is to reject the null hypothesis
(variables are normally distributed) when the p.value is less than 0.05 level of significance; or accept in the
otherwise. Since the p.values for GPDr, NI, SMS, SML, and SMV are greater than 0.05 level of significance, we
cannot reject the null hypotheses. The p.value for BMS is less than 0.05 level of significance and indicates lack
of normality.
6.2. Stationarity Test Result
This test is conducted to determine the nature of the time series of the variables. It is pertinent since most time
series data are susceptible to instability that can distort normal trends and affect the reliability of regression
analyses. The study thus conducted stationary test using the Augmented Dickey-Fuller (ADF) Tests. The null
hypothesis that is tested in the variable have unit root tests (that is not stationary). The stationarity results for the
variables are presented in Table 3.
Table 3: ADF Test of Stationarity for the variables
Source: Authors computation from Eviews 9.0
The tests of stationarity for the variables were shown in Table 3. The results showed that only NI, SMV, and
BMS are stationary at level. The GDPr, SMS and SML are not stationary in their level but become stationary at
first defences. This means that the three variables are stationary at first difference 1(1) and three stationary at
level 1(0).
This means that the model have variables with combined stationaritystatus of level 1(0) and first difference 1(1).
This means that some of the variables stationary at level are not time variant while the others that are stationary
at first deference suggest that they respond to changes in time periods. The most suitable tool of analysis in this
instance is the Autoregressive Distributive Lag technique (ARDL).
6.3. Model Estimation of the Effect of Capital Market on Economic Growth in Nigeria
Table 4: ARDL Bounds Test for long run effect of capital market on economic growth
ARDL Bounds Test
Null Hypothesis: No long-run relationships exist
Test Statistic Value k
F-statistic 12.64183 5
Critical Value Bounds
Significance I0 Bound I1 Bound
5%
1% 3.41 4.68
Source: Authors computation from Eviews 9.0
The test of long run relationship between capital market variables and economic growth is measured with ARDL
bound test. The result compare the bound critical values with the F-statistics values. The decision rule: If the F-
statistic is above the upper and lower critical bound values, then there is a long run relationship in the model; but
where the F-statistics is below the upper and lower bound critical values, it is inferred that there is no long-run
effect (relationship). The null hypothesis is that “No long-run relationship exists”.
From the results, the F-value is 12.64183 with lower and Upper bounds of 2.62 and 3.79, respectively. The F-
value is greater than the lower and upper critical bound values. Thus we rejected the null hypotheses and posit
that capital market have long run relationship with economic growth in Nigeria.
Table 3 describes the nature of the long run relationship between capital market and economic growth in
Nigeria. The results from CointEq (-1) from the cointegrating form is used to explain the speed of adjustment,
Variables
At Level First Difference
Order of Integration
t-Statistic Prob. t-Statistic Prob.
GDPr -2.886570 0.0577 -7.710109 0.0000 1(1)
NI -2.967242 0.0489 1(0)
SMS -1.657727 0.4427 -6.208374 0.0000 1(1)
SML -2.480424 0.1292 -7.619755 0.0000 1(1)
SMV -3.175355 0.0306 1(0)
BMS -4.528336 0.0010 1(0)
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while the nature of the relationship is explained by the long run coefficients as explained from the long run
coefficients.
Table 5: ARDL Cointegrating and Long Run Form
Dependent Variable: GDPR
Sample: 1987 2021
Cointegrating Form
Variable Coefficient Std. Error t-Statistic Prob.
