EXECUTIVE DIRECTORS' COMPENSATION AND SHARE PRICE PERFORMANCE OF LISTED CONGLOMERATE FIRMS IN NIGERIA

Copy igh © Au ho (s) 2025. All Righ s Rese ed. Published by GLOBAL PUBLICATION HOUSE. | In . Jou nal o Business Managemen
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EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE
PERFORMANCE OF LISTED CONGLOMERATE FIRMS IN
NIGERIA
By:
ESSANG EFFIONG EKPO
M.SC STUDENT
DEPARTMENT OF ACCOUNTING, AKWA IBOM STATE UNIVERSITY
DR. UWAKMFONABASI SIMEON, (PhD)
DEPARTMENT OF ACCOUNTING, AKWA IBOM STATE UNIVERSITY
IMOH KINGSLEY IKPE, (PhD)
DEPARTMENT OF ECONOMIC, AKWA IBOM STATE UNIVERSITY
EMMANUEL OKON EMENYI, (PhD)
DEPARTMENT OF ACCOUNTING, AKWA IBOM STATE UNIVERSITY
Abs ac
Despi e he subs an ial emune a ion packages o e ed o execu i es, many i ms con inue o expe ience weak
sha e p ice pe o mance, ola ile ea nings, and declining in es o con idence. This misalignmen sugges s ha
compensa ion s uc u es may no be e ec i ely designed o incen i ize execu i es o maximize sha eholde
e u ns. In iew o his, his s udy examined he e ec o execu i e di ec o s’ compensa ion on sha e p ice
pe o mance o lis ed conglome a e i ms in Nige ia. The s udy adop ed an ex-pos ac o esea ch design and
u ilized a panel da a o six y (60) pooled obse a ions ga he ed om six (6) lis ed conglome a e i ms in Nige ia
o e en (10)-yea pe iod (2015-2024) and employed a panel mul iple eg ession echnique o analyze he da a
ia E- iews 10.0 s a is ical package. The s udy indings e ealed among o he s ha bonus paymen has
signi ican posi i e e ec (Coe . = 4.0789{0.0375}) on ea nings pe sha e o lis ed conglome a e i ms in
Nige ia,. Conclusi ely, he esul s p o ide empi ical e idence ha execu i e di ec o s' compensa ion ha e a
signi ican impac on sha e p ice pe o mance, highligh ing he need o co po a e boa ds and egula o s o
ca e ully conside he design and s uc u e o execu i e compensa ion packages. The ecommenda ions made
included ha co po a e boa ds should conside aligning bonus paymen s wi h speci ic pe o mance me ics o
ensu e ha execu i e di ec o s a e incen i ized o d i e sha eholde alue.
Keywo ds:
EXECUTIVE DIRECTORS, COMPENSATION AND SHARE PRICE PERFORMANCE
How o ci e: EKPO, E., SIMEON, U., IKPE, I., & EMENYI, E. (2025). EXECUTIVE DIRECTORS’ COMPENSATION AND
SHARE PRICE PERFORMANCE OF LISTED CONGLOMERATE FIRMS IN NIGERIA. GPH-In e na ional Jou nal o Business
Managemen , 8(10), 48-67. h ps://doi.o g/10.5281/zenodo.17550682
e-ISSN 3027-0537
p-ISSN 3027-0375
10.5281/ZENODO.17550682
VOLUME 08 ISSUE 10 OCTOBER - 2025
ARTICLE ID: #2151
EKPO, E., SIMEON, U., IKPE, I., & EMENYI, E. (2025). EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE PERFORMANCE
OF LISTED CONGLOMERATE FIRMS IN NIGERIA. GPH-In e na ional Jou nal o Business Managemen , 8(10), 48-67.
h ps://doi.o g/10.5281/zenodo.17550682
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
1.1 INTRODUCTION
Execu i e compensa ion packages ha e been iewed as impo an in mi iga ing he
con lic o in e es be ween manage s and sha eholde s in co po a ions (Ib ahim & A maji,
2023). I has been widely ecognized ha compensa ion packages could po en ially play an
impo an ole in mo i a ing op manage . This in e es s ems om he c i ical ole ha
execu i e emune a ion plays in aligning managemen objec i es wi h sha eholde in e es s.
