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| Chief Executive Officer Media Behavior and Stock Returns in the Nigerian Financial Services Industry
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OSAZEVBARU Henry Osahon (Ph.D), IGEMOHIA Mohammed, OBIEROMA Andrew, AKPOLO Roland Bodiseowei
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Abstract:
This study investigated the relationship between CEO media behavior and stock returns within the context of the Nigerian financial services industry. With the increasing influence of media in shaping public perception and market sentiment, understanding the impact of CEO media engagement on stock performance is of significant interest to both scholars and practitioners. The objectives of this study were to examine the interaction between media information and stock movement, influence of media on CEOs behaviour, how CEOs behaviour interface with media to influence stock movement, as well as whether CEOs media behaviour in financial services firms differ significantly from one another. Using the upper echelon theory as the theoretical anchorage, the study employed various descriptive and correlational survey designs to examine CEO media conduct and how it relates to stock returns. Data for analysis was generated using structured questionnaire administered on CEOs of financial services firms. Pearson Product Moment Correlation (PPMC), linear regression, and Analysis of Variance (ANOVA) were used for the computation. Findings demonstrate that stock movement and media coverage are statistically related. Again, finding also indicates that CEO action is influenced by media reports on stock movement. Furthermore, the media influence CEO behaviour and stock movement in the financial services industry. It was recommended that CEOs explore the media to convey information about themselves and their organisations so that the market can impound such information into stock prices.
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