D(NI) 207.691207 131.616240 1.578006 0.1386
D(SMS) 77.417663 29.786599 2.599077 0.0220
D(SMS(-1)) 41.305935 18.087331 2.283694 0.0398
D(SMS(-2)) -35.817815 21.098703 -1.697631 0.1134
D(SML) 47.177471 27.308556 1.727571 0.1077
D(SML(-1)) -63.845911 30.297718 -2.107284 0.0551
D(SMV) -2.104136 7.242400 -0.290530 0.7760
D(SMV(-1)) 27.681866 7.741588 3.575735 0.0034
D(BMS) -1.180211 0.350603 -3.366228 0.0051
D(BMS(-1)) 2.564696 0.871202 2.943860 0.0114
D(BMS(-2)) -1.833132 1.099323 -1.667510 0.1193
CointEq(-1) -1.596872 0.191000 -8.360592 0.0000
Cointeq = GDPR - (27.3665*NI -20.7449*SMS + 173.0818*SML -1.7946
*SMV -1.4026*BMS + 2.6865 )
Long Run Coefficients
Variable Coefficient Std. Error t-Statistic Prob.
NI 27.366509 77.170679 0.354623 0.7286
SMS -20.744896 9.117054 -2.275395 0.0405
SML 173.081804 13.176990 13.135154 0.0000
SMV -1.794568 1.575674 -1.138921 0.2753
BMS -1.402636 0.637171 -2.201351 0.0464
C 2.686542 6.331598 0.424307 0.6783
Source: Authors computation from Eviews 9.0
From the results, the error correction (CointEq (-1) is -1.596872 at a probability value of 0.0000. The error
correction is rightly signed with a negative coefficient to indicate that any deviation from normalcy has the
tendency to return to equilibrium in due time. The probability value is less than 0.05 level of significance and
thus rejects the null hypothesis of no long run adjustment to equilibrium. This indicates that capital market has a
significant long-run effect on economic growth in Nigeria.
The long run cointegrating equation drawn from the long-run coefficients of regression on Table 4 is shown
below.
GDPr = 2.69 + 27.37NI - 20.74SMS* + 173.08SML* -1.79SMV -1.40BMS*
The equation shows that NI (27.3665, P = 0.7286), SMS (-20.7448, p = 0.0405), SML (173.0818, p = 0.0000),
SMV (-1.7945, p = 0.2753), and BMS (-1.4026, p = 0.0464).
The coefficient for SMS is negative and less than 0.05 level of significance. The results show that stock market
size (SMS) and Bond market size (BMS) had a negative and significant effect on real GDP growth in Nigeria.
The coefficient for New Issues (NI) is positive and greater than 0.05, thus has positive and insignificant effect on
real GDP growth. Also, the coefficient for stock market volatility (SMV) is negative and greater than 0.05 level
of significance.
6.4. Test of Short Run Effect of Capital Market on Economic Growth
The short-run effects of capital market on economic growth is addressed bythe Auto-regressive Distributive Lag
(ARDL) model. The interpretation are based on key statistics including the coefficient of regression, and the
coefficient of determination (R2
). The statistical significance is confirmed using the t-statistics for the coefficient
of regression, and F-statistics for the coefficient of determination.
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The resulting output is shown in Table 5. The coefficient regression of the dependent variable (Real GDP) is -
0.596872 with p.value of 0.0081. This shows that endogenous effect of the Real GDP is negative and the p.value
is less than (p < 0.05) 0.05 level of significance. This supposes that economic growth is an endogenous factor in
the model. This implies that GDPr has a negative and significant effect on the previous year economic growth in
the Model.
