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IMPACT OF
FINANCIAL INSTITUTION ON THE PERFORMANCE OF MICRO FINANCE INSTITUTION
TABLE OF
CONTENT
TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT
TABLE OF
CONTENT
CHAPTER ONE:
INTRODUCTION.
1.1 Background to the Study
1.2 Statement of the problem
1.3 Objective to the Study
1.4 Research Question
1.5 Research Hypothesis
1.6 Scope and Limitation of Study
1.7 Significance the Study
CHAPTER TWO:
LITERATURE REVIEW
2.0 Introduction
2.1 Investment in Securities
2.2 The Efficient Market Hypothesis
2.3 The Weak Form
2.4 The Semi- Strong Form
2.5 The Strong Form
2.6 Arbitrage Pricing Theory (APT)
2.7 Stock price and Macro Economic Variable
2.8 Stock prices and Inflation
2.9 Stock Prices and Exchanges Rates
2.10 Stock
Prices and Money Supply
2.11 The
Nigerian Stock Exchange (NSE)
CHAPTER
THREE: RESEARCH METHOD
3.0 Introduction
3.1 Research Design
3.3 Sources of Data
3.4 Primary Data
3.5 Secondary Data
3.6 Sampling Design
3.7 data Collection Instrument
3.8 Administration of Data Collection Instrument
3.9 Procedures for Processing and Analyzing Data
3.10 Limited
of the Methodology
CHAPTER
FOUR: DATA ANALYSIS AND INTERPRETATION OF RESULT
4.0 Introduction
4.1 Analysis of Section A-Response of
Respondents
4.2 Analysis Section B-Analysis of Questionnaire
4.3 Test of Hypothesis
CHAPTER FIVE
SUMMARY OF FINDINGS.
RECOMMENDATIONS
AND CONCLUSION
5.1 Summary of Major Findings
5.2 Conclusion
5.3 Recommendation
BIBLOGRAPHY
APPENDIX
CHAPTER ONE
INRODUCTION
1.1
BACKGROUND TO OF STUDY
The banking
of any country constitutes a crucial instrument for economic growth and
development. It provides a vehicle for the mobilization of fund from the saving
surplus sectors of an economy to the saving deficit sectors. According to
Duoglal and Gambits (1986) Capital Market comprises of institutions and
mechanism through which intermediate and long-term fund are pooled and made
available to business, government and individuals. This allocate role of the
capital market is vital for the overall development and growth of an economy.
In respect of the vital roles as the capital in an economy many countries
including Nigeria have established or facilitated the established of the
capital markets.
These
consists both the primary (New Issue) market and secondary (Stock). The history
of the Nigeria capital market dates back to 1946 when the first public issue of
securities was stated by the federal government of Nigeria for infrastructure
development.
More so, a
lot of development has taken place in the Nigeria capital market, for example
the Lagos Stock Exchange was incorporated in 1961 as a non-profit organization
limited by guarantee. It was later renamed the Nigerian Stock Exchange (NSE) in
1977. For now, there are nine branches of the Nigerian Stock Exchange located
in F.C.T Abuja, Lagos, Kaduna, Port Harcourt, Kano, Ibadan, Onisha, Yola and
Benin City. The objective of the NSE as contained in its memorandums and
Article of Association include among others the provision of facilities for
trading in securities and ensuring fair and equitable prices for securities.
It is
significant to note that the Nigeria Securities and Exchange Commission (SEC),
which is the apex regulatory body for the Nigeria Capital Market, was
established in 1979. The SEC evolved from the capital issue commission which
was created in 1962 to regulate the activities of the Nigeria Capital Market by
protecting investors through orderly fair and equitable dealing in the market.
Going by the
age of the Nigerian Capital Market one can claim that the market is far from
being adequate. As recently observed by Alile (1994) "lack of adequate
long term capital for economic development has been a lane of African
economic" including that of Nigeria. He therefore opined that fund must be
effectively mobilized to enable these economy use Capital Market developments
as a potential conduct for channeling long term fund to productive sectors.
Moreover
effort of improving the Nigeria Capital Market the Federal Government of
Nigeria (FGN).recently set up a panel (headed by Odifa) to look into the
activities of the market. One of the most fundamental issues of the Nigerian
Capital Market is the pricing of securities. There has been disenchantment with
the pricing mechanism and the manipulation of share price movement in the
Capital Market in 1993 the SEC role in price determination was taken away and
handed down to the stock brokers and issuing houses as enunciated in the 1993
Budget pronouncement and contained in SEC circular reference SEC/60/1/93. This
government decision was as a result of the continuous criticism of the pricing
mechanism of SEC which was perceived as unfair to the investing public. The
accurate pricing of securities is of vital important if it is to provide a
credible vehicle for the efficient allocation of scarce resources and in tum
making the Capital Market a major determinant country growth and development
given the importance of appropriate pricing of securities in the Nigerian
Capital Market, studies are required to ascertain the impact of certain
macro-economic variable on stock share prices movement in the Nigerian Capital
Market. For instance, it has been argued that macro-economic variables such as
interest rates, inflation rate, foreign exchange rates and money supply may
affect stock price movement although the extents of the effect in still a
matter of conjunction.
