ABSTRACT

This study sought to examine effects of dividend policy on share value of oil and gas companies quoted at Nigerian Stock Exchange. To answer the research question,the study used the ex-post facto research design.Study  population comprised  of 19 companies of oil and gas  companies quoted on the Nigerian Stock Exchange.The study used a secondary data extracted from the annual financial  reports of public quoted oil and gas companies  in Nigeria  for the period of 5 years, from the 2011  to 2015.The data analysis techniques  of the study adopted the inductive and empirical methodological framework and the data obtained was tabulated and statistically analyzed  using £-views.The study findings established   t~at the estimated  coefficient  of the regression parameters  have both positive   and negative signs. The study also  found that the dividend policies of quoted companies   inNigeria  are significantly influenced by their earning and previous year dividend. The study concluded that dividend policy has great impact on the share  market  price  of  publicly quoted  oil and  gas  se tar  of the  economy.The study recommended that firms should try all their  possible best in improving their total earnings  from each transaction year,since recent study reveals  that itnowhasgreater impact than any other factor in determining the market share value for Nigerian firms.Firms should strive to formulate a dividend policy that ensures continuity and stability  individend  payment as this has impacts on the value of the firm. Investors   should be interested in understanding  the components of the annual  reports asabetter understanding would leadto  better and more profitable  investment. Investors should not only  rely on the annual report but should also strengthen their knowledge and understanding of their  investment  through  newspapers, magazines,  stock exchange  market and even from advice of stockbrokers.

TABLE OFCONTENTS

Title page 

Declaration 

Approval 

Dedication

Acknowledgments

table of contents

 ListofTables 

Abstract

CHAPTER ONE: INTRODUCTION                                     I

I.1      Background    of the Study

1.2Statement  problem

CHAPTER TWO:REVIEW OF RELATED LITERATU~

2.I                       ConceptualFramework                                                                                                   8

2.1.1       OriginandevaluationofCorporateDividend9

2.1.2Establishment    ofDividend(ProfitforDistributable)12

2.1.3TypesofDividend14

2.1.4TheNigerianFinancialSystem                                                                                               17

2.1.5        The  NigerianStockMarket Experience                                                                                          19

2.1.6     Corporate FirmGrowth and share  PriceDetermination20

2.1.7CorporateFirmProbabilityandShare  Determination                                                  21

2.1.8Factors  Affecting DividendDecision22

2.2TheTheoreticalReview27 

TheoryI

CHAPTER THREE: RESEARCH  METHODOLOGY

3.1Population  ofthe Study                                                                                                                      39

3.2SampleandSamplingMethod39

3.3SourcesofData                                                                                                                   39

3.4      ResearchDesign39

3.5    DataAnalysisTechniques40

3.6ModelSpecifications40

CHAPTER  FOUR: DATA PRESENTATION, RESULTS AND DISCUSSION     OF FINDINGS

CHAPTER        FIVE: SUMMARY RECOMMENDATIONS OF       FINDINGS,        CONCLUSION AND 

5.1Summaryoffindings

5.2Conclusion

5.3    Recommendations References Appendices