DETERMINANTS OF SHARE PRICE VOLATILITY OF LISTED CONSUMER GOODS FIRMS IN NIGERIA
Abstract
This study examined the determinants of share price volatility of listed consumer goods firms in Nigeria from 2014–2023 using panel generalized least squares (PGLS) estimation. The analysis revealed that dividend per share, earnings per share, book value per share, and firm size significantly and positively influence share price volatility, while leverage exerts a positive but insignificant effect. It was concluded that share price volatility in the sector is primarily driven by dividend policy, earnings performance, asset valuation, and firm size, with leverage having limited influence. The study recommends that firms adopt strategic dividend policies, sustain strong earnings, and improve transparency in asset valuation to positively influence volatility. Investors are advised to monitor these key indicators for informed decision-making, while regulators should enhance disclosure standards to strengthen market stability.
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