Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria

Researchers and policymakers in both developed and developing economies have acknowledged the vital roles played by corporate dividend policy in enhancing shareholders wealth. Although there is a growing number of studies on corporate dividend policy, the present study is strategically designed to o...

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Main Author:	Tijjani, Alhaji Ali
Format:	Thesis
Language:	English
Published:	2020
Subjects:	HB615-715 Entrepreneurship Risk and uncertainty Property
Online Access:	http://eprints.utm.my/id/eprint/99582/1/AlhajiAliTijjaniPAHIBS2020.pdf.pdf
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id	my-utm-ep.99582
record_format	uketd_dc
spelling	my-utm-ep.995822023-03-05T07:30:20Z Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria 2020 Tijjani, Alhaji Ali HB615-715 Entrepreneurship. Risk and uncertainty. Property Researchers and policymakers in both developed and developing economies have acknowledged the vital roles played by corporate dividend policy in enhancing shareholders wealth. Although there is a growing number of studies on corporate dividend policy, the present study is strategically designed to observe the moderating effects of industry munificence on the relationship between firm-level determinants and ownership structure on dividend policy of listed non-financial firms in Nigeria. The study employed a quantitative research approach and utilised data from 62 non-financial listed firms on the Nigerian Stock Exchange for the period between 2008 and 2017. The data collected were analysed through the aid of static and dynamic models such as Pooled Ordinary Least Squares, Fixed Effect analysis. Results supported 12 out of 22 hypotheses developed. Remarkably, firm-level determinants and ownership structure significantly influence dividend policy. Besides, industry munificence moderated these relationships. Specifically, there was a stronger positive relationship between firm-level determinants and ownership structure on a dividend policy for firms with high industry munificence as opposed to firms with low levels of industry munificence. In general, these findings provide an alternative framework for investors and stock market participants to improve their investment decisions. On the other hand, it will equally enhance board members understanding on which firm-level determinants and ownership structure variables are more influential in developing and implementing firms’ dividend policy since effective and efficient dividend policy maximises shareholders wealth. 2020 Thesis http://eprints.utm.my/id/eprint/99582/ http://eprints.utm.my/id/eprint/99582/1/AlhajiAliTijjaniPAHIBS2020.pdf.pdf application/pdf en public http://dms.library.utm.my:8080/vital/access/manager/Repository/vital:145919 phd doctoral Universiti Teknologi Malaysia Azman Hashim International Business School
institution	Universiti Teknologi Malaysia
collection	UTM Institutional Repository
language	English
topic	HB615-715 Entrepreneurship Risk and uncertainty Property
spellingShingle	HB615-715 Entrepreneurship Risk and uncertainty Property Tijjani, Alhaji Ali Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria
description	Researchers and policymakers in both developed and developing economies have acknowledged the vital roles played by corporate dividend policy in enhancing shareholders wealth. Although there is a growing number of studies on corporate dividend policy, the present study is strategically designed to observe the moderating effects of industry munificence on the relationship between firm-level determinants and ownership structure on dividend policy of listed non-financial firms in Nigeria. The study employed a quantitative research approach and utilised data from 62 non-financial listed firms on the Nigerian Stock Exchange for the period between 2008 and 2017. The data collected were analysed through the aid of static and dynamic models such as Pooled Ordinary Least Squares, Fixed Effect analysis. Results supported 12 out of 22 hypotheses developed. Remarkably, firm-level determinants and ownership structure significantly influence dividend policy. Besides, industry munificence moderated these relationships. Specifically, there was a stronger positive relationship between firm-level determinants and ownership structure on a dividend policy for firms with high industry munificence as opposed to firms with low levels of industry munificence. In general, these findings provide an alternative framework for investors and stock market participants to improve their investment decisions. On the other hand, it will equally enhance board members understanding on which firm-level determinants and ownership structure variables are more influential in developing and implementing firms’ dividend policy since effective and efficient dividend policy maximises shareholders wealth.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Tijjani, Alhaji Ali
author_facet	Tijjani, Alhaji Ali
author_sort	Tijjani, Alhaji Ali
title	Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria
title_short	Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria
title_full	Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria
title_fullStr	Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria
title_full_unstemmed	Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria
title_sort	firm level determinants, ownership structure and dividend policy of listed non-financial firms in nigeria
granting_institution	Universiti Teknologi Malaysia
granting_department	Azman Hashim International Business School
publishDate	2020
url	http://eprints.utm.my/id/eprint/99582/1/AlhajiAliTijjaniPAHIBS2020.pdf.pdf
_version_	1776100622006747136

Firm level determinants, ownership structure and dividend policy of listed non-financial firms in Nigeria

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