In Nige ia, he conglome a e sec o has expe ienced no able luc ua ions in sha e p ices,
p omp ing s akeholde s o sc u inize he e ec i eness o exis ing compensa ion s uc u es in
p omo ing op imal co po a e pe o mance (Cho e al., 2024). Unde s anding how a ious
componen s o execu i e pay in luence sha e p ice dynamics is essen ial o enhancing
co po a e go e nance and ensu ing sus ainable g ow h wi hin his sec o . As highligh ed by
Edochie e al. (2022), examining he impac o CEO compensa ion on i m pe o mance is
c ucial o de e mining he e icacy o emune a ion policies in achie ing desi ed co po a e
ou comes.
Execu i e compensa ion ypically comp ises a ious elemen s designed o incen i ize
pe o mance and e ain op alen . Bonus paymen s ep esen a iable, pe o mance- ela ed
compensa ion awa ded o execu i e di ec o s in addi ion o hei basic sala y. They a e
ypically linked o he company’s sho - e m inancial pe o mance, such as p o i s, e enue
g ow h, o achie emen o speci ic key pe o mance indica o s (KPIs) (Emokpae, 2023).
Bonuses can be s uc u ed as annual cash paymen s o de e ed pay-ou s, depending on he
go e nance amewo k (Fle che & Ha , 2022). Bene i s-in-kind (BIK) a e non-cash pe ks
p o ided o execu i e di ec o s as pa o hei o al compensa ion package. These bene i s
may include company ca s, heal h insu ance, housing allowances, club membe ships,
e i emen con ibu ions, o o he li es yle- ela ed ad an ages (Hundal e al., 2025). Sha e-
based paymen s in ol e g an ing execu i e di ec o s equi y ins umen s such as s ock
op ions, es ic ed s ock, o pe o mance sha es. Ins ead o cash, di ec o s ecei e
compensa ion in he o m o sha es o igh s o acqui e sha es a a u u e da e, o en ied o
company pe o mance (Campbell & Fos e , 2022). Long- e m incen i e plans a e s uc u ed
p og ams ha ewa d execu i e di ec o s o achie ing s a egic objec i es o e a mul i-yea
ho izon, ypically h ee o i e yea s. They may include a mix o pe o mance-based sha es,
cash bonuses, o o he de e ed ewa ds. Pe o mance is o en measu ed using me ics such as
e u n on equi y, o al sha eholde e u n, o long- e m g ow h a ge s (Handayani &
Fadja enie, 2023). The base sala y o ms he ixed componen o an execu i e di ec o ’s
compensa ion package. I p o ides inancial s abili y and secu i y, ega dless o company
pe o mance. Sala ies a e usually de e mined based on indus y benchma ks, he size o he
company, he di ec o ’s esponsibili ies, and hei le el o expe ience (Kha ib e al., 2023).
In he con ex o Nige ia's lis ed conglome a e i ms, sha e p ice pe o mance has
been subjec o a ious in e nal and ex e nal p essu es. Economic ac o s, such as cu ency
ola ili y and egula o y changes, ha e posed challenges o main aining s able sha e
alua ions (Cho e al., 2024). E ec i e execu i e compensa ion s uc u es ha p omo e
p uden decision-making and long- e m s abili y a e c ucial in na iga ing hese complexi ies.
Resea ch indica es ha ce ain componen s o execu i e compensa ion, such as sala y
emolumen s, bonuses, and s ock-based compensa ion, can nega i ely impac inancial
pe o mance me ics like e u n on equi y, highligh ing he need o well-s uc u ed
emune a ion packages.
The linkage be ween execu i e di ec o s' compensa ion and sha e p ice pe o mance
in Nige ia's conglome a e i ms is mul i ace ed. App op ia ely s uc u ed compensa ion
packages can incen i ize execu i es o implemen s a egies ha enhance p o i abili y and
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EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE PERFORMANCE OF LISTED CONGLOMERATE FIRMS IN NIGERIA
Volume 8 Issue No 10 (2025) Access: h ps://gphjou nal.o g/index.php/bm
ma ke alua ion (Fle che & Ha , 2022). Con e sely, misaligned emune a ion may lead o
sho - e mism o isk-a e se beha io s de imen al o sha eholde weal h. The e o e, a
comp ehensi e examina ion o how a ious compensa ion componen s, such as bonuses,
bene i s in kind, sha e-based incen i es, long- e m incen i e plan and sala y a ec sha e p ice
pe o mance is essen ial.
