IMPACT OF DIGITAL FINANCE ON STOCK MARKET PERFORMANCE IN NIGERIA (2012M1-2021M12)
Purpose: The stock market has long played a significant role in fostering economic growth in developing countries by providing equity funds for capital formation. Technological advancements, particularly in digital technology, have significantly influenced financial services, becoming a crucial aspe...
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| Veröffentlicht in: | International Journal of Professional Business Review 2024-01, Vol.9 (3), p.e04340-34 |
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| container_title | International Journal of Professional Business Review |
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| creator | Babarinde, Gbenga Festus Onyejiaku, Chinyere Catherine Obadire, Ayodeji Michael Ambam, Awah Pridy Onwumere, Josaphat Uchechukwu Joe |
| description | Purpose: The stock market has long played a significant role in fostering economic growth in developing countries by providing equity funds for capital formation. Technological advancements, particularly in digital technology, have significantly influenced financial services, becoming a crucial aspect of financial affairs. Notably, digital payment services have gained prominence in Nigeria, offering potential improvements to the Nigerian stock market. Despite this, there appears to be a perceived gap between digital finance transactions and the performance of the Nigerian stock market. Therefore, this study centred on the impact of digital finance on stock market performance in Nigeria. The study specifically aimed to assess the influence of Automated Teller Machine (ATM), Point of Sales (POS), mobile payment (mobilepay), and web-based payment (webpay) digital finance transactions on stock market capitalization ratio in Nigeria.
Methodology: This study, conducted for the period from January 2012 to December 2021, utilized Fully Modified Ordinary Least Squares regression to investigate the impact of digital finance on stock market performance in Nigeria. Monthly secondary data were sourced from the Central Bank of Nigeria's Statistical Bulletin, Statistics and Monthly Economic Reports.
Findings and Conclusion: Empirical findings revealed that ATM, POS, mobile-based, and web-based digital finance transactions had a positive and significant impact on the stock market capitalization ratio in Nigeria. Consequently, the study concluded that digital finance contributes to enhancing stock market performance in the country
Originality/Value: To promote further growth in the stock market, the study recommends expanding the deployment and usage of digital finance channels such as ATM, POS, mobile-based, and web-based channels, encouraging their utilization for stock market transactions by participants. |
| doi_str_mv | 10.26668/businessreview/2024.v9i3.4340 |
| format | Article |
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Methodology: This study, conducted for the period from January 2012 to December 2021, utilized Fully Modified Ordinary Least Squares regression to investigate the impact of digital finance on stock market performance in Nigeria. Monthly secondary data were sourced from the Central Bank of Nigeria's Statistical Bulletin, Statistics and Monthly Economic Reports.
Findings and Conclusion: Empirical findings revealed that ATM, POS, mobile-based, and web-based digital finance transactions had a positive and significant impact on the stock market capitalization ratio in Nigeria. Consequently, the study concluded that digital finance contributes to enhancing stock market performance in the country
Originality/Value: To promote further growth in the stock market, the study recommends expanding the deployment and usage of digital finance channels such as ATM, POS, mobile-based, and web-based channels, encouraging their utilization for stock market transactions by participants.</description><identifier>ISSN: 2525-3654</identifier><identifier>EISSN: 2525-3654</identifier><identifier>DOI: 10.26668/businessreview/2024.v9i3.4340</identifier><language>eng</language><publisher>São Paulo: AOS: Strategy & Innovation</publisher><subject>ATM ; Automated teller machines ; Automation ; Banks (Finance) ; Developing countries ; Digital Finance ; Economic growth ; Equity funds ; Market Capitalization Ratio ; Mobile commerce ; Mobilepay ; POS ; Securities markets ; Stock funds ; Stock Market ; Stock markets ; Stocks ; Webpay</subject><ispartof>International Journal of Professional Business Review, 2024-01, Vol.9 (3), p.e04340-34</ispartof><rights>COPYRIGHT 2024 AOS: Strategy & Innovation</rights><rights>2024. This work is published under https://creativecommons.org/licenses/by-nc/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.