DEFINED BENEFIT PENSION ACCOUNTING AND MARKET VALUE PER SHARE OF QUOTED PHARMACEUTICAL FIRMS IN NIGERIA
Keywords:
Pension Accounting, Market Value of Shares, Stakeholders, Quoted Pharmaceutical Firms
Abstract
The study examineddefined benefit pension accounting and market value per share of quoted pharmaceutical companies in Nigeria. The research design adopted for this study was the ex-post facto design to investigate the relationship between Defined Benefit Pension Accounting and Market Value Per Share of Quoted Pharmaceutical Companies in Nigeria. The data used in this research were secondary data sourced from yearly account reports of these pharmaceutical companies named in Nigeria stock exchange fact books for time period of eleven years ranging from year 2011 to 2021. The sample size was three quoted pharmaceutical firms that have been trading consistently with the said period, while population was all the nine quoted pharmaceutical companies listed on the Nigeria stock exchange group. The Statistical tools used to analyze the data were descriptive Statistics, PPM correlation index, OLS and MRT as contained in SPSS package version were used to analyze the data and test research hypotheses.Secondary data was used to analysis the variables under study andthe study concluded that; there is a significant relationship between benefit service cost and market value per share which suggest that benefit service cost, as a proxy for independent variable (i.e. defined pension accounting) has impact on the market price per share of quoted pharmaceutical firms in Nigeria.Based on the foregoing, his study recommends that organization, especially the quoted pharmaceutical firms in Nigeria, should ensure that they improve their benefit service cost in order to boost their market value per share.
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References
Adaramola, A.O., &Oyerinde, A. A. (2014). The relationship between financial accounting information and market values of quoted firms in Nigeria. Global Journal of Contemporary Research in Accounting, Auditing and Business Ethics (GJCRA). An Online International Research Journal, 1(1). 22-39.
Adaramola, A.O., &Oyerinde, A.A. (2014). Value Relevance of Financial Accounting of Quoted Companies in Nigeria: A Trend Analysis. Research journal of Finance, 5(8), 86-94.
Abiodun, L (2012). Pension Scheme in Nigeria: History, Problems and Prospects. Arabian Journal of Business and Management Review, 5(12), 39-50.
Abubakar, A.O (2010); Value Relevance of Accounting Information in Nigerian Listed Financial Companies. Advances in Research, 6(11), 1-8.
Abubakar, B. (2011), Pension Fund Characteristics and Financial Performance in Nigeria. International Journal of Research and Innovation in Social Science, 2(2), 60-78
Actuaries, Y.P. (2004), A critique of pension reform act 2004 in Nigeria. Journal of Arts and Humanities (JAH),12(2), 138-150
Adaramola, A.O., &Oyerinde, A.A. (2014). The relationship between financial accounting information and market values of quoted firms in Nigeria. Global Journal of Contemporary Research in Accounting, Auditing and Business Ethics (GJCRA). An Online International Research Journal, 1(1). 22-39.
Agrawal, L.R (2011), Value Relevance of Financial Statements Information to Stock Market: Testing Based on Valuation and Efficient Market Theory.
Ajibade,D,K, Jayeoba, H,T, Olajumoke, G &Aghahowa, J, G. (2018). Retained earnings and Firms’ Market Value: Nigeria Experience. International Journal of Business and Economic Development, 6(2), 18-30.
Alan, K. K. (2012). Pension Accounting: A Study of Value Relevance and The Perception of Decision Usefulness in UK. The Business School, Bournemouth University.
Amir, B. (1993). An evaluation of pension administration in Nigeria. British Journal of Arts and Social Sciences, 15(2), 97-108.
Amir, E. (1996). Value-relevance of Nonfinancial Information: The Wireless Communications Industry. Journal of Accounting and Economics, 22 (1) 3-30.
American Academy of Actuaries (2014). Fundamentals of Current Pension Funding and Accounting for Private Sector Pension Plans: An Analysis by the Pension Committee of the American Academy of Actuaries.
Apete, C., Udeh, F. N., & Ezekwesili, T. P. (2022). Value Relevance of Accounting Information and Share Price of Listed Manufacturing Companies in Nigeria. Research Journal of Management Practice;2(9), 109-134.
Appolos, Z, M, Grace, T. & Jerry, U. (2016), An evaluation of pension administration in Nigeria. British Journal of Arts and Social Sciences, 5(2), 17-30.
Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159-178.
Barth, M., Beaver, W. & Landsman, W. (2001). The relevance of the value relevance literature for financial accounting standard setter: Another View. Journal of Accounting and Economics, 31(3), 77 – 104.
Beaver, W. (2002). Perspectives on Recent Capital Market Research. Accounting Review, 7(2), 453-474.
Bernard, V. & Thomas, J. (1990). Post Earnings Announcement Drift: Delayed Price Response or Risk Premium. Journal of Accounting Research, 27, 1-35.
Bhasin, A. D. (2013). The Value Relevance of Direct Cash Flows under International Financial Reporting Standards. ABACUS Journal of Accounting, Finance and Business Studies,4(3), 70-92.
Bratamanggala, R. (2018). The factors affecting board stock price of Lq45 stock exchange 2012-2016: Case of Indonesia. European Research Studies Journal, 21(1), 115-124.
Chin, S., & Hong, T. (2008). Who uses financial reports and for what purpose? Evidence from capital providers. The London School of Economics and Political Science.
Dahlia, P. (2022). Analysis of Market Value and Profitability to Return Shares in Manufacturing Companies Listed on BEI. Budapest International Research and Critics Institute Journal, 5(3), 22320-22332.
Dahmash, F. N., &Qabajeh, M. (2012). Value relevance of Ohlson model with Jordanian data. Interdisciplinary Journal of Contemporary Research in Business, 3(11), 551-560.
Dhiaa,S., (2022). Company’s Characteristics and Accounting Information Relevance. Universal Journal of Accounting and Finance 4(3), 107-116.
Dyl, E. A. (1989). Agency, corporate control and accounting methods: The LIFO-FIFO choice. Managerial and Decision Economics, 10: 141-147.
Edward, M. W. (2011). The Value Relevance of Pension Accounting Information: Evidence from Fortune 200 Firms. LeBow College of Business, Drexel University, Philadelphia, Pennsylvania, USA.
Eugenio, K.L., Parel, R.M., Reyes, K.M, Yu, K.B, & Cudia, C. (2019). How does value Relevance of Accounting Information react to Financial Crisis? DLSU Business and Economic Review, 28(2) 133-141.
Fapounda, T. M. (2013). The Pension System and Retirement Planning in Nigeria. Mediterranean Journal of Social Sciences, 4(2), 45-62.
Francis, A & Schipper, E (1999). Strategic Management of Stakeholders: Theory and Practice. Elsevier Journal of Strategic Management,2(2), 134-155.
Gomez-Mejia, H.J. & Balkin, D.K (1992). The International Financial Reporting Standards (IFRS) and Value Relevance: A Review of Empirical Evidence. Journal of Finance and Accounting, 3(3), 37-46.
Harrison, J. S., Freeman, R. E., & Monica, C. S. A. (2015). Stakeholder Theory as an Ethical Approach to Effective Management: applying the theory to multiple contexts. Rev. bus. manag., São Paulo, 17(55), 43-56.
Herbert, W. E., Tsegba, I. N., Ohanele, A. C., &Anyahara, I. O. (2013). Adoption of International Financial Reporting Standards (IFRS): Insights from Nigerian academics and practitioners. Research Journal of Finance and Accounting, 4(6), 121-135.
Hajiabbasi, M., Kaviani, M., Largani, N.S., Largani, M.S., Montazeri, H. (2012). Comparison of information content value creation measures (EVA, REVA, MVA, SVA, CSV and CVA) and accounting measures (ROA, ROE, EPS, CFO) in predicting the shareholder return (SR) evidence from Iran stock exchange. ARPN Journal of Science and Technology, 2(5), 517-521.
IAS 19 (2011). Employee Benefits. Accessed at February 2015, from http://www.aasb.gov.au/admin/file/content105/c9/IAS19_BC_6-11.pdf
IFRS (2008). Defined benefit pension accounting. Accessed at January 2015, from http://www.ifrs.org
Lightstone1, K., McFadden, T., &Kocum, L. (2018). Defined-benefit Pension Plans: Are They as Good as They Seem. Universal Journal of Accounting and Finance, 6(3), 52-75.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4),132-145.
Kehinde, S. (2012). The impact of IFRS on the value relevance of accounting information: Evidence from Turkish firms. International Journal of Economics and Finance,5(4), 71-80.
