{"id":"https://openalex.org/W7225642154","doi":"https://doi.org/10.5281/zenodo.24085793","title":"EXPLORING THE EFFECT OF RETAINED EARNINGS ON THE SHARE PRICES OF LISTED INFORMATION AND COMMUNICATION TECHNOLOGY COMPANIES IN NIGERIA","display_name":"EXPLORING THE EFFECT OF RETAINED EARNINGS ON THE SHARE PRICES OF LISTED INFORMATION AND COMMUNICATION TECHNOLOGY COMPANIES IN NIGERIA","publication_year":2026,"publication_date":"2026-11-09","ids":{"openalex":"https://openalex.org/W7225642154","doi":"https://doi.org/10.5281/zenodo.24085793"},"language":"en","primary_location":{"id":"doi:10.5281/zenodo.24085793","doi":"https://doi.org/10.5281/zenodo.24085793","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.24085793","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.5281/zenodo.24085793","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5092459245","display_name":"Chukwudi Segun Afolabi","orcid":"https://orcid.org/0000-0003-2733-9648","observed_orcids":["https://orcid.org/0000-0003-2733-9648"]},"institutions":[{"id":"https://openalex.org/I4387155173","display_name":"University of Ilesa","ror":"https://ror.org/0019ead15","country_code":"NG","type":"education","lineage":["https://openalex.org/I4387155173"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Afolabi, Chukwudi Segun (Ph.D.)","raw_affiliation_strings":["Department of Accounting, University of Ilesa, Ilesa, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting, University of Ilesa, Ilesa, Nigeria","institution_ids":["https://openalex.org/I4387155173"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5161337889","display_name":"Joshua Behind (Ph.D.) Ogunleye","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4387156349","display_name":"Osun State College of Education, Ila-Orangun","ror":"https://ror.org/04v022284","country_code":"NG","type":"education","lineage":["https://openalex.org/I4387156349"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Ogunleye, Joshua Behind (Ph.D.)","raw_affiliation_strings":["Department of Business Education, Osun State College of Education, Ila-Orangun, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Business Education, Osun State College of Education, Ila-Orangun, Nigeria","institution_ids":["https://openalex.org/I4387156349"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5114983698","display_name":"Bilikis Olayemi Akinleye","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I2799835767","display_name":"Adeleke University","ror":"https://ror.org/03gnb6c23","country_code":"NG","type":"education","lineage":["https://openalex.org/I2799835767"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Akinleye, Bilikis Olayemi (Ph.D.)","raw_affiliation_strings":["Department of Accounting, Adeleke University, Ede, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting, Adeleke University, Ede, Nigeria","institution_ids":["https://openalex.org/I2799835767"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5031295896","display_name":"Akeem Adetunji Siyanbola","orcid":"https://orcid.org/0000-0002-3014-8597","observed_orcids":["https://orcid.org/0000-0002-3014-8597"]},"institutions":[{"id":"https://openalex.org/I4387155173","display_name":"University of Ilesa","ror":"https://ror.org/0019ead15","country_code":"NG","type":"education","lineage":["https://openalex.org/I4387155173"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Siyanbola, Akeem Adetunji (Ph.D.)","raw_affiliation_strings":["Department of Accounting, University of Ilesa, Ilesa, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting, University of Ilesa, Ilesa, Nigeria","institution_ids":["https://openalex.org/I4387155173"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5161304561","display_name":"Alice Olanike Olukoy","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Olukoy, Alice Olanike","raw_affiliation_strings":["Northeastern University, Toronto, Canada"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Northeastern University, Toronto, Canada","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5116889956","display_name":"Oluwafemi Ayodimeji Igbaroola","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4387155173","display_name":"University of Ilesa","ror":"https://ror.org/0019ead15","country_code":"NG","type":"education","lineage":["https://openalex.org/I4387155173"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Igbaroola, Oluwafemi Ayodimeji","raw_affiliation_strings":["Department of Accounting, University of Ilesa, Ilesa, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting, University of Ilesa, Ilesa, Nigeria","institution_ids":["https://openalex.org/I4387155173"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.7318999767303467,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.7318999767303467,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.21369999647140503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0203000009059906,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/retained-earnings","display_name":"retained