EFFECT OF DIVIDEND POLICY ON THE VALUE OF FIRMS IN NIGERIA
( A CASE STUDY OF SOME LISTED COMPANIES, 1976 - 1986)
By
Author
Presented To
Department of Administration
ABSTRACT
PLEASE NOTE:
The aim of every investor is to invest in such shares or stocks that will maximise his/her wealth. Dividend Payments and Capital gains form the basic sources of earnings in investment in stocks. In order to enjoy any of the two sources, the firm must have a sound corporate performance.
However, cash dividends drain funds that should have constituted i t s savings and consequently lowers the capital gain.
This study attempts to ascertain the importance of dividend as a determinant of investment preference.
To ascertain t h i s , the writer t r i e d to determine the importance of dividend against an equally important factor - corporate performance.
In the course of the research, the Development of the Stock Market in Nigeria is reviewed. Twenty l i s t e d companies in the Nigerian Stock Exchange are used as the sample size.
The following form part of the summary of the findings:-
- The r i c h - l i t e r a t e constitute the majority of investors in stocks in Nigeria, followed by i n s t i t u t i o n a l investors;
- Dividend Policy is the most important factor influencing investors in stocks in Nigeria;
- Where an investor is to choose between dividend payment and capital gain or corporate performance, tie will go for dividend.
The researcher made some recommendations amongst which are:-
- That the Federal Government of Nigerian should recycle her shareholdings in quoted companies in order to make more shares available in the market.
- The Federal as well as the State Governments should channel the privatisation policy through the Nigerian Stock Exchange for the same reason in (1) above.
- That a general enlightenment campaign programme aimed at educating the illetrates be carried out by conducting television and radio programmes in local languages.
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