Table 6: Short Run Model of the Relationship between Capital Market and Economic Growth in
Nigeria
Dependent Variable: GDPR
Method: ARDL
Variable Coefficient Std. Error t-Statistic Prob.*
GDPR(-1) -0.596872 0.191000 -3.124987 0.0081
NI 207.6912 131.6162 1.578006 0.1386
NI(-1) -163.9904 128.6120 -1.275078 0.2246
SMS 77.41766 29.78660 2.599077 0.0220
SMS(-1) -105.0565 36.38810 -2.887111 0.0127
SMS(-2) -41.30593 18.08733 -2.283694 0.0398
SMS(-3) 35.81781 21.09870 1.697631 0.1134
SML 47.17747 27.30856 1.727571 0.1077
SML(-1) 165.3661 39.27136 4.210858 0.0010
SML(-2) 63.84591 30.29772 2.107284 0.0551
SMV -2.104136 7.242400 -0.290530 0.7760
SMV(-1) 26.92031 11.39779 2.361888 0.0345
SMV(-2) -27.68187 7.741588 -3.575735 0.0034
BMS -1.180211 0.350603 -3.366228 0.0051
BMS(-1) -0.328055 0.326866 -1.003639 0.3339
BMS(-2) -2.564696 0.871202 -2.943860 0.0114
BMS(-3) 1.833132 1.099323 1.667510 0.1193
C 4.290064 10.09692 0.424888 0.6779
R-squared 0.906154
Adjusted R-squared 0.783433
F-statistic 7.383830 Durbin-Watson stat 2.138722
Prob(F-statistic) 0.000369
Source: Authors computation from Eviews 9.0
The New Issues (NI) at initial period has a coefficient of positive coefficient (207.69) with p.value greater than
0.1386. At lag 1, the coefficient for NI is negative (-163.99) with p.value greater than 0.2246. Since the p.value
at both periods are greater than 0.05 level of significance, the study cannot reject the null hypothesis. Thus it
posit that New Issues does not have a significant effect on GDPr in the short run.
The coefficient of the Stock Market Size (SMS) for the initial period (77.42), and lag 3 (35.82) have positive
relationship with economic growth. The coefficient for lag 1 (-105.06) and lag 2 (-41.31) have negative
relationship with economic growth. The p.values for initial period (0.0220), lag 1 (0.0127) and lag 2 (0.0398) is
less than 0.05 level of significance. The p.value for lag 3 is 0.0398 and greater than 0.05 level of significance.
The study rejects the null hypothesis for initial period and lags 1 and 2. This means that stock market size have
positive effect in the initial period and negative effects in lag 1 and 2 on economic growth in Nigeria. This
implies that SMS has a mixed significant effect on economic growth.
Stock Market Liquidity (SML) reveals positive relationship with economic growth in all the periods from the
initial period (47.18), lag 1 (165.37) and lag 2 (63.85). The p.values are 0.1077 for initial period, 0.0010 for lag 1
and 0.0551 for lag 2. The p.value for lag 1 is less than 0.05 level of significance. Thus the study rejected the null
hypothesis and posit that SML had a positive and significant effect on economic growth in the lag 1 period.
For the Stock Market Volatility, the coefficients are: initial period = -2.10 with p.value of 0.7760, lag 1 = 26.92
with p.value of 0.0345 and lag 2 = -27.68 with p.value of 0.0034. The p.values are statistically significant at lags
1 and 2 and this implies a mixed positive and negative effects at lags 1 and 2, on economic growth of Nigeria.
The Bond Market size (BMS) coefficient showed negative values in the initial (-1.18), lag 1 (-0.33) and lag 2 (-
2.56) but positive value at lag 3 (1.83). The p.values for initial period (0.0051) and lag 2 (0.0114) are less than
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0.05 level of significance. Thus the study posit that bond market size has negative and significant effect on
economic growth in Nigeria.
6.5. Causality Evaluation
Having determined the nature of the relationship between capital market and economic growth both in the long
and short runs, this study aims to examine the causal effect between capital market variables and economic
growth in Nigeria.
Table 7: Pairwise Granger Causality Test
Null Hypothesis: Obs F-Statistic Prob. Remark
NI does not Granger Cause GDPR 32 0.07079 0.9318
GDPR NI
GDPR does not Granger Cause NI 5.25600 0.0118
SMS does not Granger Cause GDPR 32 0.03611 0.9646
SMS ≠ GDPR
GDPR does not Granger Cause SMS 0.14724 0.8638
SML does not Granger Cause GDPR 32 2.78664 0.0794
SMS ≠ GDPR
GDPR does not Granger Cause SML 0.26197 0.7715
SMV does not Granger Cause GDPR 32 0.16831 0.8460
SMS ≠ GDPR
GDPR does not Granger Cause SMV 0.03710 0.9636
BMS does not Granger Cause GDPR 32 0.06759 0.9348
SMS ≠ GDPR
GDPR does not Granger Cause BMS 1.39679 0.2647
Source: Authors computation from Eviews 9.0
The following are the interpretations of the granger causality results on Table 6. The two way causality analysis
is shown below.
