In this study, the researcher examined the financial variables influencing the share price of listed deposit money banks in Nigeria. An ex-post facto research design was employed with the population consisting of all fifteen (15) listed deposit money banks on the Nigeria Stock Exchange (NSE), and a sample of twelve (12) listed deposit money banks on NSE was taken using filter criteria and judgmental sampling techniques. Secondary data used were sourced from the annual reports of the sampled banks and GTI Securities Ltd. for five years period from 2013-2017. Ordinary Least Square (OLS) was used to analyze the data. The results of the multiple regression revealed that the dividend payout ratio and price-earnings ratio have a significant positive relationship with the share price. The results also showed that dividend yield has a significant negative association with share price; the book value per share has no meaningful relationship with the share price. This study recommends that the shareholders in the deposit money banks should be guided by industry financial ratios, especially the profitability measures of price-earnings ratio and dividend payout ratio, as they are critical factors in predicting share price behavior.

The use of external financing is a balancing act between higher returns for shareholders versus higher risk to shareholders. Though external financing can boost stock performance of firms, it is still inconclusive as to its impact on performance of firms in developing economies like Nigeria. It is, therefore, against this background that this study sought to investigate the impact of external financing on dividend per share of manufacturing firms in Nigeria and the result of this study reveals that external financing has negative and non-significant impact on dividend per share. In view of this, the financial decision which the firm makes must enhance value for shareholders, potential investors and stakeholders involved with the firm. Also, as a going-concern, it is the wish of investors and investees that the firm should continually exist; therefore, the financial decision of the firm should ultimately help in achieving the overall objective of the firm that is, enhancing shareholder's wealth maximization. JEL classification numbers: G35

This paper is an attempt to extend the analysis of the links between the firm's financial structure and the objectives of the firm in maximizing shareholders' wealth. In theory, the financial goal of the firm should be shareholders' wealth maximization as reflected in the book value and the market value of the firm's share. However it is a challenge to management in our world of complex economic environments to achieve this objective. It is against this background that this paper empirically examined the impact of outsiders fund on the firms' shareholders wealth maximization objective using three value maximization indicators; net profit margin viz dividends per share and current ratio from 2004 to 2008 in the Nigerian economy. The study reveals that outsider fund has a positive though not significant impact on dividend per share and current ratio though it was negative and significant impact on net profit margin. Therefore, the study 174 Does the use of outsiders' fund enhance shareholders' wealth? recommends the use of outsiders fund in the financial mix of firms as to magnify shareholders' wealth but an optimal level of outsiders' contribution should be sought for by management. This will reduce the possibility of trading on the equity of shareholders which may lead to bankruptcy of the firm. JEL classification numbers: G32

Dividend policy remains an important topic in modern corporate finance. Researchers, managers, and business owners seek to understand the optimal dividend policy. This study examined dividend policy as a driver of corporate growth in sub-Saharan Africa: evidence in Nigeria. The ex-post facto research design was adopted to analyse how dividend policy spur the growth of active insurance companies in the Nigerian Stock Exchange using secondary data of the sampled firms for 2007 – 2018 while utilising descriptive and inferential (regression) statistics in data analysis. The findings reveal that dividend policy in terms of dividend payout has an insignificant negative effect on corporate growth of insurance companies in Nigeria (?= -8.09E-05, p=0.77; Adjusted R2=0.4093; F(4,139)=3.29; p=0.00 with the controlling effect of efficiency, firm age and leverage which have a significant effect on corporate growth of insurance companies in Nigeria. Specifically, the study reveals that efficiency...

The study sets out to measure how the taxation of dividend and debt affects firm value. Tax hypothesis predicts that firm value is negatively related to dividends and positively related to debt. The study covered 1197 firm-year observations of manufacturing firms in Nigeria from 1984 to 2000. To achieve the objective, the study estimated the model on the average values for each firm and tested for industry effects using the ordinary least square (OLS) method. We found the opposite of tax hypotheses predictions from the regression results. We hypothesized that the relationship between dividends, debt and firm value will be affected by the size of the firm. We therefore partitioned the firms into two on the basis of size measured as market capitalization. We estimated separate equations for each sub-sample and found positive relationship between dividend and firm value and negative relationship between debt and firm value in both small-sized firms and big firms’ sub-sample. The study ...

