Stephen Oseko Migiro
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4 publications
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Effect of dividend decision on stock price changes: further Nigerian evidence
Luqman Adedamola Sulaiman , Stephen Oseko MigiroInvestment Management and Financial Innovations Volume 12, 2015 Issue #1 (cont. 2) pp. 330-337
Views: 411 Downloads: 771 TO CITE -
Corporate governance and management of earnings: empirical evidence from selected Nigerian-listed companies
Matthew Adeolu Abata , Stephen Oseko Migiro doi: http://dx.doi.org/10.21511/imfi.13(2-1).2016.07Investment Management and Financial Innovations Volume 13, 2016 Issue #2 (cont. 1) pp. 189-205
Views: 1197 Downloads: 2237 TO CITEDue to the threat of recorded business failures arising from weak corporate governance and low financial reporting quality on the Nigerian economy, this study investigates the effects of corporate governance variables on earnings management among selected listed firms from the manufacturing and banking sectors. A sample of 24 listed companies from the 2 sectors’ population of 63 was examined to gather empirical data from 2008 to 2013 using multiple regression tools. Employing the panel data analysis approach, board independence, audit committee independence and audit committee size are insignificantly positively correlated with earnings management. Board size is insignificantly negatively correlated with earnings management while ownership structure is insignificantly negatively correlated with earnings management. Audit quality is positively correlated with earnings management, though not statistically significant. Based on these findings, the study concludes that corporate governance structures, as it were, have not helped to address earnings management. The study recommends, among other things considering the first 4 hypotheses that investors should invest in companies with moderate-to-high debt-to-equity ratios as lenders are able to externally monitor companies. It also recommended that regulatory bodies should frequently discharge their supervisory roles by monitoring the companies’ activities to ensure compliance
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How financial liberalization impacts stock market volatility in Africa: evidence from Nigeria
Patrick Olufemi Adeyeye , Olufemi Adewale Aluko , Oladapo Fapetu , Stephen Oseko Migiro doi: http://dx.doi.org/10.21511/imfi.14(3-1).2017.13Investment Management and Financial Innovations Volume 14, 2017 Issue #3 pp. 291-301
Views: 1004 Downloads: 230 TO CITE АНОТАЦІЯUnderstanding the impact of financial liberalization on stock market is important for decision making by investors. The neo-classical economists believe that financial liberalization reduces stock market volatility while the post-Keynesian economists argue that financial liberalization increases volatility of the stock market. This study investigates the effect of financial liberalization on the volatility of an emerging stock market in Africa, with particular focus on the Nigerian stock market. The estimation results reveal that financial liberalization has a significant positive impact on return volatility, thus indicating that it increases stock market volatility. Also, the study finds no evidence of asymmetry in the stock market.
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Nexus of bank personnel and cost-income ratio (CIR) in Nigeria
Odunayo Olarewaju , Olusola Olawale Olarewaju , Titilayo Moromoke Oladejo , Stephen Oseko Migiro doi: http://dx.doi.org/10.21511/bbs.12(4-1).2017.04Banks and Bank Systems Volume 12, 2017 Issue #4 pp. 154-162
Views: 1099 Downloads: 209 TO CITE АНОТАЦІЯThis study investigates the causal relationship between bank personnel ratio and the cost-income ratio based on performance in Nigeria for the period of 2004–2015. Secondary data collected on a cross section of 15 banks during this period was analyzed using panel unit root, cointegration and Granger causality techniques. A unit root test revealed that the variables are stationary at order one. The result further shows there is an equilibrium relationship or stability in the short and long run; furthermore, there is a bidirectional causal relationship between personnel ratio and cost-income ratio. Therefore, the study recommends that the apex bank should enforce policies in the banking sector that will minimize the unit cost of operation – even though they might hire more staff. This is to enhance the stability of the banks in Nigeria and to avoid any threat to their continuity.
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