Dr. Marshal Iwedi
Dr
Rivers State University, Port Harcourt · NG
0000-0001-7529-2464
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About
Dr. Marshal Iwedi is a Senior Lecturer in the Department of Finance at Rivers State University, Port Harcourt, a Visiting Scholar at Ignatius Ajuru University of Education, Port Harcourt, and an Adjunct Lecturer at Miva Open University, Abuja. He holds a Ph.D. in Banking and Finance from Rivers State University and has over a decade of experience teaching and researching across all academic levels. A prolific scholar, Dr. Iwedi has authored thirteen academic textbooks and over sixty peer-reviewed journal articles spanning corporate finance, digital finance, FinTech, monetary policy, and financial inclusion. His works are widely adopted across Nigerian universities and his research consistently informs banking policy and financial sector reform in Nigeria and sub-Saharan Africa. He serves as Managing Editor of the Journal of Banking and Finance (RSU) and as Associate Editor of Financial Innovation (Springer Open). Dr. Iwedi has supervised over forty undergraduate and postgraduate students, and is a recipient of the Emerging African Education Icon Award. He is a member of the Academy of Management Nigeria and the Chartered Institute of Loan and Risk Management of Nigeria.
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Market valuation of listed firms in emerging economies such as Nigeria is shaped by how efficiently asset pricing models capture risk. Persistent pricing anomalies and macroeconomic instability raise doubts about whether the Capital Asset Pricing Model (CAPM), Arbitrage Pricing Theory (APT), and the Fama-French Three-Factor Model adequately explain firm value in the Nigerian capital market. The study examined the effect of CAPM, APT, and the Fama-French Three-Factor Model on the market valuation of quoted consumer goods manufacturing firms in Nigeria, using Tobin's Q (TBQ), Market Capitalization (MCP), and Price-to-Earnings Ratio (PER) as valuation proxies. An ex post facto design was adopted using balanced panel data (2016-2025) for the 19 quoted consumer goods manufacturing firms on the Nigerian Exchange Group (census sampling), yielding 190 firm-year observations. Data were analyzed using descriptive statistics, panel unit root tests, the Hausman specification test, and Fixed/Random Effects panel regression at the 5% significance level. The study found that systematic risk (BETA) had a significant positive effect on all three valuation proxies under CAPM. Inflation, exchange rate, and GDP growth significantly influenced valuation under APT. Under the Fama-French model, firm size (SMB) and value (HML) factors were consistently significant, while the market risk premium (MRP) showed mixed significance and the Fama-French model demonstrated the strongest explanatory power among the three frameworks. Asset pricing models significantly explain the market valuation of quoted consumer goods manufacturing firms in Nigeria, and multifactor models outperform the traditional CAPM in explanatory power. Investors and portfolio managers should adopt multifactor asset pricing frameworks in valuation and investment decisions, while policymakers should pursue macroeconomic stability to strengthen firm valuation and market efficiency.