Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria

Ubesie Madubuko Cyril; Onuh Jonathan Echobu; Mbah Chris Chukwuemeka

doi:doi:10.11648/j.ijfbr.20190505.11

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Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria

Ubesie Madubuko Cyril, Onuh Jonathan Echobu, Mbah Chris Chukwuemeka

Published in International Journal of Finance and Banking Research (Volume 5, Issue 5)

Received: 19 August 2019 Accepted: 20 September 2019 Published: 23 October 2019

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Abstract

The study ascertained the effect of Financial Factors on Shareholders’ Value of listed ePharmaceutical Firms on Nigeria Stock Exchange. The study ascertained the effect of Sales Revenue (SR), Investment in Working Capital (IWC) and Operating Profit Margin (OPM) on Earnings Per Share (EPS) in the pharmaceutical firms in Nigeria. Data for the study were sourced from Annual report of the sampled pharmaceutical firms. The data collected were analyzed using Eview. The results of the study show that Sales Revenue (SR) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms; investment in working capital (IWC) has a negative and insignificant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms and Operating Profit Margin (OPM) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms. Based on the findings, the study recommends among others that Pharmaceutical firms in Nigeria should employ more of sales strategies in other to generate more sales for the firms to enhance returns to the owners of the business, the shareholders.

Published in	International Journal of Finance and Banking Research (Volume 5, Issue 5)
DOI	10.11648/j.ijfbr.20190505.11
Page(s)	114-125
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Pharmaceutical Firms, Shareholder’s Value, Evaluation, Finance, Nigeria

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APA Style

Ubesie Madubuko Cyril, Onuh Jonathan Echobu, Mbah Chris Chukwuemeka. (2019). Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria. International Journal of Finance and Banking Research, 5(5), 114-125. https://doi.org/10.11648/j.ijfbr.20190505.11

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ACS Style

Ubesie Madubuko Cyril; Onuh Jonathan Echobu; Mbah Chris Chukwuemeka. Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria. Int. J. Finance Bank. Res. 2019, 5(5), 114-125. doi: 10.11648/j.ijfbr.20190505.11

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AMA Style

Ubesie Madubuko Cyril, Onuh Jonathan Echobu, Mbah Chris Chukwuemeka. Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria. Int J Finance Bank Res. 2019;5(5):114-125. doi: 10.11648/j.ijfbr.20190505.11

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@article{10.11648/j.ijfbr.20190505.11,
  author = {Ubesie Madubuko Cyril and Onuh Jonathan Echobu and Mbah Chris Chukwuemeka},
  title = {Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria},
  journal = {International Journal of Finance and Banking Research},
  volume = {5},
  number = {5},
  pages = {114-125},
  doi = {10.11648/j.ijfbr.20190505.11},
  url = {https://doi.org/10.11648/j.ijfbr.20190505.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijfbr.20190505.11},
  abstract = {The study ascertained the effect of Financial Factors on Shareholders’ Value of listed ePharmaceutical Firms on Nigeria Stock Exchange. The study ascertained the effect of Sales Revenue (SR), Investment in Working Capital (IWC) and Operating Profit Margin (OPM) on Earnings Per Share (EPS) in the pharmaceutical firms in Nigeria. Data for the study were sourced from Annual report of the sampled pharmaceutical firms. The data collected were analyzed using Eview. The results of the study show that Sales Revenue (SR) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms; investment in working capital (IWC) has a negative and insignificant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms and Operating Profit Margin (OPM) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms. Based on the findings, the study recommends among others that Pharmaceutical firms in Nigeria should employ more of sales strategies in other to generate more sales for the firms to enhance returns to the owners of the business, the shareholders.},
 year = {2019}
}

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TY  - JOUR
T1  - Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria
AU  - Ubesie Madubuko Cyril
AU  - Onuh Jonathan Echobu
AU  - Mbah Chris Chukwuemeka
Y1  - 2019/10/23
PY  - 2019
N1  - https://doi.org/10.11648/j.ijfbr.20190505.11
DO  - 10.11648/j.ijfbr.20190505.11
T2  - International Journal of Finance and Banking Research
JF  - International Journal of Finance and Banking Research
JO  - International Journal of Finance and Banking Research
SP  - 114
EP  - 125
PB  - Science Publishing Group
SN  - 2472-2278
UR  - https://doi.org/10.11648/j.ijfbr.20190505.11
AB  - The study ascertained the effect of Financial Factors on Shareholders’ Value of listed ePharmaceutical Firms on Nigeria Stock Exchange. The study ascertained the effect of Sales Revenue (SR), Investment in Working Capital (IWC) and Operating Profit Margin (OPM) on Earnings Per Share (EPS) in the pharmaceutical firms in Nigeria. Data for the study were sourced from Annual report of the sampled pharmaceutical firms. The data collected were analyzed using Eview. The results of the study show that Sales Revenue (SR) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms; investment in working capital (IWC) has a negative and insignificant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms and Operating Profit Margin (OPM) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms. Based on the findings, the study recommends among others that Pharmaceutical firms in Nigeria should employ more of sales strategies in other to generate more sales for the firms to enhance returns to the owners of the business, the shareholders.
VL  - 5
IS  - 5
ER  -