The main
focus of this study is to investigate the extent it affect macro-economic
variables such as interest rates, inflation rates, foreign exchange rates and
money supply on stock price movement in the Nigerian Capital Market.
1.1 STATEMENT OF THE PROBLEM
The
securities in the banking sector has been a major area of concern to the market
participants and (observers) all and sundry. It has also been growing concern
emphatically by financial analysis and economist on the determinant of stock
prices. In the Nigerian Newspapers particularly the financial standard,
captions such as pricing of securities queried and frivolous pricing worries
shareholders are reflection of public concern and disenchantment about stock
pricing in the Nigerian Capital Market.
Meanwhile
reflecting the views of an observes, Daily times of Nigeria (1995) has urged
stock brokers to reflect through appropriate pricing of securities the real
value of quoted companies _ during a period of inflation and massive
devaluation of the National currency to make prices of equities in the country
complete with those in other international exchanges. Also the effect of their
macro-economic aggregates such as inflation rates, exchange interest rate and
money supply are mostly important.
1.2 OBJECTIVES OF THE STUDY
The
objective of this study is to- determine the performance of the financial institution
on the micro-finance institution. When the performance is independent variable
and microfinance is the dependent variable as to determine the employment rate,
sales, Lending services, control of cash flow, savings
To determine
if savings rate enhances employment rate
To evaluate
whether lending services increase employment rate
To determine
if the control of cash flow enhances sales
1.3 RESEARCH
QUESTIONS
The relevant
research questions to address in this study are as follows:
a) Does savings rate enhances
employment rate?
b) Does lending services enhances
employment rate?
c) Does control cash flow. enhances
sales
1.4 RESEARCH
HYPOTHESIS
Since the
objective of this study is to examine the relationship between the variables
and the study makes a set of testable hypothesis:
The Null
hypotheses, Ho and the Alternative hypotheses HI.
Ho: Savings rate does not enhances employment
rate Hi: Saving rate enhances employment rate
Hi: Savings rate enhances employment rate Hi:
Saving rate enhances employment rate
Ho: lending services does enhances employment
rate Hi: Lending service enhances employment rate.
Hi: lending services enhances employment rate
Hi: Lending service enhances employment rate.
Ho: Control of cash flow does not enhance sale
Hi: Control of cash flow enhance sale
1.5 SCOPE
AND LIMITATION OF STUDY
This study
covers the nature of working capital decisions, the management of the
components of working capital and the relationship between working capital
management and the profitability of Patterson Zochonis Cussons, PIc. It also
covers the relevance of the firm's liquidity and profitability and lastly, the
important consideration in the management of working capital of Patterson
Zochonis Cussons, PIc.
The major
limitations encountered in this study are time and financial constraint and
lack of timely response from interviewers. In addition, there is no existing
adequate data base from which to draw relevant information thereby causing
adhoc in the course of the project.
1.6 SIGNIFICANCE THE STUDY
The capital
market is to facilities a conducive business environment with an efficient and
dependable Mechanism through which long-term financial instruments can be
raised and traded. As economic develop, business organizations will need
long-term finance for long-term project execution of fixed asset acquisition
among others, for which long-term funds are required.
Capacity to
effectively mobilize such long-term funds no doubt calls for efficient and
appropriate pricing of Securities in the Nigerian Capital market so as to
elicit the required response from the investing public. An empirical study is
therefore necessary to examine the macroeconomic variable which can affect
stock prices in the industrial sectors of the Nigerian Capital Market. This
will provide necessary guidance for policy decision market, brokers and issuing
houses who are involved with the pricing of shares. Likewise, existing studies
on the impact of macroeconomics variable of stock prices were done on yearly
and quarterly bases and they were not analyzed on Seefoval bases.
For Instance
Soyoye (1991) and Yohannes (1994) undertook aggregate analysis of the impact of
macroeconomic variables on stock price movement documented up to (1989). Also
using quarterly data, Amoye (1994) analyzed on the effect of inflation on stock
price movements in Nigeria. Here the research shall fill this gap by analyzing
the determinant of stock prices movements both in the aggregate and by sector
and the impact across selected industrial sectors of the Nigeria Capita
Market.
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