Research Article

Determinants of share price of quoted insurance companies in Nigeria

EMMANUEL DANIEL1*, Sarkinkwambo Suleiman1, Ephraim Sunday1
1 Federal University, Wukari
* Corresponding author: danielemmanuel@fuwukari.edu.ng
Published: Jul, 2026
DOI: 10.67862/nahj.2026.79fdrp58
Pages: 207-226

Abstract

This study investigates the determinants of share price of quoted insurance companies in Nigeria. The Nigerian insurance sector plays a vital role in financial intermediation but has recorded relatively low stock market performance compared to other financial institutions. Using an ex-post facto and panel research design, the study analyzed data from sixteen listed insurance companies between 2013 and 2022. The independent variables examined include price earnings ratio, firm size, inflation, return on equity, and board financial expertise. Findings reveal that firm size and return on equity significantly influence share prices, while price earnings ratio and inflation exert varying but less consistent effects. Board financial expertise demonstrates a positive relationship with share price, underscoring the importance of governance in investor confidence. The study concludes that both firm-specific and macroeconomic factors jointly explain share price movements, with implications for managers, policymakers, and investors in the Nigerian capital market.

Keywords

Share price insurance companies firm size return on equity inflation board expertise

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How to Cite

DANIEL, E., Suleiman, S., & Sunday, E. (2026). Determinants of share price of quoted insurance companies in Nigeria. Nigerian Accounting Horizon Journal, 11(1), 207-226. https://doi.org/10.67862/nahj.2026.79fdrp58

E. DANIEL, S. Suleiman, and E. Sunday, "Determinants of share price of quoted insurance companies in Nigeria," Nigerian Accounting Horizon Journal, vol. 11, no. 1, pp. 207-226, July 2026. doi: 10.67862/nahj.2026.79fdrp58

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