Objec i es o he s udy
The main objec i e o his s udy was o examine he e ec o execu i e di ec o s’
compensa ion on he sha e p ice pe o mance o lis ed conglome a e i ms in Nige ia. The
speci ic objec i es o his s udy we e o:
1. access he e ec o bonus paymen s on he ea nings pe sha e o lis ed conglome a e
i ms in Nige ia.
2. asce ain he e ec o bene i s-in-kind on he ea nings pe sha e o lis ed
conglome a e i ms in Nige ia.
3. de e mine he e ec o sha e-based paymen s on he ea nings pe sha e o lis ed
conglome a e i ms in Nige ia.
4. o examine he e ec o long- e m incen i e plans on ea nings pe sha e o lis ed
conglome a e i ms in Nige ia
5. access he e ec o sala y o execu i e di ec o s on ea nings pe sha e o lis ed
conglome a e i ms in Nige ia
REVIEW OF RELATED LITERATURE
2.1 Concep ual F amewo k
2.1.2 Execu i e di ec o s’ compensa ion
Execu i e di ec o s’ compensa ion e e s o he inancial and non- inancial ewa ds
p o ided o execu i e di ec o s in exchange o hei leade ship, s a egic decision-making,
and o e all con ibu ion o he i m’s pe o mance (Hundal e al., 2025). Compensa ion
packages ypically include elemen s such as base sala y, bonuses, s ock op ions, long- e m
incen i es, and o he bene i s. These packages a e designed o align he in e es s o execu i e
di ec o s wi h hose o sha eholde s, ensu ing ha execu i es a e mo i a ed o d i e co po a e
success and long- e m alue c ea ion. Acco ding o Smi h and Johnson (2020), execu i e
compensa ion is a c i ical componen o co po a e go e nance, as i in luences manage ial
beha io , isk- aking, and s a egic p io i ies. E ec i e compensa ion s uc u es a e essen ial
o a ac ing and e aining op alen while p omo ing accoun abili y and pe o mance-d i en
leade ship. The design o execu i e compensa ion packages o en e lec s he i m’s s a egic
objec i es, inancial heal h, and indus y s anda ds.
2.1.3 P oxies o execu i e di ec o ’s compensa ion
2.1.3.1 Bonus paymen s
Bonus paymen s a e a c i ical componen o execu i e and employee compensa ion
packages, designed o ewa d pe o mance, mo i a e employees, and align indi idual goals
wi h o ganiza ional objec i es (Handayani & Fadja enie, 2023). These paymen s a e
ypically ied o speci ic pe o mance me ics, such as e enue g ow h, p o i abili y, o he
achie emen o s a egic a ge s. Acco ding o Pa hak e al. (2025), bonus paymen s se e as
a powe ul ool o enhancing p oduc i i y and os e ing a pe o mance-d i en cul u e wi hin
o ganiza ions.
EKPO, E., SIMEON, U., IKPE, I., & EMENYI, E. (2025). EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE PERFORMANCE
OF LISTED CONGLOMERATE FIRMS IN NIGERIA. GPH-In e na ional Jou nal o Business Managemen , 8(10), 48-67.
h ps://doi.o g/10.5281/zenodo.17550682
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
2.1.3.2 Bene i s-in-Kind
Bene i s-in-kind (BIK) e e o non-cash compensa ions p o ided o employees as
pa o hei o e all emune a ion package (Fle che & Ha , 2022). These bene i s can
include company ca s, heal h insu ance, housing allowances, gym membe ships, and o he
pe ks ha enhance employees' quali y o li e and job sa is ac ion. Acco ding o Robe s and
Taylo (2020), bene i s-in-kind play a signi ican ole in a ac ing and e aining alen ,
pa icula ly in compe i i e labo ma ke s whe e o ganiza ions seek o di e en ia e
hemsel es. While cash compensa ion emains a p ima y mo i a o , bene i s-in-kind o e
addi ional alue by add essing employees' pe sonal and li es yle needs, he eby os e ing
loyal y and engagemen .