earnings","score":1.0},{"id":"https://openalex.org/keywords/stock-prices","display_name":"stock prices","score":0.906000018119812},{"id":"https://openalex.org/keywords/information-and-communication-technology-companies","display_name":"information and communication technology companies","score":0.8519999980926514},{"id":"https://openalex.org/keywords/listed-companies","display_name":"listed companies","score":0.6859999895095825},{"id":"https://openalex.org/keywords/return-on-equity","display_name":"return on equity","score":0.9860000014305115},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":1.0},{"id":"https://openalex.org/keywords/earnings-per-share","display_name":"earnings per share","score":1.0},{"id":"https://openalex.org/keywords/dividend-policy","display_name":"dividend policy","score":0.796999990940094},{"id":"https://openalex.org/keywords/internal-financing","display_name":"internal financing","score":0.8199999928474426},{"id":"https://openalex.org/keywords/nigerian-stock-market","display_name":"Nigerian stock market","score":0.7059999704360962}],"concepts":[{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.7239000201225281},{"id":"https://openalex.org/C206217203","wikidata":"https://www.wikidata.org/wiki/Q1134378","display_name":"Earnings per share","level":3,"score":0.6992999911308289},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.6067000031471252},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5806999802589417},{"id":"https://openalex.org/C2779538965","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Share price","level":3,"score":0.5705000162124634},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.4896000027656555},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.4449999928474426},{"id":"https://openalex.org/C16051113","wikidata":"https://www.wikidata.org/wiki/Q828814","display_name":"Market share","level":2,"score":0.4309000074863434},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.41269999742507935},{"id":"https://openalex.org/C133441289","wikidata":"https://www.wikidata.org/wiki/Q127473","display_name":"Price\u2013earnings ratio","level":4,"score":0.39320001006126404},{"id":"https://openalex.org/C2778098874","wikidata":"https://www.wikidata.org/wiki/Q240691","display_name":"Retained earnings","level":3,"score":0.3824999928474426},{"id":"https://openalex.org/C169824061","wikidata":"https://www.wikidata.org/wiki/Q1761731","display_name":"Book value","level":3,"score":0.3792000114917755},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.3650999963283539},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.35899999737739563},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.34779998660087585},{"id":"https://openalex.org/C44970651","wikidata":"https://www.wikidata.org/wiki/Q17014030","display_name":"Fixed effects model","level":3,"score":0.33559998869895935},{"id":"https://openalex.org/C191920346","wikidata":"https://www.wikidata.org/wiki/Q466410","display_name":"High tech","level":2,"score":0.3336000144481659},{"id":"https://openalex.org/C138262166","wikidata":"https://www.wikidata.org/wiki/Q570938","display_name":"Net income","level":2,"score":0.3244999945163727},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.32339999079704285},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.32260000705718994},{"id":"https://openalex.org/C67363961","wikidata":"https://www.wikidata.org/wiki/Q5268834","display_name":"Information and Communications Technology","level":2,"score":0.3124000132083893},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.29809999465942383},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.29670000076293945},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.2881999909877777},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.2847999930381775},{"id":"https://openalex.org/C74514629","wikidata":"https://www.wikidata.org/wiki/Q1640570","display_name":"Net asset value","level":2,"score":0.2838999927043915},{"id":"https://openalex.org/C145236788","wikidata":"https://www.wikidata.org/wiki/Q28161","display_name":"Labour economics","level":1,"score":0.2777000069618225},{"id":"https://openalex.org/C121017731","wikidata":"https://www.wikidata.org/wiki/Q11661","display_name":"Information technology","level":2,"score":0.2770000100135803},{"id":"https://openalex.org/C64112148","wikidata":"https://www.wikidata.org/wiki/Q160151","display_name":"Market price","level":2,"score":0.27410000562667847},{"id":"https://openalex.org/C4249254","wikidata":"https://www.wikidata.org/wiki/Q3044431","display_name":"Demographic