GREEN PRACTICES AND STOCK MARKET PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA: A DYNAMIC PANEL DATA ANALYSIS APPROACH

EGBADJU, Lawrence U.
Department of Accounting,
Federal University Otuoke, Yenagoa,
Bayelsa State, Nigeria
CHIJIOKE, Willie Ishiusah
Department of Accounting
Faculty of Management Science
Ignatius Ajuru University of Education
ABSTRACT
This study investigates the impact which green practices and stock market performance of deposit money
banks (DMBs) in Nigeria. The period which the study covers is from 2012 to 2019 of twelve banks quoted
in the Nigerian Stock Exchange as information about them are extracted from their financial statements.
The dependent variable is stock market performance proxied by market price per shares while the
independent variables are environment reporting, human rights, women’s economic empowerment,
financial inclusion, capacity building and governance. The results of the Dynamic Panel Ordinary Least
Squares reveal that lag1 of market price per share (MPS (-1)) and human rights (HR) are positively and
statistically significant with stock market performance. While capacity building and women’s
economic empowerment relationship with MPS are positively insignificant, that of environment reporting,
financial inclusion and governance with MPS are negatively insignificant at the 5% level. We gave some
recommendations.
Keywords: Deposit money banks, green practices, market price per share.