Causal Relationship between New Issues and
GDPr
The result showed coefficient of NI on GDPR is
0.07079 with p.value of 0.9318. Since the p.value is
greater than 0.05, the study posit that NI does not
granger cause GDPR. Again, the coefficient for GDPr
on NI is 5.25600 with p.value of 0.0118. Since the
p.value is less than 0.05, the study posit that it is
statisticallysignificant and thus GDPR granger causes
NI. This means that there is a uni-directional causal
relationship from GDPr to NI.
Causal Relationship between Stock Market Size
and GDPr
The result for causal relationship between SMS and
GDPr has a coefficient of 0.03611 and p.value of
0.9646 for SMSto GDPR; and 0.14724 with p.value
of 0.8638 for GDPR to SMS. The p.values for both
direction of causality is greater than 0.05. The study
thus cannot reject the null hypotheses for both
directions of causality. This means that there is no
causal relationship between stock market size (SMS)
and Economic growth (GDPR) in Nigeria.
Causal Relationship between Stock Market
Liquidity and GDPr
The result for causal relationship between SML and
GDPr has a coefficient of 2.78664 and p.value of
0.0794 for SML to GDPR; and 0.26197 with p.value
of 0.7715 for GDPR to SML. The p.values for both
direction of causality is greater than 0.05. The study
thus cannot reject the null hypotheses for both
directions of causality. This means that there is no
causal relationship between stock market liquidity
(SML) and Economic growth (GDPR) in Nigeria.
Causal Relationship between Stock Market
Volatility and GDPr
The coefficient of the causal relationship from SMV
to GDPr is 0.16831 with p.value of 0.8460. The
causal relationship from GDPR to SMV is 0.03710
with p.value of 0.9636. Since the p.values for both
direction of causality is greater than 0.05, the study
cannot reject the null hypotheses for both directions
of causality. This means that there is no causal
relationship between stock market volatility (SMV)
and Economic growth (GDPR) in Nigeria.
Causal Relationship between Bond Market Size
and GDPr
The coefficient of the causal relationship from BMS
to GDPr is .067590 with p.value of 0.9348. The
causal relationship from GDPR to BMS is 1.39679
with p.value of 0.2647. Since the p.values for both
direction of causality is greater than 0.05, the study
cannot reject the null hypotheses for both directions
of causality. This means that there is no causal
relationship between bond market size (BMS) and
Economic growth (GDPR) in Nigeria.
7. Discussion of Findings
New Issues and Economic Growth Nexus
The regression and causality analyses showed that
new issues has no significant long and short run
effects on economic growth but economic growth
granger causes new issues in Nigeria. This means that
new issues from the primary market does not
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significantly lead to changes in economic growth.
This is true both in the long and short run periods.
The implication is that new issues does not determine
economic growth in Nigeria. This result did not
support the finance-led (supply leading hypothesis)
theory of the financial market development. Hence,
the primary market does not lead to improvement in
the growth of Nigeria economy. However, the
granger causality analysis showed a uni-directional
causal relation from economic growth to new issues.
This supports that demand following hypothesis
which posits the development of the economy as
determinant of financial market development. The
primary market in Nigeria develops as a result of
need for exploit existing economic booms. This
supports Abina and Lemea (2019) which posits
positive but no significant effect on growth. It
however, tends to support Briggs (2015) with positive
effect but the present study showed no significant
positive effects that portends New Issues as
ineffective to influence economic growth in Nigeria.
Stock Market Size and Economic Growth Nexus
The result on objective two posits that Stock Market
Size has a negative long run significant effect; a
mixed short run effect of positive in the initial period
and negative in later years but no causal relationship
with economic growth in Nigeria. This means that
stock market size being the total market capitalisation
has adverse effect on the economy in the long run.
This means that an increase in market capitalization
often result to long run economic retrogression.