2.1.3.3 Sha e-based paymen s
Sha e-based paymen s, also known as equi y compensa ion, e e o he p ac ice o
g an ing employees’ sha es, s ock op ions, o o he equi y ins umen s as pa o hei
emune a ion (Cho e al., 2024). This o m o compensa ion aligns he in e es s o employees
wi h hose o sha eholde s by linking ewa ds o he i m’s long- e m pe o mance and s ock
p ice app ecia ion. Acco ding o Ohidoa and Kolade (2024), sha e-based paymen s a e
widely used in bo h public and p i a e companies o a ac , e ain, and mo i a e alen ,
pa icula ly in indus ies whe e compe i ion o skilled p o essionals is in ense. By o e ing
employees a s ake in he company’s success, i ms can os e a sense o owne ship and
commi men , d i ing p oduc i i y and inno a ion.
2.1.3.3 Sala y o execu i e di ec o s’ (ED)
The sala y o an execu i e di ec o e e s o he ixed ( egula ) cash paymen awa ded
o he execu i e as compensa ion o ul illing hei ole, exclusi e o a iable ewa ds (like
bonuses, s ock op ions) o non-mone a y bene i s (heal hca e and housing) (Chen & Wang,
2021). Acco ding o Adegbi e and Ojo (2022) sala y o execu i e di ec o is said o be he
mix o inancial and non inancial awa ds ecei ed by an execu i e om his o he employing
i m as paymen o he se ices ende ed. ED sala ies a e usually se on an annual basis.
Mo eo e , i is a s ylized ac ha i m’s size is associa ed wi h base sala y (Cla k & Walke ,
2020).
2.1.9 Sha e p ice pe o mance
Sha e p ice pe o mance is a undamen al measu e o a company's inancial heal h
and ma ke alua ion, o en se ing as a key de e minan o execu i e and employee
compensa ion, pa icula ly in publicly aded i ms (Fle che & Ha , 2022). Many
o ganiza ions inco po a e sha e p ice pe o mance in o hei incen i e s uc u es o align he
in e es s o execu i es and employees wi h hose o sha eholde s. Acco ding o Robe s and
Phillips (2021), sha e p ice-based incen i es, such as s ock op ions and pe o mance sha es,
can be powe ul ools o mo i a ing execu i es o ocus on long- e m alue c ea ion.
2.1.9.1 Ea nings pe sha e
Ea nings Pe Sha e (EPS) is a undamen al inancial me ic ha measu es a
company’s p o i abili y on a pe -sha e basis, p o iding insigh s in o i s abili y o gene a e
ea nings o sha eholde s. I is calcula ed by di iding ne income by he numbe o
ou s anding sha es and is widely used by in es o s, analys s, and s akeholde s o e alua e a
i m’s inancial pe o mance. Acco ding o Ha pe and Quinn (2021), EPS is a c i ical
indica o o a company’s inancial heal h and is o en used o assess managemen ’s
e ec i eness in d i ing p o i abili y.
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2.1.10 Execu i e di ec o s’ compensa ion and sha e p ice pe o mance
Execu i e di ec o s’ compensa ion is designed o align he in e es s o manage s wi h hose o
sha eholde s. When well-s uc u ed and pe o mance-based, compensa ion can enhance
sha eholde alue. Howe e , excessi e o misaligned pay packages may ha e he opposi e
e ec . Acco ding o Mille and Thompson (2021), i ms mus adhe e o accoun ing s anda ds
such as IFRS 2 and ASC 718, which go e n he ecogni ion and measu emen o sha e-based
paymen s. Addi ionally, luc ua ions in s ock p ices can lead o ola ili y in compensa ion
cos s, a ec ing he i m’s inancial s a emen s and in es o pe cep ions (Fle che & Ha ,
2022).
METHODOLOGY
3.1 Resea ch design
This s udy adop ed ex-pos ac o esea ch design. This design was sui able because
he da a o he analysis had al eady exis ed, lea ing no oom o he esea che o manipula e
he a iables unde s udy.
