Determinants of Share Price of Listed Non-Financial Companies in Nigeria

This study examine the determinants of the share price of non-financial companies listed in Nigeria. The study used a longitudinal research design and panel multiple regression for the analysis. The determinants considered were firm attributes such as earnings per share, return on asset, and return on equity, as well as ownership structure including managerial ownership and ownership concentration. The findings revealed that return on asset and managerial ownership had a positive and significant impact on share price, whereas ownership concentration had a negative and significant effect. However, earnings per share and return on equity showed a negative but insignificant effect on share price. Based on the study, it is recommended for non-financial companies to focus on increasing their Return on Assets as a reference for investors to invest in the company. A high value of stock prices can be achieved through the increased Return on Assets, which ultimately affects the corporate value. Additionally, directors should be encouraged to own a reasonable percentage of the company as it incentivizes them to contribute their best efforts in managing the company's operations.