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 E-views. The study findings established that the estimated coefficient of the regression parameters have both positive and negative signs. The study also found that the dividend policies of quoted companies in Nigeria are significantly influenced by their earning and previous year dividend. The study concluded that dividend policy has a great impact on the share market price of publicly quoted oil and gas sector 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 it now has greater 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 in dividend payment as this has impacts on the value of the firm. Investors should be interested in understanding the components of the annual reports as better understanding would lead to 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 stock brokers.
TABLE OF CONTENTS
Title page
Declaration
Approval
Dedication
Acknowledgements
List of Tables
Abstract
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypotheses
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Definition of Terms
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Conceptual Framework
2.1.1 Origin and evaluation of Corporate Dividend
2.1.2 Establishment of Dividend (Profit for Distributable)
2.1.3 Types of Dividend
2.1.4 The Nigerian Financial System
2.1.5 The Nigerian Stock Market Experience
2.1.6 Corporate Firm Growth and Share Price Determination
2.1.7 Corporate Firm Probability and Share Determination
2.1.8 Factors Affecting Dividend Decision
2.1.8 Factors Affecting Dividend Decision 22
2.2 The Theoretical Review 27
2.2.1 Efficient Market Hypothesis 27
2.2.2 Dividend Supremacy/Relevancy Theory 31
2.2.3 The Miller -Modigliani (MM) Theory 35
2.3 Empirical Review 37
CHAPTER THREE: RESEARCH METHODOLGY
3.1 Population of the Study 39
3.2 Sample and Sampling Method 39
3.3 Sources of Data 39
3.4 Research Design 39
3.5 Data Analysis Techniques 40
3.6 Model Specifications 40
CHAPTER FOUR: DATA PRESENTATION, RESULTS AND DISCUSSION OF FINDINGS
4.1 Data Presentation 42
4.2 Data Analysis 47
4.3 Test of hypothesis 51
4.4 Discussion of Findings 55
CHAPTER FIVE:
RECOMMENDATIONS
SUMMARY OF
FINDINGS, CONCLUSION AND
5 .1 Sununary of findings 57
5.2
Conclusion
57
5.3 Reconunendations 58
References
Appendices
AJAERO, C (2021). Effects Of Dividend Policy On Share Valuation Of Quoted Oil And Gas Companies In Nigeria (A Study Of Selected Companies In Nigeria). Mouau.afribary.org: Retrieved Oct 31, 2024, from https://repository.mouau.edu.ng/work/view/effects-of-dividend-policy-on-share-valuation-of-quoted-oil-and-gas-companies-in-nigeria-a-study-of-selected-companies-in-nigeria-7-2
CHINWEOTUTO, AJAERO. "Effects Of Dividend Policy On Share Valuation Of Quoted Oil And Gas Companies In Nigeria (A Study Of Selected Companies In Nigeria)" Mouau.afribary.org. Mouau.afribary.org, 30 Apr. 2021, https://repository.mouau.edu.ng/work/view/effects-of-dividend-policy-on-share-valuation-of-quoted-oil-and-gas-companies-in-nigeria-a-study-of-selected-companies-in-nigeria-7-2. Accessed 31 Oct. 2024.
CHINWEOTUTO, AJAERO. "Effects Of Dividend Policy On Share Valuation Of Quoted Oil And Gas Companies In Nigeria (A Study Of Selected Companies In Nigeria)". Mouau.afribary.org, Mouau.afribary.org, 30 Apr. 2021. Web. 31 Oct. 2024. < https://repository.mouau.edu.ng/work/view/effects-of-dividend-policy-on-share-valuation-of-quoted-oil-and-gas-companies-in-nigeria-a-study-of-selected-companies-in-nigeria-7-2 >.
CHINWEOTUTO, AJAERO. "Effects Of Dividend Policy On Share Valuation Of Quoted Oil And Gas Companies In Nigeria (A Study Of Selected Companies In Nigeria)" Mouau.afribary.org (2021). Accessed 31 Oct. 2024. https://repository.mouau.edu.ng/work/view/effects-of-dividend-policy-on-share-valuation-of-quoted-oil-and-gas-companies-in-nigeria-a-study-of-selected-companies-in-nigeria-7-2