However, the short run relationship was sporadic,
swinging between a significant positive effect in the
initial period and later a negative effect that continued
into the long run. This implies that stock market size
have largely adverse effect on economic growth in
Nigeria. A very short run policy review is imminent
to sustain the initial short run effect of market size on
growth. However, causal relationship does not exist
between market size and economic growth and this
connotes the presence of neutrality hypotheses in
Nigeria. This means that capital market development
and economic growth runs separate ways and does
not encourage each other. This agrees with the works
of Alajekwu and Achugbu (2012) and Algaeed
(2021).
Stock Market Liquidity and Economic Growth
Nexus
The result of objective three showed that Stock
Market liquidity has significant and positive long run
and short run effects but no causal relationship with
economic growth in Nigeria. This means that stock
market liquidity leads to significant improvement in
economic growth in Nigeria. The capital market
becomes more liquid and encourages quick
conversion of assets, the economy gains added rise to
boost productivity at increasing rate. This is true both
in the long and short run which implies that liquidity
boosts growth in Nigeria in the short periods as well
as later years. However, causality reveal no causal
relationship between stock market liquidity and
economic growth. The study tends to aligned with
Alajekwu and Achugbu (2012), Aduda, Chogii and
Murayi (2014) that stock market liquidity measured
as turnover ratio has positive effect on economic
growth. It however disagrees with Muyambiri and
Chabaefe, (2018) relative to causal relationship. It
also stood against Oluwatosin, Adekanye & Yusuf
(2013) and Eze, Ezenwa and Chikezie (2020) which
showed no effects on growth.
Stock Market Volatility and Economic Growth
Nexus
The outcome of regression and causality analyses on
objective four reveals Stock Market Volatility has
insignificant negative long run effect; a mixed
positive and then negative effect in the short run but
no causal relationship with economic growth in
Nigeria. This means that stock market volatility has
no effect on economic growth in the long run. It
depicts that riskiness of the stock market is a short run
phenomenon. The short run result confirms that
volatility significantly affects economic growth and
that this gyrates between positive and negative at
intervals. The effects will become positive and
beneficial in the beginning and then turns adverse on
economic growth after the first lag. Nonetheless,
there is no causal relationship between stock market
volatility and economic growth in Nigeria. This
suggests that stock volatility and economic growth do
not determine each other. This shares the notion that
volatility can have positive effects with Eneisik,
Ogbonnaya and Onuoha (2021), but disagrees with
the causality.
Bond Market Size and Economic Growth Nexus
The result of objective five reveals that Bond Market
Size has significant and negative long run and short
run effects but no causal relationship with economic
growth in Nigeria. This suggests that bond market
size, which was measured as government debt has
adverse effect on economic growth in Nigeria. This
adverse effect runs from the short period to the long
run period affecting in a negative manner the growth
of the economy. This implies that a unit increase in
bond market size, that is, added government debts
increase, result to fall in economic growth in Nigeria.
Further analysis confirmed that no causal relationship
between bond market size and economic growth in
Nigeria. This suggests that bond market size is not
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directly responsible for the growth of the economy.
The extant studies including Oke, Dada, and Aremo
(2021) showed positive effect against the findings of
the present study.
8. Conclusion and Recommendations
Capital market has significant relationship with
economic growth. The market follows the demand
following hypothesis as economic growth determines
one of the capital market variables (new issues). The
capital market size, liquidity and volatility have no
causal relationship with economic growth which
depicts the neutrality hypothesis that the financial
market (nee capital market) and economic growth has
no recourse to each other in development. The study
hence recommend as follows:
1. Existing firms in Nigeria should be encouraged to
assess the capital market for business financing.
The SEC should lessen the process for entering
the second tier market to encourage new
businesses.
2. There is need for effective supervision of stock
market activities. The NSE should ensure that
company reports are duly audited to ensure
accurate stock valuation. This will assist the price
of assets properly.
3. The stock market regulators should further reduce
the days of trading to enhance market liquidity.
4. The government should encourage factors that
lessen stock market riskiness.
5. The Bond Market Size has significant and
negative long run and short run effects but no
causal relationship with economic growth in
Nigeria.
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