3.2 Popula ion o he s udy
The popula ion o his s udy made up o all he six (6) conglome a e i ms which a e
Chella ams PLC, Cus odian In es men PLC, John Hol PLC, SCOA Nig. PLC,
T ansna ional Co po a ion PLC, and UACN PLC ha a e lis ed on he loo o he Nige ian
Exchange G oup (NGX) o he pe iod be ween 2015 and 2024.
3.3 Model speci ica ion
To achie e he s a ed objec i es o he s udy, as well as es ing he s udy hypo heses,
he esea che adap ed and modi ied he model o Ali and Ahmed (2021) and modi ied hus;
EPSi = β0 + β1BPi + β2BIKi + β3SBPi + β4LIPi + β5SALi + µi .
Whe e;
EPSi = Ea nings Pe Sha e
BPi = Bonus paymen s
BIKi = Bene i s-in-kind
LIP = Long- e m incen i e plan
SAL = Sala y
SBPi = Sha e-based paymen s
β0 = In e cep o eg ession cons an
β1 – β3 = Reg ession coe icien s o be es ima ed o i m i in pe iod
µ = S ochas ic e o e m.
3.4 Me hod o da a analysis
The s udy adop ed panel leas squa es eg ession in analyzing he da a ia E iews
10.0. The da a con o med o he s anda dized eg ession assump ions, ha is, linea i y,
homoscedas ici y, no mali y and independence o da a.
3.5 Decision ule
The decision based on 5% le el o signi icance. Accep null hypo hesis (Ho) i
p obabili y alue (i.e. P- alue o Sig.) is g ea e han o equals o (≥) s a ed 5% le el o
signi icance (α); o he wise, ejec and accep al e na e hypo hesis (H1), i p- alue o sig.
calcula ed is less han 5% le el o signi icance.

EKPO, E., SIMEON, U., IKPE, I., & EMENYI, E. (2025). EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE PERFORMANCE
OF LISTED CONGLOMERATE FIRMS IN NIGERIA. GPH-In e na ional Jou nal o Business Managemen , 8(10), 48-67.
h ps://doi.o g/10.5281/zenodo.17550682
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS
Desc ip i e s a is ics
This was conduc ed o unde s and he beha iou o he da a using a ious s a is ics
including mean, s anda d de ia ion, skewness, and ku osis. The esul o he desc ip i e
s a is ics analysis is as p esen ed in Table 4.2 below;
Table 4.2 Desc ip i e s a is ics esul s
EPS
BP
BIK
SBP
LIP
SAL
Mean
19.93600
7.644979
0.416667
30.94884
1.491667
14.16517
Median
22.38500
1.477666
0.000000
0.000000
1.500000
13.53994
Maximum
340.0000
41.60000
1.000000
244.1689
2.250000
16.65031
Minimum
-528.0000
0.000000
0.000000
0.000000
1.000000
12.64433
S d. De .
158.5131
10.00788
0.497167
58.16892
0.514548
1.209312
Skewness
-1.634700
1.407939
0.338062
2.007295
0.327374
0.727783
Ku osis
7.095970
4.381501
1.114286
6.456060
1.412529
1.916130
Ja que-Be a
68.66487
24.59427
10.03265
70.15323
7.371898
8.233620
P obabili y
0.000000
0.000005
0.006629
0.000000
0.025073
0.016296
Sum
1196.160
458.6988
25.00000
1856.930
89.50000
849.9105
Sum Sq. De .
1482458.
5909.305
14.58333
199633.8
15.62083
86.28373
Obse a ions
60
60
60
60
60
60
Sou ce: Resea che ’s compu a ion using E- iews 10.0 (2025)
Table 4.2 shows ha ea nings pe sha e, bonus paymen s, bene i s-in-kind, sha e-
based paymen s, long- e m incen i e plan and sala y o lis ed conglome a e i ms in Nige ia
ha e mean sco es o app oxima ely 19.93, 7.644, 0.4166, 30.948, 1.491 and 14.165
espec i ely. This indica es he cen al o a e age alues o hese a iables om 2015 o
2024. The median alues ob ained o ea nings pe sha e, bonus paymen s; bene i s-in-kind,
sha e-based paymen s, long- e m incen i e plan and sala y o lis ed conglome a e i ms in
Nige ia we e app oxima ely 22.38, 1.477, 0, 0, 1.5 and 13.54 espec i ely. These cons i u es
he middle alues o he dis ibu ions o hese a iables unde he pe iod co e ed in his
s udy (2015-2024).
