Idris Akanbi Ayinde, Abiodun Olayinka S. Ayanwale, Musediku A. Shittu and Razak Olufemi Kareem
Given the potential of the stock market to provide required capital for agro-based companies, a time series analysis of the performance of major agricultural-based companies in…
Abstract
Purpose
Given the potential of the stock market to provide required capital for agro-based companies, a time series analysis of the performance of major agricultural-based companies in the Nigerian stock exchange (NSE) was carried out.
Design/methodology/approach
Monthly records of volume of shares traded (VOL) as well as its determinants – current market price (CMP), dividend (DIV), earnings per share (EPS), price-earning ratio (PER), earning yield (EARN) and dividend yield (YIELD) were obtained from the NSE as indicators of performance through 11 years (1998-2008). Non-stationarity of the variables under consideration led to re-conceptualisation of the model as a vector autoregressive (VAR) system. Existence of more than one co-integrating vector in the data through the Johansen test, led to estimation of restricted VAR using the Vector Error Correction Model (VECM) imposing normalisation of VOL and PER.
Findings
The result of the analysis revealed that VOL is positively related to YIELD and CMP while it is inversely related to EARN, EPS and DIV. On the other hand PER increases with increasing EPS and DIV but reduces with increase in EARN and CMP. Short-run adjustment coefficients were generally large ranging from four months to ten years.
Research limitations/implications
However, variables coefficients were more elastic in the long run.
Originality/value
This paper is an original article and has not been done by any other researcher. Furthermore, this paper has not been submitted to any other publishing house prior to this.
Details
Keywords
Dare Akerele and Adebayo Musediku Shittu
Emphasis on the potential roles diverse farm production systems could play in enhancing food consumption variety and nutritional well-being in rural developing countries has…
Abstract
Purpose
Emphasis on the potential roles diverse farm production systems could play in enhancing food consumption variety and nutritional well-being in rural developing countries has increased in recent times. However, there are paucities of empirical works connecting diversity in agricultural production and dietary diversity in Africa, and Nigeria in particular. The purpose of this paper is to, therefore, examine, among others, the causal link between farm production diversity and consumption of varied diets among farm households in Nigeria using a nationally representative panel data.
Design/methodology/approach
Unlike the simple food count measure, the authors adopt two-dimensional indices to assess food diversity, and estimated both fixed and random effects versions of panel data econometrics models with the two-dimensional indices as regressands.
Findings
Results show that food production system is less diverse with an average farm household consuming fairly varied foods across seasons. All the econometrics models estimated consistently established positive and statistically significant influence of farm production diversity on household dietary diversity. Higher food prices, especially rice and roots and tubers could substantially reduce dietary diversity with the negative effects likely to be more devastating for low-income farm households. The specificity of household being a net food seller had positive, although weak influence on dietary diversity.
Originality/value
The findings accentuate, among others, the need for strategies to promote farm production diversity, transform farm households to net-sellers of foods and enable them take advantage of food price signals to boost farm incomes as important pathway for diet quality improvement and reduction of food insecurity, malnutrition and related diseases in rural Nigeria