Martin, E. E. & and Christopher, B (2003). Incentive Fees and Mutual Funds. Journal of Finance, 58, 779-804.
Mayadunne, M. (2017). An empirical study of the value relevance of accounting information on market price in sub financial sectors in Sri Lanka. IJRDO – Journal of Business Management, 3(6),102-113.
Mbekomize, C. J., & Popo, S. (2020). Value relevance of accounting information in the Botswana listed companies. International Business Research; 13(5), 1913-9004
Nwaiwu, J. N., &Anurume, O.G. (2019). Retirement Savings Account and Time Lag in Nigeria. International Journal of Advanced Academic Research; 5(11),2488-9849.
Ohaka, J., & Akani, F.N. (2017). Timeliness and Relevance of Financial Reporting in Nigerian Quoted Firms. Management and Organizational Studies, 4(2), 55-62.
Okoro, I., Ibanichuka, E.A.L., & Micah, L.C. (2020). Accounting Information and Stock Prices of Quoted Manufacturing Firms: Multi-variant Panel Data Evidence from Nigeria. Asian Finance & Banking Review, 4(1), 21-42.
Olayinka, E., Olaoye, O., & Paul, A.O. (2017). Value Relevance of Accounting Data in the Pre and Post IFRS Era: Evidence from Nigeria. International Journal of Finance and Accounting, 6(4), 95-103
Olouch, M. A. (2013). The determinants of pension funds in Kenya. Master’s Thesis, University of Nairobi, Kenya.
Omokudu, O.O. (2012). Relevance of Accounting information to secondary capital market: Case of Nigeria stock exchange. Being a dissertation submitted to the School of Postgraduate Studies, University of Benin, for the Award of Ph.D, Department of Accounting.
Omollo, H., Olweny, T., Oluoch, O., &Wamatanda, J. (2021). Financial Theories on Pension Fund Portfolios in Kenya. Online at https://mpra.ub.uni-muenchen.de/109216
Onipe, A. Y., Joseph, M. O., & Safiya, O. U. (2015). International Financial Reporting Standards’ adoption and value relevance of accounting information of listed deposit money banks in Nigeria. Journal of Economics and Sustainable Development, 6(12), 85-93.
Orbunde, B., Lambe, I., & Bako. I. (2020). Impact of Pension Fund Investment on Capital Market Performance in Nigeria. Bingham International Journal of Accounting and Finance (BIJAF).
Ordu, M. M., Enekwe, C.I., &Anyanwaokoro, M. (2014). Effect of dividend payment on the market price of shares: A study of quoted firms in Nigeria. IOSR Journal of Economics and Finance, 5(4). 49-62.
Osho, A. E., & Ayorinde, F. M. (2018). The General Tenets of Positive Accounting Theory Towards Accounting Practice and Disclosure in Corporate Organizations in Nigeria. Journal of Economics and Sustainable Development, 9(20),72-90.
Oshodin, E., &Mgbame, C. (2014). The Comparative Study of Value Relevance of Financial Information in the Nigeria Banking and Petroleum Sectors. Journal of Business Studies Quarterly.
Panahi, F.I (2014). The Value Relevance of Accounting Information under Greek and International Financial Reporting Standards: The Influence of Firm – Specific Characteristics. International Research Journal of Finance and Economics; 7(12), 1450-2887.
Renato, C., Alex, A., & Alessandro, R. B. (2014). The Value Relevance of Accounting Information in the Italian and UK Stock Markets. Problems and Perspectives in Management, 12(4), 111-124.
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signaling Approach. The Bell Journal of Economics, 8, 23-40.
Salawu, R. O., & Ololade, B. M. (2018). Assessment of the Financial Information Disclosures of Pension Fund Administrators in Nigeria. International Accounting and Taxation Research Group; 4(2), 35-58.
Umoren, A. O., &Enang, E. R. (2015). IFRS Adoption and Value Relevance of Financial Statements of Nigerian Listed Banks. International Journal of Finance and Accounting, 4(1), 1-7.
Uzoh, B. C., & Anekwe, S. C. (2018). The Contributory Pension Scheme and the Fate of Retired and Retiring Nigerian Workers. International Journal of Academic Research in Business & Social Sciences, 8(3), 130-157.
