Effect of Internet Financial Reporting on Stock Prices and Dividend Yield of Quoted Non-Financial Companies in Nigeria

OLOWOKURE, Theophilus O., AGBESANYA, Elizabeth Oyebola


The study examined the effect of internet financial reporting (IFR) on stock prices and dividend yield of quoted non-financial companies in Nigeria. The population of the study consisted fifty (50) non-financial companies listed in Nigerian Stock Exchange. Simple Random Sampling Techniques was adopted to choose a sample size of five companies used in the study. The study covers the period from 1995 to 2014. Secondary data was adopted for this study and it was extracted from the annual reports of the sampled companies. Data was analysed using Ordinary Least Square (OLS). Results revealed that Internet Financial Reporting has significant influence on stock prices (p<0.0005) and dividend yield (p<0.0005). This study concluded that internet reporting gives companies opportunity to assess investors and prospective investors who are widely dispersed across the globe and whose decision making in respect of investment in shares will affect the companies. The study also recommended that official regulation should be put in place and enforced to check fraudulent information disclosure that would deceive prospective investors; and punitive actions should also be taken against any erring company in order to protect investors’ decision.

Keywords: Internet Financial Reporting, Financial Companies, Non-Financial Companies, Internet,  Information, Investors

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ISSN (Paper)2222-1697 ISSN (Online)2222-2847

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