In e ms o he le el o a iabili y and dispe sion in he dis ibu ion o hese a iables,
he s anda d de ia ions ob ained o he a iables- ea nings pe sha e, bonus paymen s;
bene i s-in-kind, sha e-based paymen s and long- e m incen i e plan and sala y o lis ed
conglome a e i ms in Nige ia we e 158.51, 10.01, 0.497, 58.168, 0.514 and 1.209
espec i ely. This indica es a ying le els o a iabili y in he dis ibu ion wi h ea nings pe
sha e indica ing high a ia ions in he dis ibu ions. Simila ly, he skewness alues ob ained
o hese a iables we e -1.634, 1.407, 0.34, 2.01, 0.32 and 0.727 espec i ely. This quan i ies
he asymme y o he dis ibu ions.
4.2.2 Model e alua ion
The sui abili y o he da a was assessed by conduc ing se ies o eg ession assump ion
es s. These es s include no mali y es , mul icollinea i y es and he e oscedas ici y es .
Page No. 53
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4.2.2.1 No mali y es
0
4
8
12
16
20
24
-500 -400 -300 -200 -100 0 100 200 300
Se ies: S anda dized Residuals
Sample 2015 2024
Obse a ions 60
Mean -1.98e-14
Median 6.221731
Maximum 300.1214
Minimum -528.7625
S d. De . 137.3266
Skewness -1.593788
Ku osis 7.544526
Ja que-Be a 77.03338
P obabili y 0.000000
Fig. 4.1 Ja que-Be a No mali y es esul s
Sou ce: E- iews 10.0 Ou pu (2025)
A signi ican Ja que-Be a es esul implies ha he da a do no ollow a no mal
dis ibu ion. On he o he hand, a non-signi ican esul indica es ha he e is insu icien
e idence o ejec he assump ion o no mali y. I he p- alue associa ed wi h he Ja que-Be a
es is below a p ede e mined signi icance le el (p<0.05), hen we accep he null hypo hesis
and conclude ha he da a do ollow a no mal dis ibu ion. Wi h a p- alue o 0.0000, he e is
su icien e idence o ejec he assump ion o no mali y.
4.2.2.2 Mul icollinea i y es
In examining he associa ion among he a iables, he s udy employed he Spea man
Rank Co ela ion Coe icien (co ela ion ma ix), and he esul s a e p esen ed below.
Table 4.3 Spea man’s ank co ela ion ma ix
EPS
BP
BIK
SBP
LIP
SAL
EPS
1.000000
0.194708
0.000976
0.414060
0.543876
0.307744
BP
0.194708
1.000000
0.299591
0.153443
0.181543
0.779332
BIK
0.000976
0.299591
1.000000
0.153710
-0.191297
0.338428
SBP
0.414060
0.153443
0.153710
1.000000
0.090774
0.151364
LIP
0.543876
0.181543
-0.191297
0.090774
1.000000
0.173391
SAL
0.307744
0.779332
0.338428
0.151364
0.173391
1.000000
Sou ce: E- iews 10.0 Ou pu (2025)
The co ela ion analysis showed ha all independen a iables ha e coe icien s lesse
han 0.80 espec i ely con i ming absence o mul icollinea i y issues.
4.2.2.3 He e oscedas ici y es
Table 4.4 C oss-sec ion dependence/ He e oscedas ici y es
Tes
S a is ic
d. .
P ob.