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Author Information

Ubesie Madubuko Cyril

Department of Accountancy, Enugu State University of Science and Technology, Enugu, Nigeria
Onuh Jonathan Echobu

Department of Accountancy, Enugu State University of Science and Technology, Enugu, Nigeria
Mbah Chris Chukwuemeka

Department of Marketing, Enugu State University of Science and Technology, Enugu, Nigeria

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APA Style

Ubesie Madubuko Cyril, Onuh Jonathan Echobu, Mbah Chris Chukwuemeka. (2019). Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria. International Journal of Finance and Banking Research, 5(5), 114-125. https://doi.org/10.11648/j.ijfbr.20190505.11

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ACS Style

Ubesie Madubuko Cyril; Onuh Jonathan Echobu; Mbah Chris Chukwuemeka. Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria. Int. J. Finance Bank. Res. 2019, 5(5), 114-125. doi: 10.11648/j.ijfbr.20190505.11

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AMA Style

Ubesie Madubuko Cyril, Onuh Jonathan Echobu, Mbah Chris Chukwuemeka. Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria. Int J Finance Bank Res. 2019;5(5):114-125. doi: 10.11648/j.ijfbr.20190505.11

Copy | Download

@article{10.11648/j.ijfbr.20190505.11,
  author = {Ubesie Madubuko Cyril and Onuh Jonathan Echobu and Mbah Chris Chukwuemeka},
  title = {Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria},
  journal = {International Journal of Finance and Banking Research},
  volume = {5},
  number = {5},
  pages = {114-125},
  doi = {10.11648/j.ijfbr.20190505.11},
  url = {https://doi.org/10.11648/j.ijfbr.20190505.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijfbr.20190505.11},
  abstract = {The study ascertained the effect of Financial Factors on Shareholders’ Value of listed ePharmaceutical Firms on Nigeria Stock Exchange. The study ascertained the effect of Sales Revenue (SR), Investment in Working Capital (IWC) and Operating Profit Margin (OPM) on Earnings Per Share (EPS) in the pharmaceutical firms in Nigeria. Data for the study were sourced from Annual report of the sampled pharmaceutical firms. The data collected were analyzed using Eview. The results of the study show that Sales Revenue (SR) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms; investment in working capital (IWC) has a negative and insignificant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms and Operating Profit Margin (OPM) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms. Based on the findings, the study recommends among others that Pharmaceutical firms in Nigeria should employ more of sales strategies in other to generate more sales for the firms to enhance returns to the owners of the business, the shareholders.},
 year = {2019}
}

Copy | Download

TY  - JOUR
T1  - Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria
AU  - Ubesie Madubuko Cyril
AU  - Onuh Jonathan Echobu
AU  - Mbah Chris Chukwuemeka
Y1  - 2019/10/23
PY  - 2019
N1  - https://doi.org/10.11648/j.ijfbr.20190505.11
DO  - 10.11648/j.ijfbr.20190505.11
T2  - International Journal of Finance and Banking Research
JF  - International Journal of Finance and Banking Research
JO  - International Journal of Finance and Banking Research
SP  - 114
EP  - 125
PB  - Science Publishing Group
SN  - 2472-2278
UR  - https://doi.org/10.11648/j.ijfbr.20190505.11
AB  - The study ascertained the effect of Financial Factors on Shareholders’ Value of listed ePharmaceutical Firms on Nigeria Stock Exchange. The study ascertained the effect of Sales Revenue (SR), Investment in Working Capital (IWC) and Operating Profit Margin (OPM) on Earnings Per Share (EPS) in the pharmaceutical firms in Nigeria. Data for the study were sourced from Annual report of the sampled pharmaceutical firms. The data collected were analyzed using Eview. The results of the study show that Sales Revenue (SR) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms; investment in working capital (IWC) has a negative and insignificant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms and Operating Profit Margin (OPM) has a positive and significant effect on Earnings Per Share (EPS) of Nigeria pharmaceutical firms. Based on the findings, the study recommends among others that Pharmaceutical firms in Nigeria should employ more of sales strategies in other to generate more sales for the firms to enhance returns to the owners of the business, the shareholders.
VL  - 5
IS  - 5
ER  -

Copy | Download