Financial Reporting and Valuation Research
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Abstract
Abstract
The study was conducted to examine the influence of equity financing on market value of quoted manufacturing companies in Nigeria. Debt and equity are the two sources of funding operations of quoted companies but it appears that equity is not always considered though, its components are the cheapest source of funding. This necessitated the conduct of this study to ascertain the influence of the variables of equity financing on market value of quoted manufacturing companies in Nigeria. Ex-post facto design was employed in the study because it required secondary data. Equity financing (independent variable) was represented by Total Equity Ratio (TER). The dependent variable was Market Value (MV) while Asset Turnover Ratio (ATR) was a control variable chosen for the study. The population of the study was Thirtyone (31) manufacturing companies whose shares were traded on Nigerian Exchange (NGX) Group as at 31st December 2024. Twenty-four (24) companies were selected as sample size for the study on the basis of availability of published financial statements. Data required were collected from the sampled companies for the period of 2013 to 2024. The nature of data was panel data. Descriptive statistics and pooled panel linear regression statistical tools were used to analyze the data collected for the study. The result of the analysis revealed that TER had positive and significant influence on MV of quoted manufacturing companies in Nigeria. Based on the findings, the researcher concluded that equity financing had significant influence on market value of quoted manufacturing companies in Nigeria. It was also recommended that equity capital should be improved by raising more share capital, retaining more profits and deriving share premium by selling additional equity shares to the general public at price greater than the nominal value.
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@article{ACTI2026Empirical,
title = {Empirical Influence of Equity Financing and Market Value of Quoted Manufacturing Companies in Nigeria},
author = {Enobong Patrick UMOH, PhD, ACA, ACTI},
journal = {JOURNAL OF ACCOUNTING AND FINANCIAL MANAGEMENT},
year = {2026},
doi = {10.56201/jafm.vol.11.no9.2025.pg359.398},
url = {https://doi.org/10.56201/jafm.vol.11.no9.2025.pg359.398}
}FAQ
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