B eusch-Pagan LM
23.80924
15
0.0684
Pesa an scaled LM
0.512895
0.6080
Pesa an CD
1.448819
0.1474
Sou ce: E- iews 10.0 Ou pu (2025)
The s a is ics and p obabili y alue associa ed wi h he B eusch-Pagan LM es
o he wise known as he B eusch-Pagan God ey es help de e mine whe he he e is e idence
o he e oscedas ici y in he eg ession model. A low p- alue (p<0.05) sugges s e idence
agains he null hypo hesis in a o o he al e na e hypo hesis which indica es he p esence o
EKPO, E., SIMEON, U., IKPE, I., & EMENYI, E. (2025). EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE PERFORMANCE
OF LISTED CONGLOMERATE FIRMS IN NIGERIA. GPH-In e na ional Jou nal o Business Managemen , 8(10), 48-67.
h ps://doi.o g/10.5281/zenodo.17550682
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
he e oscedas ici y in he eg ession model. Wi h a p- alue o 0.0684, he e is su icien
e idence accep he null hypo hesis, hus, conclude ha he p edic o a iables in eg ession
model we e homoscedas ic.
4.3 Tes o hypo heses
Each o he hypo heses in his s udy was es ed based on he esul ob ained om he
panel mul iple eg ession analysis. The esul ha ela es o hese hypo heses is summa ized
in able 4.5 below;
Table 4.5 Panel mul iple eg ession esul
Va iable
Coe icien
S d. E o
-S a is ic
P ob.
C
-84.78786
431.8725
-3.196326
0.0051
BP
4.078901
4.215292
2.967644
0.0375
BIK
-40.98942
43.24147
-0.947919
0.3474
SBP
0.570618
0.366175
2.598321
0.0250
LIP
95.52829
41.70793
2.890411
0.0259
SAL
-4.908987
33.00441
-0.148737
0.8823
R-squa ed
0.249451
Mean dependen a
19.93600
Adjus ed R-squa ed
0.179956
S.D. dependen a
158.5131
S.E. o eg ession
143.5436
Akaike in o c i e ion
12.86579
Sum squa ed esid
1112657.
Schwa z c i e ion
13.07523
Log likelihood
-379.9738
Hannan-Quinn c i e .
12.94772
F-s a is ic
3.589474
Du bin-Wa son s a
1.517099
P ob(F-s a is ic)
0.007103
Sou ce: Resea che ’s compu a ion using E- iews 10.0 (2025)
The mul iple eg ession line is as w i en below:
EPS = -84.74786+4.078901BP-40.98942BIK+0.570618SBP +95.52829LIP -4.908987SAL+
μ The eg ession line indica es ha execu i e di ec o s' compensa ion componen s ha e
a ying e ec s on sha e p ice pe o mance, p oxied by ea nings pe sha e (EPS).
Speci ically, a uni inc ease in bonus paymen s (BP) leads o a 4.08 inc ease in EPS, while a
uni inc ease in long- e m incen i e plans (LIP) leads o a 95.53 inc ease in EPS. Con e sely,
a uni inc ease in bene i s-in-kind (BIK) leads o a 40.99 dec ease in EPS, and a uni inc ease
in execu i e di ec o sala y (SAL) leads o a 4.91 dec ease in EPS. Sha e-based paymen s
(SBP) ha e a ela i ely small posi i e e ec , wi h a uni inc ease leading o a 0.57 inc ease in
EPS. These indings sugges ha he s uc u e o execu i e di ec o s' compensa ion packages
can ha e signi ican implica ions o sha e p ice pe o mance.
4.3.1 Hypo hesis one
Ho: Bonus paymen has no signi ican e ec on ea nings pe sha e o lis ed conglome a e
i ms in Nige ia.
H1: Bonus paymen has signi ican e ec on ea nings pe sha e o lis ed conglome a e
i ms in Nige ia.
In o de o es whe he he a ia ions in ea nings pe sha e explained by he
independen a iable-Bonus paymen is signi ican . The T- es was ca ied ou a .05
signi icance le el and Tcal = 2.9676, compa ed wi h T ab o 2.5706, gi en a T0.05,6. So a , he
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EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE PERFORMANCE OF LISTED CONGLOMERATE FIRMS IN NIGERIA
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Tcal is g ea e han T ab. Hence, he null hypo hesis which s a es ha Bonus paymen has no
signi ican e ec on ea nings pe sha e o lis ed conglome a e i ms in Nige ia ails o hold,
hus ejec ed, and he al e na i e hypo hesis accep ed. The null hypo hesis is u he ejec ed
gi en ha a T05,6, i s p obabili y alue (p = 0.0375) is less han 0.05.