Vijitha, P., &Nimalathasan, B. (2014). Value relevance of accounting information and share price: A study of listed manufacturing companies in Sri Lanka. Merit Research Journal of Business and Management, 2(1), 109-129.
Yehuda, P. & Steinberg, N. (2009). Chasing Their Tails: Inflow Momentum and Yield Chasing among Provident Fund Investors in Israel. Israel Economic Review, 10, 71–106.
Yoosuf, M. I., Athambawa, H. &Samsudeen, T. A. (2015). Value Relevance of Accounting Information and Stock Price Reaction of Listed Companies – Empirical Evidence from the Colombo Stock Exchange Sri Lanka. 5th International Symposium 2(15), 30-56.
Adaramola, A.O., &Oyerinde, A.A. (2014). Value Relevance of Financial Accounting of Quoted Companies in Nigeria: A Trend Analysis. Research journal of Finance, 5(8), 86-94.
Abiodun, L (2012). Pension Scheme in Nigeria: History, Problems and Prospects. Arabian Journal of Business and Management Review, 5(12), 39-50.
Abubakar, A.O (2010); Value Relevance of Accounting Information in Nigerian Listed Financial Companies. Advances in Research, 6(11), 1-8.
Abubakar, B. (2011), Pension Fund Characteristics and Financial Performance in Nigeria. International Journal of Research and Innovation in Social Science, 2(2), 60-78
Actuaries, Y.P. (2004), A critique of pension reform act 2004 in Nigeria. Journal of Arts and Humanities (JAH),12(2), 138-150
Adaramola, A.O., &Oyerinde, A.A. (2014). The relationship between financial accounting information and market values of quoted firms in Nigeria. Global Journal of Contemporary Research in Accounting, Auditing and Business Ethics (GJCRA). An Online International Research Journal, 1(1). 22-39.
Agrawal, L.R (2011), Value Relevance of Financial Statements Information to Stock Market: Testing Based on Valuation and Efficient Market Theory.
Ajibade,D,K, Jayeoba, H,T, Olajumoke, G &Aghahowa, J, G. (2018). Retained earnings and Firms’ Market Value: Nigeria Experience. International Journal of Business and Economic Development, 6(2), 18-30.
Alan, K. K. (2012). Pension Accounting: A Study of Value Relevance and The Perception of Decision Usefulness in UK. The Business School, Bournemouth University.
Amir, B. (1993). An evaluation of pension administration in Nigeria. British Journal of Arts and Social Sciences, 15(2), 97-108.
Amir, E. (1996). Value-relevance of Nonfinancial Information: The Wireless Communications Industry. Journal of Accounting and Economics, 22 (1) 3-30.
American Academy of Actuaries (2014). Fundamentals of Current Pension Funding and Accounting for Private Sector Pension Plans: An Analysis by the Pension Committee of the American Academy of Actuaries.
Apete, C., Udeh, F. N., & Ezekwesili, T. P. (2022). Value Relevance of Accounting Information and Share Price of Listed Manufacturing Companies in Nigeria. Research Journal of Management Practice;2(9), 109-134.
Appolos, Z, M, Grace, T. & Jerry, U. (2016), An evaluation of pension administration in Nigeria. British Journal of Arts and Social Sciences, 5(2), 17-30.
Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159-178.
Barth, M., Beaver, W. & Landsman, W. (2001). The relevance of the value relevance literature for financial accounting standard setter: Another View. Journal of Accounting and Economics, 31(3), 77 – 104.
Beaver, W. (2002). Perspectives on Recent Capital Market Research. Accounting Review, 7(2), 453-474.
Bernard, V. & Thomas, J. (1990). Post Earnings Announcement Drift: Delayed Price Response or Risk Premium. Journal of Accounting Research, 27, 1-35.
Bhasin, A. D. (2013). The Value Relevance of Direct Cash Flows under International Financial Reporting Standards. ABACUS Journal of Accounting, Finance and Business Studies,4(3), 70-92.
Bratamanggala, R. (2018). The factors affecting board stock price of Lq45 stock exchange 2012-2016: Case of Indonesia. European Research Studies Journal, 21(1), 115-124.
Chin, S., & Hong, T. (2008). Who uses financial reports and for what purpose? Evidence from capital providers. The London School of Economics and Political Science.
