出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：The decision to pay dividend is considered strategic and believed to have a notable impact on other decisions of companies – such as financing and investment decisions.This has made virtually all organizations to strive in order to have an optimal dividend policy that maximizes the wealth of shareholders.Despite its importance,it has always been a controversial and an inconclusive topic in the literature – especially with regards to the determination of its effect on price of stock.The current study examines the effect of dividend decision on stock price changes in Nigeria.The sample consists of fifteen(15)quoted companies and cuts across nine sectors of the Nigerian economy.The period spans from 2003 to 2012.Using the panel-data approach,the empirical result of this study revealed that a linkage exists between dividend decision and the changes in the price of stock vis-à-vis earning per share,size of the companies,and the dividend per share.The dividend per share and earnings per share indicated a major positive connection with stock price.The companies'size is negatively and insignificantly related with stock price changes – i.e.the size of the companies does not actually determine the value of the stock price in the market.The study affirmed that dividend payout increases stock price performance and supports the dividend relevant hypothesis.
关键词：dividend policy;stock price;dividend per share;panel data;Nigeria.