4.3.2 Hypo hesis wo
Ho: Bene i s-in-kind has no signi ican e ec on ea nings pe sha e o lis ed conglome a e
i ms in Nige ia.
H1: Bene i s-in-kind has signi ican e ec on ea nings pe sha e o lis ed conglome a e
i ms in Nige ia.
Rega ding Bene i s in kind, he T- es was ca ied ou a .05 signi icance le el and Tcal
= 0.9479, compa ed wi h T ab o 2.5706, gi en a T0.05,6. So a , he Tcal is less han T ab.
Hence, he null hypo hesis which s a es ha Bene i s-in-kind has no signi ican e ec on
ea nings pe sha e o lis ed conglome a e i ms in Nige ia holds, hus accep ed, and he
al e na i e hypo hesis ejec ed. The null hypo hesis is u he accep ed gi en ha a T05,6, i s
p obabili y alue (p = 0.3474) is g ea e han 0.05.
4.3.3 Hypo hesis h ee
Ho: Sha e based paymen has no signi ican e ec on ea nings pe sha e o lis ed
conglome a e i ms in Nige ia.
H1: Sha e based paymen has signi ican e ec on ea nings pe sha e o lis ed
conglome a e i ms in Nige ia.
Rega ding sha e-based paymen , he T- es was ca ied ou a .05 signi icance le el
and Tcal = 2.5983, compa ed wi h T ab o 2.5706, gi en a T0.05,6. So a , he Tcal is g ea e han
T ab. Hence, he null hypo hesis which s a es ha Sha e based paymen has no signi ican
e ec on ea nings pe sha e o lis ed conglome a e i ms in Nige ia ails o hold, hus
ejec ed, and he al e na i e hypo hesis accep ed. The null hypo hesis is u he ejec ed gi en
ha a T05,6, i s p obabili y alue (p = 0.0250) is less han 0.05.
4.3.4 Hypo hesis ou
Ho: Long- e m incen i e plans ha e no signi ican e ec on ea nings pe sha e o lis ed
conglome a e i ms in Nige ia.
H1: Long- e m incen i e plans ha e signi ican e ec on ea nings pe sha e o lis ed
conglome a e i ms in Nige ia.
Rega ding long- e m incen i e plans, he T- es was ca ied ou a .05 signi icance
le el and Tcal = 2.8904, compa ed wi h T ab o 2.5706, gi en a T0.05,6. So a , he Tcal is g ea e
han T ab. Hence, he null hypo hesis which s a es ha long- e m incen i e plans ha e no
signi ican e ec on ea nings pe sha e o lis ed conglome a e i ms in Nige ia ails o hold,
hus ejec ed, and he al e na i e hypo hesis accep ed. The null hypo hesis is u he ejec ed
gi en ha a T05,6, i s p obabili y alue (p = 0.0259) is less han 0.05.
4.3.5 Hypo hesis i e
Ho: Execu i e di ec o s’ sala y has no signi ican e ec on ea nings pe sha e o lis ed
conglome a e i ms in Nige ia.
H1: Execu i e di ec o s’ sala y has signi ican e ec on ea nings pe sha e o lis ed
conglome a e i ms in Nige ia.
Rega ding Execu i e di ec o s’ sala y, he T- es was ca ied ou a .05 signi icance
le el and Tcal = 0.1487, compa ed wi h T ab o 2.5706, gi en a T0.05,6. So a , he Tcal is less
han T ab. Hence, he null hypo hesis which s a es ha Execu i e di ec o s’ sala y has no
signi ican e ec on ea nings pe sha e o lis ed conglome a e i ms in Nige ia holds, hus
EKPO, E., SIMEON, U., IKPE, I., & EMENYI, E. (2025). EXECUTIVE DIRECTORS’ COMPENSATION AND SHARE PRICE PERFORMANCE
OF LISTED CONGLOMERATE FIRMS IN NIGERIA. GPH-In e na ional Jou nal o Business Managemen , 8(10), 48-67.
h ps://doi.o g/10.5281/zenodo.17550682
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
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