Dahlia, P. (2022). Analysis of Market Value and Profitability to Return Shares in Manufacturing Companies Listed on BEI. Budapest International Research and Critics Institute Journal, 5(3), 22320-22332.
Dahmash, F. N., &Qabajeh, M. (2012). Value relevance of Ohlson model with Jordanian data. Interdisciplinary Journal of Contemporary Research in Business, 3(11), 551-560.
Dhiaa,S., (2022). Company’s Characteristics and Accounting Information Relevance. Universal Journal of Accounting and Finance 4(3), 107-116.
Dyl, E. A. (1989). Agency, corporate control and accounting methods: The LIFO-FIFO choice. Managerial and Decision Economics, 10: 141-147.
Edward, M. W. (2011). The Value Relevance of Pension Accounting Information: Evidence from Fortune 200 Firms. LeBow College of Business, Drexel University, Philadelphia, Pennsylvania, USA.
Eugenio, K.L., Parel, R.M., Reyes, K.M, Yu, K.B, & Cudia, C. (2019). How does value Relevance of Accounting Information react to Financial Crisis? DLSU Business and Economic Review, 28(2) 133-141.
Fapounda, T. M. (2013). The Pension System and Retirement Planning in Nigeria. Mediterranean Journal of Social Sciences, 4(2), 45-62.
Francis, A & Schipper, E (1999). Strategic Management of Stakeholders: Theory and Practice. Elsevier Journal of Strategic Management,2(2), 134-155.
Gomez-Mejia, H.J. & Balkin, D.K (1992). The International Financial Reporting Standards (IFRS) and Value Relevance: A Review of Empirical Evidence. Journal of Finance and Accounting, 3(3), 37-46.
Harrison, J. S., Freeman, R. E., & Monica, C. S. A. (2015). Stakeholder Theory as an Ethical Approach to Effective Management: applying the theory to multiple contexts. Rev. bus. manag., São Paulo, 17(55), 43-56.
Herbert, W. E., Tsegba, I. N., Ohanele, A. C., &Anyahara, I. O. (2013). Adoption of International Financial Reporting Standards (IFRS): Insights from Nigerian academics and practitioners. Research Journal of Finance and Accounting, 4(6), 121-135.
Hajiabbasi, M., Kaviani, M., Largani, N.S., Largani, M.S., Montazeri, H. (2012). Comparison of information content value creation measures (EVA, REVA, MVA, SVA, CSV and CVA) and accounting measures (ROA, ROE, EPS, CFO) in predicting the shareholder return (SR) evidence from Iran stock exchange. ARPN Journal of Science and Technology, 2(5), 517-521.
IAS 19 (2011). Employee Benefits. Accessed at February 2015, from http://www.aasb.gov.au/admin/file/content105/c9/IAS19_BC_6-11.pdf
IFRS (2008). Defined benefit pension accounting. Accessed at January 2015, from http://www.ifrs.org
Lightstone1, K., McFadden, T., &Kocum, L. (2018). Defined-benefit Pension Plans: Are They as Good as They Seem. Universal Journal of Accounting and Finance, 6(3), 52-75.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4),132-145.
Kehinde, S. (2012). The impact of IFRS on the value relevance of accounting information: Evidence from Turkish firms. International Journal of Economics and Finance,5(4), 71-80.
Martin, E. E. & and Christopher, B (2003). Incentive Fees and Mutual Funds. Journal of Finance, 58, 779-804.
Mayadunne, M. (2017). An empirical study of the value relevance of accounting information on market price in sub financial sectors in Sri Lanka. IJRDO – Journal of Business Management, 3(6),102-113.
Mbekomize, C. J., & Popo, S. (2020). Value relevance of accounting information in the Botswana listed companies. International Business Research; 13(5), 1913-9004
Nwaiwu, J. N., &Anurume, O.G. (2019). Retirement Savings Account and Time Lag in Nigeria. International Journal of Advanced Academic Research; 5(11),2488-9849.
Ohaka, J., & Akani, F.N. (2017). Timeliness and Relevance of Financial Reporting in Nigerian Quoted Firms. Management and Organizational Studies, 4(2), 55-62.
Okoro, I., Ibanichuka, E.A.L., & Micah, L.C. (2020). Accounting Information and Stock Prices of Quoted Manufacturing Firms: Multi-variant Panel Data Evidence from Nigeria. Asian Finance & Banking Review, 4(1), 21-42.
