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COMPARATIVE ANALYSIS OF THE FINANCIAL PERFORMANCE OF QUOTED AND UNQUOTED FIRMS IN NIGERIA (EVIDENCE FROM SELECTED FIRMS)

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TABLE OF CONTENTS
Title Page ……………………………………………………………………………………. i
Approval Page ……………………………………………………………………………… ii
Certification ………………………………………………………………………………. iii
Dedication ………………………………………………………………………………… iv
Acknowledgement ……………………………………………………………………… v
Table of Contents ………………………………………………………………………. vi
List of Tables ……………………………………………………………………………….. vii
List of Appendices ……………………………………………………………………….. viii
Abstract ……………………………………………………………………………………… ix
CHAPTER ONE
Introduction ………………………………………………………………………………….. 1
1.1 Background of the Study ……………………………………………………….. 1
1.2 Statement of the Problem ………………………………………………………. 3
1.3 Objectives of the Study ………………………………………………………….. 6
1.4 Research Hypotheses …………………………………………………………. 6
1.5 Significance of the Study ……………………………………………………….. 6
1.6 Scope and Limitation of the Study …………………………………………… 6
CHAPTER TWO
Theoretical Framework and Literature Review …………………………………. 8
2.1 Theoretical Framework ………………………………………………………….. 8
2.2 Theoretical Literature …………………………………………………………….. 10
2.2.1 Quoted Firms and Financial Performance Determinants …………….. 11
2.2.2 Unquoted Firms and Financial Performance Determinants ………… 15
2.2.3 Unquoted Firms and Profitability Constraints ………………………….. 17
2.3 Empirical Literature ……………………………………………………………… 20
2.4 Limitations of Previous Studies ………………………………………………. 23
CHAPTER THREE
3.1 History and Development of Quoted Firms in Nigeria ………………… 24
3.2 Historical Development of Unquoted Firms in Nigeria ………………. 26
3.3 Financial Performance of Quoted Firms and Unquoted
Firms in Nigeria …………………………………………………………………….. 28
3.4 Quoted Firms and Nigeria Economy ………………………………………… 31
3.5 Unquoted Firms and Nigeria Economy …………………………………….. 33
vii
CHAPTER FOUR
4.1 Theoretical Framework …………………………………………………………… 35
4.2 Research Methodology ………………………………………………………….. 35
4.2.1 Model Specification ………………………………………………………………. 36
4.2.2 Estimation Procedure ……………………………………………………………. 37
4.2.3 Hausman Test ……………………………………………………………………….. 37
4.3 Model Justification ………………………………………………………………… 39
4.4 Data Collection …………………………………………………………………….. 39
4.5 Econometric Software …………………………………………………………….. 39
CHAPTER FIVE
Data Presentation and Interpretation of Results…………………………………. 40
5.1 Data Presentation ……………………………………………………………….. 40
5.2 Result of Hausman Test …………………………………………………………. 42
5.3 Empirical Results …………………………………………………………………. 43
CHAPTER SIX
Summary, Conclusion and Recommendations ………………………………….. 49
6.1 Summary of the Major Findings …………………………………………… 49
6.2 Policy Recommendation ………………………………………………………… 50
6.3 Conclusion and Lessons for Policy Issues ………………………………… 50
Reference: …………………………………………………………………………………. 52
Appendix 1 …………………………………………………………………………………… 60
Appendix 2 …………………………………………………………………………………… 64
Appendix 3 …………………………………………………………………………………… 69
Appendix 4 …………………………………………………………………………………… 70

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