</rights><rights>LICENCIA DE USO: Los documentos a texto completo incluidos en Dialnet son de acceso libre y propiedad de sus autores y/o editores. Por tanto, cualquier acto de reproducción, distribución, comunicación pública y/o transformación total o parcial requiere el consentimiento expreso y escrito de aquéllos. Cualquier enlace al texto completo de estos documentos deberá hacerse a través de la URL oficial de éstos en Dialnet. Más información: https://dialnet.unirioja.es/info/derechosOAI | INTELLECTUAL PROPERTY RIGHTS STATEMENT: Full text documents hosted by Dialnet are protected by copyright and/or related rights. This digital object is accessible without charge, but its use is subject to the licensing conditions set by its authors or editors. Unless expressly stated otherwise in the licensing conditions, you are free to linking, browsing, printing and making a copy for your own personal purposes. All other acts of reproduction and communication to the public are subject to the licensing conditions expressed by editors and authors and require consent from them. Any link to this document should be made using its official URL in Dialnet. More info: https://dialnet.unirioja.es/info/derechosOAI</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><orcidid>0000-0002-5613-9883 ; 0000-0003-4710-2680</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784,874,27923,27924</link.rule.ids></links><search><creatorcontrib>Babarinde, Gbenga Festus</creatorcontrib><creatorcontrib>Onyejiaku, Chinyere Catherine</creatorcontrib><creatorcontrib>Obadire, Ayodeji Michael</creatorcontrib><creatorcontrib>Ambam, Awah Pridy</creatorcontrib><creatorcontrib>Onwumere, Josaphat Uchechukwu Joe</creatorcontrib><title>IMPACT OF DIGITAL FINANCE ON STOCK MARKET PERFORMANCE IN NIGERIA (2012M1-2021M12)</title><title>International Journal of Professional Business Review</title><description>Purpose: The stock market has long played a significant role in fostering economic growth in developing countries by providing equity funds for capital formation. Technological advancements, particularly in digital technology, have significantly influenced financial services, becoming a crucial aspect of financial affairs. Notably, digital payment services have gained prominence in Nigeria, offering potential improvements to the Nigerian stock market. Despite this, there appears to be a perceived gap between digital finance transactions and the performance of the Nigerian stock market. Therefore, this study centred on the impact of digital finance on stock market performance in Nigeria. The study specifically aimed to assess the influence of Automated Teller Machine (ATM), Point of Sales (POS), mobile payment (mobilepay), and web-based payment (webpay) digital finance transactions on stock market capitalization ratio in Nigeria.
Methodology: This study, conducted for the period from January 2012 to December 2021, utilized Fully Modified Ordinary Least Squares regression to investigate the impact of digital finance on stock market performance in Nigeria. Monthly secondary data were sourced from the Central Bank of Nigeria's Statistical Bulletin, Statistics and Monthly Economic Reports.
Findings and Conclusion: Empirical findings revealed that ATM, POS, mobile-based, and web-based digital finance transactions had a positive and significant impact on the stock market capitalization ratio in Nigeria. Consequently, the study concluded that digital finance contributes to enhancing stock market performance in the country
Originality/Value: To promote further growth in the stock market, the study recommends expanding the deployment and usage of digital finance channels such as ATM, POS, mobile-based, and web-based channels, encouraging their utilization for stock market transactions by participants.</description><subject>ATM</subject><subject>Automated teller machines</subject><subject>Automation</subject><subject>Banks (Finance)</subject><subject>Developing countries</subject><subject>Digital Finance</subject><subject>Economic growth</subject><subject>Equity funds</subject><subject>Market Capitalization Ratio</subject><subject>Mobile commerce</subject><subject>Mobilepay</subject><subject>POS</subject><subject>Securities markets</subject><subject>Stock funds</subject><subject>Stock Market</subject><subject>Stock markets</subject><subject>Stocks</subject><subject>Webpay</subject><issn>2525-3654</issn><issn>2525-3654</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2024</creationdate><recordtype>article</recordtype><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><sourceid>FKZ</sourceid><recordid>eNpVkVFL5DAUhcuyCyvqfwgIi_vQ8d6kTRsQoXQ7s8Vpq7X7HNJOIhnG1m1nFP-9GWeVlTzccO49Nyd8nvcDYUY55_FFu5tsr6dp1E9WP19QoMHsSVg2C1gAX7wjGtLQZzwMvv53_-6dTtMaACgIQMGPvNu8uEnShlRz8itf5E2yJPO8TMo0I1VJ7poqvSZFUl9nDbnJ6nlVF2-9vCRlvsjqPCHnFJAW6LsEWCD9eeJ9M2oz6dN_9dj7M8-a9Le_rBZ5miz9jjIEH00YKaVbAxhrwNAEOuZRZ-LYCNBRBKpdsViw1rS0A95paiLG2Eq3QcuY4OzYuzzsXVm16fVWPo72QY0vclBWvmu73o52WCupJ5nUjfs5co4xMGc_O9gfx-HvTk9buR52Y-8SS4ZBhALda25qdpi6VxstbW-G7ag6d1b6wXZDr411ehIJCJGyUDjD1cHQjcMejvmIhSDfyMnP5OSenNyTk3ty7BWOLIlr</recordid><startdate>20240101</startdate><enddate>20240101</enddate><creator>Babarinde, Gbenga Festus</creator><creator>Onyejiaku, Chinyere Catherine</creator><creator>Obadire, Ayodeji Michael</creator><creator>Ambam, Awah Pridy</creator><creator>Onwumere, Josaphat Uchechukwu Joe</creator><general>AOS: Strategy & Innovation</general><general>AOS-ESTRATÉGIA & INOVAÇÃO; 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Ambam, Awah Pridy ; Onwumere, Josaphat Uchechukwu Joe</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c2310-1f57aaebf018e015f4e867cf88f90e770abd3893bfb2c06ce2f7333deb4b33963</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2024</creationdate><topic>ATM</topic><topic>Automated teller machines</topic><topic>Automation</topic><topic>Banks (Finance)</topic><topic>Developing countries</topic><topic>Digital Finance</topic><topic>Economic growth</topic><topic>Equity funds</topic><topic>Market Capitalization Ratio</topic><topic>Mobile commerce</topic><topic>Mobilepay</topic><topic>POS</topic><topic>Securities markets</topic><topic>Stock funds</topic><topic>Stock Market</topic><topic>Stock markets</topic><topic>Stocks</topic><topic>Webpay</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Babarinde, Gbenga Festus</creatorcontrib><creatorcontrib>Onyejiaku, Chinyere Catherine</creatorcontrib><creatorcontrib>Obadire, Ayodeji Michael</creatorcontrib><creatorcontrib>Ambam, Awah Pridy</creatorcontrib><creatorcontrib>Onwumere, Josaphat Uchechukwu Joe</creatorcontrib><collection>CrossRef</collection><collection>Gale Academic OneFile Select</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni)</collection><collection>ProQuest Central</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>ProQuest Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Global</collection><collection>Publicly Available Content Database</collection><collection>One Business (ProQuest)</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ProQuest Central Basic</collection><collection>Dialnet (Open Access Full Text)</collection><collection>Dialnet</collection><jtitle>International Journal of Professional Business Review</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Babarinde, Gbenga Festus</au><au>Onyejiaku, Chinyere Catherine</au><au>Obadire, Ayodeji Michael</au><au>Ambam, Awah Pridy</au><au>Onwumere, Josaphat Uchechukwu Joe</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>IMPACT OF DIGITAL FINANCE ON STOCK MARKET PERFORMANCE IN NIGERIA (2012M1-2021M12)</atitle><jtitle>International Journal of Professional Business Review</jtitle><date>2024-01-01</date><risdate>2024</risdate><volume>9</volume><issue>3</issue><spage>e04340</spage><epage>34</epage><pages>e04340-34</pages><issn>2525-3654</issn><eissn>2525-3654</eissn><abstract>Purpose: The stock market has long played a significant role in fostering economic growth in developing countries by providing equity funds for capital formation. Technological advancements, particularly in digital technology, have significantly influenced financial services, becoming a crucial aspect of financial affairs. Notably, digital payment services have gained prominence in Nigeria, offering potential improvements to the Nigerian stock market. Despite this, there appears to be a perceived gap between digital finance transactions and the performance of the Nigerian stock market. Therefore, this study centred on the impact of digital finance on stock market performance in Nigeria. The study specifically aimed to assess the influence of Automated Teller Machine (ATM), Point of Sales (POS), mobile payment (mobilepay), and web-based payment (webpay) digital finance transactions on stock market capitalization ratio in Nigeria.
Methodology: This study, conducted for the period from January 2012 to December 2021, utilized Fully Modified Ordinary Least Squares regression to investigate the impact of digital finance on stock market performance in Nigeria. Monthly secondary data were sourced from the Central Bank of Nigeria's Statistical Bulletin, Statistics and Monthly Economic Reports.
Findings and Conclusion: Empirical findings revealed that ATM, POS, mobile-based, and web-based digital finance transactions had a positive and significant impact on the stock market capitalization ratio in Nigeria. Consequently, the study concluded that digital finance contributes to enhancing stock market performance in the country
Originality/Value: To promote further growth in the stock market, the study recommends expanding the deployment and usage of digital finance channels such as ATM, POS, mobile-based, and web-based channels, encouraging their utilization for stock market transactions by participants.</abstract><cop>São Paulo</cop><pub>AOS: Strategy & Innovation</pub><doi>10.26668/businessreview/2024.v9i3.4340</doi><tpages>34</tpages><orcidid>https://orcid.org/0000-0002-5613-9883</orcidid><orcidid>https://orcid.org/0000-0003-4710-2680</orcidid><oa>free_for_read</oa></addata></record> |
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| subjects | ATM Automated teller machines Automation Banks (Finance) Developing countries Digital Finance Economic growth Equity funds Market Capitalization Ratio Mobile commerce Mobilepay POS Securities markets Stock funds Stock Market Stock markets Stocks Webpay |
| title | IMPACT OF DIGITAL FINANCE ON STOCK MARKET PERFORMANCE IN NIGERIA (2012M1-2021M12) |
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