Olayinka, E., Olaoye, O., & Paul, A.O. (2017). Value Relevance of Accounting Data in the Pre and Post IFRS Era: Evidence from Nigeria. International Journal of Finance and Accounting, 6(4), 95-103
Olouch, M. A. (2013). The determinants of pension funds in Kenya. Master’s Thesis, University of Nairobi, Kenya.
Omokudu, O.O. (2012). Relevance of Accounting information to secondary capital market: Case of Nigeria stock exchange. Being a dissertation submitted to the School of Postgraduate Studies, University of Benin, for the Award of Ph.D, Department of Accounting.
Omollo, H., Olweny, T., Oluoch, O., &Wamatanda, J. (2021). Financial Theories on Pension Fund Portfolios in Kenya. Online at https://mpra.ub.uni-muenchen.de/109216
Onipe, A. Y., Joseph, M. O., & Safiya, O. U. (2015). International Financial Reporting Standards’ adoption and value relevance of accounting information of listed deposit money banks in Nigeria. Journal of Economics and Sustainable Development, 6(12), 85-93.
Orbunde, B., Lambe, I., & Bako. I. (2020). Impact of Pension Fund Investment on Capital Market Performance in Nigeria. Bingham International Journal of Accounting and Finance (BIJAF).
Ordu, M. M., Enekwe, C.I., &Anyanwaokoro, M. (2014). Effect of dividend payment on the market price of shares: A study of quoted firms in Nigeria. IOSR Journal of Economics and Finance, 5(4). 49-62.
Osho, A. E., & Ayorinde, F. M. (2018). The General Tenets of Positive Accounting Theory Towards Accounting Practice and Disclosure in Corporate Organizations in Nigeria. Journal of Economics and Sustainable Development, 9(20),72-90.
Oshodin, E., &Mgbame, C. (2014). The Comparative Study of Value Relevance of Financial Information in the Nigeria Banking and Petroleum Sectors. Journal of Business Studies Quarterly.
Panahi, F.I (2014). The Value Relevance of Accounting Information under Greek and International Financial Reporting Standards: The Influence of Firm – Specific Characteristics. International Research Journal of Finance and Economics; 7(12), 1450-2887.
Renato, C., Alex, A., & Alessandro, R. B. (2014). The Value Relevance of Accounting Information in the Italian and UK Stock Markets. Problems and Perspectives in Management, 12(4), 111-124.
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signaling Approach. The Bell Journal of Economics, 8, 23-40.
Salawu, R. O., & Ololade, B. M. (2018). Assessment of the Financial Information Disclosures of Pension Fund Administrators in Nigeria. International Accounting and Taxation Research Group; 4(2), 35-58.
Umoren, A. O., &Enang, E. R. (2015). IFRS Adoption and Value Relevance of Financial Statements of Nigerian Listed Banks. International Journal of Finance and Accounting, 4(1), 1-7.
Uzoh, B. C., & Anekwe, S. C. (2018). The Contributory Pension Scheme and the Fate of Retired and Retiring Nigerian Workers. International Journal of Academic Research in Business & Social Sciences, 8(3), 130-157.
Vijitha, P., &Nimalathasan, B. (2014). Value relevance of accounting information and share price: A study of listed manufacturing companies in Sri Lanka. Merit Research Journal of Business and Management, 2(1), 109-129.
Yehuda, P. & Steinberg, N. (2009). Chasing Their Tails: Inflow Momentum and Yield Chasing among Provident Fund Investors in Israel. Israel Economic Review, 10, 71–106.
Yoosuf, M. I., Athambawa, H. &Samsudeen, T. A. (2015). Value Relevance of Accounting Information and Stock Price Reaction of Listed Companies – Empirical Evidence from the Colombo Stock Exchange Sri Lanka. 5th International Symposium 2(15), 30-56.
Published
2023-09-11
How to Cite
TAIWO EWEDAIRO, H., MICAH, L. C., & UMOBONG, A. A. (2023). DEFINED BENEFIT PENSION ACCOUNTING AND MARKET VALUE PER SHARE OF QUOTED PHARMACEUTICAL FIRMS IN NIGERIA. GPH-International Journal of Business Management, 6(09). https://doi.org/10.5281/zenodo.8348935
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