Papers by Ifeanyi Onyeonoru
Ibadan Journal of the Social Sciences (IJSS), 2023
Globally, stock market crisis is a recurrent phenomenon to which Nigeria is not immune. The 2017 ... more Globally, stock market crisis is a recurrent phenomenon to which Nigeria is not immune. The 2017 stock market crisis in Nigeria continues to affect the domestic investment profile. Previous studies on stock markets have focused largely on economic growth and foreign investors, neglecting the social dimensions of stock market crises. Therefore, this study examined domestic investors' socioeconomic experiences during the 2017 stock market crisis in Lagos, Nigeria. The Planned Behaviour Theory provided the framework, while a descriptive design was employed. Purposive and snowball sampling techniques were utilised to select three stockbroking firms and regulatory agencies based on their professional knowledge of stock market operations. Forty indepth interviews were conducted, fourteen with clients of Cowry Assets Management Limited, thirteen with clients of Future review Financial Services Limited, and thirteen with clients of Greenwich Trust Limited. Six case studies were conducted, with two clients from each of the three selected stockbroking firms. Additionally, nine key informant interviews were conducted: three with staff from Nigerian Exchange Limited, three with staff from Securities and Exchange Commission, and one stockbroker from each of the three selected stockbroking firms. Data were content-analysed. During the 2017 stock market crisis, domestic investors had negative socioeconomic experiences, including loss of lives and friendships, and disruption of marriages leading to separation, divorce and social order upheavals. The crisis caused socioeconomic disruptions that affected lifestyles and well-being among domestic investors. Transparency in the market is necessary to restore investors' confidence.
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Papers by Ifeanyi Onyeonoru