Stock Market Capitalization, Foreign Direct Investment and Stock Market Performance: A Comparative Study of Ghana and Nigeria

Author(s)

Prince Asare Vitenu-Sackey , Richard Barfi , Stephen Oppong ,

Download Full PDF Pages: 79-90 | Views: 842 | Downloads: 265 | DOI: 10.5281/zenodo.3510087

Volume 8 - September 2019 (09)

Abstract

the study assesses the impact of stock market capitalization and foreign direct investment in stock market performance for the period of 1996 to 2017 in a comparative study of Ghana and Nigeria. The study used both panel and time-series approaches and methodologies such as unit root tests, cointegration tests, vector error correction model, dynamic ordinary least square, generalized least square, multiple linear regression (random and fixed effects) models and granger causality tests to make its statistical inference. The study concludes that stock market capitalization and foreign direct investment have a negative impact on stock market performance in a panel study, but both have positive impact on stock market performance in Ghana and Nigeria respectively. The study recommends further look into the areas for validation

Keywords

stock market capitalization; stock market performance; foreign direct investment; Ghana; Nigeria

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Prince Asare Vitenu-Sackey, Stock Market Capitalization, Foreign Direct Investment and Stock Market Performance: A Comparative Study of Ghana and Nigeria, International Journal of Management Sciences and Business Research 09(2019):79-90 DOI: 10.5281/zenodo.3510087