economics","level":1,"score":0.2727000117301941},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.27129998803138733},{"id":"https://openalex.org/C86637286","wikidata":"https://www.wikidata.org/wiki/Q7317264","display_name":"Rate of return","level":2,"score":0.2702000141143799},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.2676999866962433},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.2667999863624573},{"id":"https://openalex.org/C168743327","wikidata":"https://www.wikidata.org/wiki/Q1826427","display_name":"Random effects model","level":3,"score":0.2556999921798706},{"id":"https://openalex.org/C100716732","wikidata":"https://www.wikidata.org/wiki/Q570938","display_name":"Net profit","level":3,"score":0.25029999017715454},{"id":"https://openalex.org/C2986115478","wikidata":"https://www.wikidata.org/wiki/Q186290","display_name":"Positive correlation","level":2,"score":0.25029999017715454}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.5281/zenodo.24085793","doi":"https://doi.org/10.5281/zenodo.24085793","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.24085793","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"},{"id":"doi:10.5281/zenodo.24085794","doi":"https://doi.org/10.5281/zenodo.24085794","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.24085794","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"doi:10.5281/zenodo.24085793","doi":"https://doi.org/10.5281/zenodo.24085793","is_oa":true,"landing_page_url":"https://doi.org/10.5281/zenodo.24085793","pdf_url":null,"source":{"id":"https://openalex.org/S4306400562","display_name":"Zenodo (CERN European Organization for Nuclear Research)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67311998","host_organization_name":"European Organization for Nuclear Research","host_organization_lineage":["https://openalex.org/I67311998"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3093285223","https://openalex.org/W7220540439","https://openalex.org/W7212151066","https://openalex.org/W7205150614","https://openalex.org/W7119081564","https://openalex.org/W3204181834","https://openalex.org/W7143366726","https://openalex.org/W2912626166","https://openalex.org/W4386072773","https://openalex.org/W7219467475"],"abstract_inverted_index":{"This":[0],"study":[1,188],"examined":[2],"the":[3,9,27,86,156,164,185,187],"effect":[4,145],"of":[5,12,32,39,163,195,204],"retained":[6,63,216],"earnings":[7,64,205,217],"on":[8,73,92,103,116,184],"share":[10,104,123,168],"prices":[11,75,124],"listed":[13,196],"information":[14],"and":[15,30,55,69,98,120,193,229],"communication":[16],"technology":[17],"(ICT)":[18],"firms":[19,35,198],"in":[20,166],"Nigeria,":[21],"utilizing":[22],"secondary":[23],"data":[24],"sourced":[25],"from":[26],"annual":[28],"reports":[29],"accounts":[31],"selected":[33],"ICT":[34,197],"over":[36],"a":[37,67,96,140,201,219],"period":[38],"ten":[40],"years":[41],"(2015\u20132024).":[42],"The":[43,59],"empirical":[44],"analysis":[45],"employed":[46],"multiple":[47],"regression":[48],"modeling":[49],"across":[50],"pooled":[51],"OLS,":[52],"fixed":[53],"effects,":[54],"random":[56],"effects":[57],"frameworks.":[58],"findings":[60],"revealed":[61],"that":[62,190],"(REP)":[65],"demonstrated":[66],"positive":[68,101],"statistically":[70,99,143],"significant":[71,100],"impact":[72],"stock":[74],"(\u03b2":[76,106,125,146],"=":[77,80,107,110,126,129,147,150,171,175,178],"7.6360,":[78],"t":[79,109,128,149],"3.7683,":[81],"p":[82,112,131,152,180],"<":[83,113,132,181],"0.05":[84],"under":[85],"optimal":[87],"Random":[88,157],"Effects":[89,158],"model).":[90],"Return":[91,115],"Equity":[93],"(ROE)":[94],"showed":[95],"strong":[97],"influence":[102],"price":[105,169],"56.5855,":[108],"5.4339,":[111],"0.05).":[114,154],"Assets":[117],"(ROA)":[118],"significantly":[119],"positively":[121],"affected":[122],"0.1113,":[127],"8.1013,":[130],"0.05),":[133],"while":[134],"Earnings":[135],"Per":[136],"Share":[137],"(EPS)":[138],"displayed":[139],"negative":[141],"but":[142],"insignificant":[144],"-0.1912,":[148],"-0.8910,":[151],">":[153],"Overall,":[155],"model":[159],"accounted":[160],"for":[161],"62.72%":[162],"variation":[165],"market":[167],"(R\u00b2":[170],"0.6272,":[172],"Adjusted":[173],"R\u00b2":[174],"0.5858,":[176],"F":[177],"17.9546,":[179],"0.001).":[182],"Based":[183],"findings,":[186],"recommends":[189],"corporate":[191],"boards":[192],"management":[194],"prioritize":[199],"retaining":[200],"strategic":[202],"portion":[203],"rather":[206],"than":[207],"paying":[208],"out":[209],"total":[210],"net":[211],"profits":[212],"as":[213,218],"dividends,":[214],"leveraging":[215],"low-risk,":[220],"cost-effective":[221],"internal":[222],"funding":[223],"mechanism":[224],"to":[225],"finance":[226],"future":[227],"expansion":[228],"technological":[230],"innovation":[231]},"counts_by_year":[],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2026-11-10T00:00:00"}