The study sets out to measure how the taxation of dividend and debt affects firm value. Tax hypothesis predicts that firm value is negatively related to dividends and positively related to debt. The study covered 1197 firm-year observations of manufacturing firms in Nigeria from 1984 to 2000. To achieve the objective, the study estimated the model on the average values for each firm and tested for industry effects using the ordinary least square (OLS) method. We found the opposite of tax hypotheses predictions from the regression results. We hypothesized that the relationship between dividends, debt and firm value will be affected by the size of the firm. We therefore partitioned the firms into two on the basis of size measured as market capitalization. We estimated separate equations for each sub-sample and found positive relationship between dividend and firm value and negative relationship between debt and firm value in both small-sized firms and big firms? sub-sample. The study ...

Dividend payout is a major corporate decision and an inconclusive debate in financial parlance. Agency theory provides the basis for the articulation of the model which captures the effects of ownership structure on dividend payouts. Data on ownership structure (managerial shareholding, and other Nigerians' shareholding) and dividend per share of 15 listed banks in Nigeria, from 1995-2012 were compiled from annual reports and statements of accounts of sampled firms; and various issues of the Nigerian Stock Exchange Factbook. Dynamic panel model and system generalised method of moments (SYSGMM) technique were employed for analysis. Empirical findings of the paper indicate that ownership structure influences dividend payouts in Nigeria positively.

This study examined the impact of capital structure on dividend pay-out ratio. The data used for this study was extracted through secondary source from the annual financial report of Unilever Nigerian plc. The study employed the used of the multiple regression technique in order to examine the relationship between a dependent variable and the independent variables. The ordinary least square (OLS) method was used based on its BLUE (best, linear, unbiased, estimator) properties. The essence of this technique is its unique feature compared with other techniques of estimation of models. A system based program known as E-Views (Econometrics views) was used for the statistical analysis of the data. The study found that there is insignificant positive relationship between the leverage and dividend payout ratio. The study also found significant positive relationship between the earnings and dividend pay-out ratio. It recommended that firms should rely less on the use leverage and focus more on developing internal strategies to improve on the internal source of finance without affecting the dividend paid out status.

This study tested Miller and Modigliani dividend policy irrelevant hypothesis in Nigeria. The objective was to examine the validity of the irrelevant hypothesis. Tobins Q measure of market value was modeled as the function of dividend payout ratio, retention ratio, dividend per share and dividend yield. 20 firms were selected on the basis of availability of information necessary for conducting the study and the readiness of annual financial reports for the period of 10 years from 2008-2017. Cross sectional data was sourced from financial statement and annual reports of the firms. Based on the analysis of fixed and random effect results, random effect was used. The study revealed that 75 percent variation on the market value can be predicted by variation on independent variables in the regression model. The beta coefficient of the variables found that all the independent variables have positive and significant relationship with market value of the selected quoted firms. The study concludes that dividend policy is relevant as oppose to the irrelevant hypothesis of Miller and Modigliani. Its therefore recommend that managers should manage their dividend policies effectively since it is relevant and has significant effect on market value and optimal dividend policy which implies policy of trade-off between dividend payout and retain earnings should be well managed and investors should have adequate knowledge of dividend policy of quoted firms that will correspond with their investment objectives of avoid conflict in dividend policy.

This study investigates the determinants of dividend paymerrts by the financial sector listed companies at the Nairobi Securities Exchange. It examines the theories for and against dividend policy. The study adopts data gathering techniques of using the questionnaires and personal interviews. Secondary data was also used by analyzing NSE records and the data readily available in the companies' websites. The study was done for twenty companies that are in the financial listed sector mainly banks, insurance and investment sectors. Data collected was analyzed quantitatively. Data analysis was conducted using descriptive statistics, which includes measures of central tendency, measures of variability and measures of frequency among others. The study found out that dividends declared by the financial listed companies at the NSE were done after the results were released. Inquiry was based on the company's liquidity position, earnings and leverage, the effects of profitable opportu...