Dividend payout among Nigerian firms: Do female directors matters?

Idris, Adamu Adamu; Ishak, Rokiah; Hassan, Nor Laili

doi:10.21067/jem.v15i1.3041

Cited by 5 publications

(3 citation statements)

References 27 publications

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“…Control variables are widely used in correlational studies similar to this work (Idris, Ishak & Hassan, 2019;Gyapong & Afrifra, 2019;Shehu, 2015). They refer to variables that are not of primary interest to the study but are considered to be of importance due to the effect that they may have on the results.…”

Section: Control Variablesmentioning

confidence: 94%

Relationship between Board Characteristics and Dividend Payment Policies

2021

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Objective: To investigate the relationship between corporate governance board characteristics and dividend pay-out (e.g. dividend pay-out ratio). Method: A panel regression analysis was undertaken to investigate the relationship between corporate governance board characteristics and dividend pay-out (e.g. dividend pay-out ratio). Data was collected from a sample of 29 firms in the top-40 of the Johannesburg Stock Exchange (JSE). Data collected spanned for a period of five years from 2013 – 2018 Results: Obtained result demonstrate that there is a significant relationship between board diversity, as measured by ethnicity, the board independence and the dividend pay-out ratio. Originality/Relevance: Previous studies have asserted that corporate governance affects the level of dividends paid out by a firm. What has remained unclear with the previous studies is whether the dividend pay-out is an outcome or a substitute for effective governance. Theoretical/methodological contributions: The results suggest that there is a strong evidence in favour of the substitution hypothesis, where JSE top 40 boards with a higher degree of independence did not need to use dividends as a tool for monitoring managerial behaviour. The results illustrate evidence supporting the maturity and dividend smoothing theories, and this is observed through the significant relationships established between profitability, previous dividend and the dividend pay-out ratio. Social/management contributions: The main contribution of this study being the establishment of the determinants of dividend pay-out policy in South Africa’s JSE listed companies.

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Section: Control Variablesmentioning

confidence: 94%

Relationship between Board Characteristics and Dividend Payment Policies

2021

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“…This study followed prior studies on the propensity to pay dividends (Al-Najjar & Kilincarslan, 2016; Arko, Abor, Adjasi & Amidu, 2014; Idris, Ishak & Hassan, 2019) to model the dependent variable. The dependent variable was a binary variable, which was coded as 1 if a company paid a dividend and 0 if otherwise during the period of study.…”

Section: Dependent Variablementioning

confidence: 99%

Does Size of the Firm Matter in the Relationship Between Foreign Ownership and Dividend Policy?

Adamu¹,

Ekundayo²,

Bala

2020

Malaysian Management Journal

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Prior studies have revealed that foreign shareholders have a greater influence on dividend policy. However, it is unclear how foreign owners in large firms affect the propensity to pay dividends. This paper is aimed at exploring the relationship between the propensity to pay dividends and foreign ownership. It also examined the moderating role of firm size on the relationship between the decision to pay cash dividend and foreign ownership. The study uses pooled logistic regression on a data set of non-financial listed firms on the Nigerian Stock Market from 2011 to 2015. The results showed that foreign ownership has a great tendency to influence the propensity of a firm to pay a cash dividend. The effect is more pronounced in larger firms, thus, indicating that in larger firms, foreign owners mitigate agency problems using dividends. Based on the findings, firms should be encouraged to pay a dividend to attract foreign investors and in return will help the firms to acquire the expertise of foreign owners.

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“…However, due to this, there are various divergent views about the role of board dynamism on dividend payout ratio of firms. For example, some scholars such Ul Ain, Yuan, Javaid, Zhao and Xiang [14], Dissanayake and Dissabandara [15], Almeida, Firmino and Coelho [16], Gyapong, Ahmed, Ntim and Nadeem [17], Adamu, Ishak and Hassan [18], Chen, Leung and Goergen [19], Byoun, Chang and Kim [20] are of the view that board dynamism have positive influence on dividend payout ratio, while Nwidobie [21], Suwaidana and Khalaf [22], Pucheta-Martínez and Bel-Oms [23], Okafor, Ugwuegbe, Ugochukwu and Ezeaku [24], Sindhu, Hashmi and Haq [25], Ibrahim and Shuaibu [26], Dandago, Farouk and Muhibudeen [27], Aydin and Cavdar [28] have contrary view that board dynamism have inverse relationship with dividend payout ratio. Therefore, it can be concluded that available literatures in this area are mixed and inconclusive.…”

Section: Introductionmentioning

confidence: 99%

Board Diversity and Dividend Policy of Listed Health Care Companies in Nigeria: The Moderating Effect of Financial Performance

Muhammad

Emmanuel

Bashir

et al. 2023

JEMT

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This paper examines the moderating effect of financial performance on the relationship between board dynamism and dividend payout of listed healthcare companies in Nigeria. Data were collected from the annual reports and accounts of 10 healthcare companies listed on the Nigerian Exchange Group over a period of 2011 to 2021. Ex post facto research design was employed and secondary data was sourced through annual reports of listed health care companies. Descriptive statistics and inferential statistics were employed to analyse the data using panel regression technique. The results show that board gender has a significant negative effect on dividend payout prior to moderation. Results however, changed to a significant positive effect when moderated with financial performance. Specifically, gender diversity, board qualification and board nationality have significant positive effects on dividend payout. In addition, financial performance significantly moderates the relationship between gender diversity and dividend payout. Impliedly, health care companies with more female directors perform better and tend to pay more dividends, Based on the findings of the study, there should be a policy decision of Nigerian healthcare firms that will give female directors a quota on the board of directors to be composed of women directors who have more corporate experience. The regulators should also encourage boards of Nigerian healthcare firms to consist of a more diverse board to positively foster performance, thus improving dividend payout. Managers of the Nigerian healthcare firms should ensure that more foreign directors are appointed to serve on their board to achieve a more favorable dividend policy. This can be achieved through direct foreign investment in the Nigerian healthcare companies.

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Dividend payout among Nigerian firms: Do female directors matters?

Cited by 5 publications

References 27 publications

Relationship between Board Characteristics and Dividend Payment Policies

Relationship between Board Characteristics and Dividend Payment Policies

Does Size of the Firm Matter in the Relationship Between Foreign Ownership and Dividend Policy?

Board Diversity and Dividend Policy of Listed Health Care Companies in Nigeria: The Moderating Effect of Financial Performance

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