Dividend Policy Impact on Market Value of Quoted Commercial Banks in Nigeria (2004-2018)

Ayunku, Peter E.; Apiri, Tonye Richard

doi:10.36348/sjbms.2020.v05i03.002

Cited by 2 publications

(2 citation statements)

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“…Furthermore, a moderate positive association was found between dividend policy and shareholder wealth in Australia's retailing industry from 2012 to 2017 (Nambukara-Gamage & Peries, 2019). It is consistent with the study on quoted commercial banks in the Nigerian market (Ayunku & Apiri, 2020), which confirms that dividend policy is relevant to firms' value. Finally, a study investigated Pakistan's Chemical oil & gas sector companies from 2011 to 2015, listed in the Pakistan stock exchange (Ullah et al, 2021).…”

Section: Literature Review and Hypothesis Developmentsupporting

confidence: 90%

Dividend Policy and Shareholder Wealth: Evidence of Malaysia’s Top Five Listed Food and Beverages Companies

Busro¹,

Mohammed²,

Mohamed³

et al. 2023

IJARBSS

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Dividend policy is one of the most debated corporate issues due to unresolved dividend policy effects on shareholder wealth. Hence, this research aims to determine the relationship between dividend policy and shareholder wealth in Malaysia's top five listed Food & Beverages (F&B) companies with the largest market capitalization in 2019. The findings enable financial managers to implement an optimum dividend policy by distributing a reasonable dividend to its shareholders and retaining its growth and survival. Secondary data was collected from the annual report of the top five F&B companies for ten years (2009)(2010)(2011)(2012)(2013)(2014)(2015)(2016)(2017)(2018). The Chow Stability Test, Pooled Ordinary Least Square model (POLS) and Hausman Test were utilised to determine the most appropriate model. Accordingly, Fixed Effect Model (FEM) was the best fit in this study. Results showed that Earnings Volatility (EV) and Dividend Per Share (DPS) had a positively significant relationship while the Dividend Payout Ratio (DPR) negatively correlated with shareholder wealth. Notably, the results show that DPS was the most significant factor associated with shareholder wealth. Future research may employ a larger sample size to increase the number of observations by enhancing the period quarterly and considering other sectors to be examined.

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Section: Literature Review and Hypothesis Developmentsupporting

confidence: 90%

Dividend Policy and Shareholder Wealth: Evidence of Malaysia’s Top Five Listed Food and Beverages Companies

Busro¹,

Mohammed²,

Mohamed³

et al. 2023

IJARBSS

View full text Add to dashboard Cite

show abstract

“…In the framework of financial management, long-term viability is essential for future business challenges involving the company's dividend policy (Irton, 2020;Nambukara-Gamage & Peries, 2020;Yan & Zhu, 2020). Dividend policy and its impact on share prices have always been a contested issue among experts (AlAli et al, 2019;Ayunku & Apiri, 2020;Jovković et al, 2021;Nambukara-Gamage & Peries, 2020). However, balancing the competing interests of various shareholders, and the dividend policy they pick may have a good or negative influence on the share price (Khan et al, 2018;.…”

Section: Introductionmentioning

confidence: 99%

Empirical Evidence from the Indonesian Stock Exchange: The Impact of Dividend Policy Decisions on Sharia Share Prices

Kadir¹,

Burhannudin²,

Khuzaini³

et al. 2021

ijtc

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This paper aims to obtain empirical evidence of the impact of dividend policy decisions on sharia share prices. An exploratory investigation on 26 selected firms listed on the Indonesia Stock Exchange's Jakarta Islamic Index with the criteria of reporting complete financial statements for the 2014-2018 period. The secondary data were examined with 130 data and then processed using SPSS 23 packages, which were then included in the analysis using standard regression. The investigation's findings provide empirical evidence that dividend policy decisions have a significant effect on sharia share prices. This study provides a theoretical contribution to a limited study that explores dividend policy with Islamic share prices in the context of the stock exchange. In practice, this research provides significant insight regarding the dividend policy that the company decides to increase the effectiveness of financial management in the context of a company that is considered to have sharia shares on the stock exchange, considering that the company's business success can increase the economic growth of a country.

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Dividend Policy Impact on Market Value of Quoted Commercial Banks in Nigeria (2004-2018)

Cited by 2 publications

References 0 publications

Dividend Policy and Shareholder Wealth: Evidence of Malaysia’s Top Five Listed Food and Beverages Companies

Dividend Policy and Shareholder Wealth: Evidence of Malaysia’s Top Five Listed Food and Beverages Companies

Empirical Evidence from the Indonesian Stock Exchange: The Impact of Dividend Policy Decisions on Sharia Share Prices

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