Response of Stock Market Capitalization Ratio to Fiscal Policy Variations in Nigeria

Nnoje Andrew Izuchukwu

doi:10.52589/BJMMS-XLQUNDMF

Response of Stock Market Capitalization Ratio to Fiscal Policy Variations in Nigeria | AB Journals

Response of Stock Market Capitalization Ratio to Fiscal Policy Variations in Nigeria

British Journal of Management and Marketing Studies

Vol. 7Issue 32024pp. 50–69Published 12 July 2024

DOI 10.52589/BJMMS-XLQUNDMF

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Abstract:

This study examined the response of the stock market capitalization ratio to fiscal policy variations in Nigeria. Data for the research were extracted from the Central Bank of Nigeria (CBN) statistical bulletin. The linear regression with the application of the Ordinary Least Squares (OLS) technique was used to estimate the variables. The major findings of the study revealed that fiscal policy has no significant effect on stock market variables in Nigeria. This finding implies that the stock market capitalization ratio does not respond significantly to fiscal policy variables in Nigeria. The study recommends that close attention be given to how the stock market reacts to fiscal policy moves. Furthermore, policy coordination between the central bank and the government is still relatively nascent and therefore very much less perfect.

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