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首页> 外文期刊>European Journal of Business and Management >Market Risk and Stock Return of Listed Financial Service Firms in Nigeria
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Market Risk and Stock Return of Listed Financial Service Firms in Nigeria

机译：尼日利亚上市金融服务公司的市场风险和股票回报

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The trading financial instruments in the capital market by Financial Service Firms (FSF) have generated return arising from changes in the prices of stock which exposed the firms to market risk. An effective market risk decision remains significant to determining stock return level realized from the volume and value of stock traded. This study examines the effect of market risk on stock return of listed FSF in Nigeria. The population of this study consists of fifty-six (56) financial service firms listed in the Nigerian Stock Exchange Market. In arriving at the sample size of twenty-nine (29) firms the purposive sampling technique and filtering criteria were employed. Data were sourced secondarily from the audited annual report of financial service firms, Nigeria Stock Exchange fact book, and other relevant financial service firms’ websites for period of twelve (12) years (2007-2018). Panel multiple regression technique of data analysis was applied using the ordinary least square estimator. The findings of the study revealed that book to market ratio as a proxy of market risk was insignificantly negative on stock return during the period under review. Net interest margin as a proxy of market risk revealed a significant positive effect on stock return during the period of review. Also, the study revealed that control variables of firm size, leverage had significant positive effects on stock return, though; the effect of monetary policy rate was positive but insignificant on stock return. The study concluded that a higher book to market ratio would reduce stock return and to a larger extent the reduction in stock return may not be affected significantly. It also concluded that a higher net interest margin would result to a higher stock return and vice versa. The study recommended that decision-makers and portfolio managers of financial service firms should employ appropriate risk strategies through derivatives, forwards, futures, swaps, options that can mitigate market risk in order to optimize return.
机译：金融服务公司（FSF）资本市场的交易金融工具（FSF）已产生从股票价格下降的变化产生的回报，使该公司将其推动到市场风险。有效的市场风险决策对于确定股票回报级别实现的股票回报率仍然是重要的。本研究探讨了市场风险对尼日利亚上市FSF的股票回报的影响。本研究人口由尼日利亚证券交易所市场上市的五十六（56）个金融服务公司组成。在到达29（29）件公司的样本量时，采用了目的采样技术和过滤标准。数据是来自审计的金融服务公司，尼日利亚证券交易所事实书和其他有关金融服务公司网站的审计年度报告（12）年（2007-2018）。使用普通的最小平方估计器应用数据分析的多元回归技术。该研究的调查结果显示，随着市场风险代理的预订，在审查期内的股票回报方面严重消极。净利率作为市场风险的代表，审查期间对股票回报的显着积极影响。此外，该研究表明，控制变量坚固的规模，杠杆对股票回报具有显着的积极影响;货币政策率的影响是积极的，但对股票回报的微不足道。该研究得出结论，市场比例更高的书籍将减少股票回报，并且在更大的程度上，股票回报的减少可能不会受到显着影响。它还得出结论，净息率较高的股票回报将导致更高的股票回报，反之亦然。该研究建议，金融服务公司的决策者和投资组合管理人员应通过衍生品，前进，期货，掉期，可以降低市场风险的备选方案使用适当的风险策略，以优化回报。

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