期刊名称：Arabian Journal of Business and Management Review
电子版ISSN：2223-5833
出版年度：2012
卷号：1
期号：12
出版社：Sohar University, Oman and American University of Kuwait
摘要：This study examined the factors that affect the dividend payout policy of firms within the Life cycle theory framework. It sought to discover the propensity to pay or not to pay dividends by firms in Nigeria. The study was based on a sample of 62 firms with a total of 558 observations over a nine-year period covering 2000- 2008. Maximum Likelihood (ML) Binary Logit (Quadratic hill climbing) models were used to undertake the analysis. The estimated results revealed that the tendency of a firm to pay or not to pay dividends is most affected by Return on Equity (ROE), Life cycle stage (LCS) and Size. The Test of Model Accuracy show that overall, the estimated model correctly predicts 74.55% (49.12% of the Dep=0 and 91.87% of the Dep=1) observations. The results of the Logit model Goodness-of-Fit test χ2 to test The Validity of the Model report Hosmer-Lemeshow statistic of 13.12 (p-value = 0.175), and Andrews Statistic 11.72(p-value = 0.375) respectively. These statistics indicate that the Logit model provides a good fit to the data and that the estimates of the variables’ parameters in the model are meaningful The above findings show that ROE and Size has positive relationships with the propensity to pay dividends while the relationship between life cycle stage and the propensity to pay dividends is negative. This is against the positive relationship expected by the study. Finally, one practical utility of the study is the fact that it can guide investors in Nigeria and elsewhere decide between capital gain and cash dividend firms in building their portfolios of investments.W
