With the exeption of Izedonmi and Eriki 1996 12 and Adelegun 2003 1 the

With the exeption of izedonmi and eriki 1996 12 and

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With the exeption of Izedonmi and Eriki (1996) [12] and Adelegun (2003) [1], the inconclusive controversy seems to have come to a temporary halt in the late 1990s. The attention of academic scholars became diverted in the early 1990s to the study of the weak- form efficient market hypothesis (EMH) on the Nigerian stock market. Few other scholars have tried to continue the research on dividend policy but without a new finding like Emenuga (2004), Olowe (1998) [23] and Oludoye (1999). 3. RESEARCH METHODOLOGY The structural framework of this study is based on Survey design and ex-post facto research design.Questionnaires were administered to the respondents from First bank Nigeria plc, Nigerian Breweries plc, Presco plc, Julius Berger plc, Cadbury Nigeria plc, Oando plc, Guiness Nigeria plc, Dangote Cement Nigeria plc, May & Baker Nigeria Plc, Royal exchange Assurance. To ensure that all industries quoted in the Nigerian stock exchange are covered, these companies were selected. The ex-post factor design type will also be used in this research work to analyse secondary data because there is no experiment involved, but rather is designed to test an event that has already taken place. Therefore, it deals with historical facts about dividend policy and its effect on firm value. Primary and Secondary data will be used in this work. The research instrument used to obtain primary data is the structured questionnaire. The data machinery adopted for secondary data will be the published annual reports of selected firms for the relevant years sampled for analysis .The Central Bank of Nigeria (CBN) bulletin and the closing price of share for each company, for the relevant years sampled for analysis. The population of this research will be the 180 public limited companies in Nigeria as at September 2015, with a selection of 10 companies using the Quota random sampling technique. This is applied where the population is made up of some natural grouping or parts. Each natural grouping is given a fair representation in the sample (Asika 2006). The basis is to ensure that all industries are covered. . The respondents of these firms are their finance managers, chief accountants, chartered accountants who act as agents, stock brokers, directors and shareholders. A total number of 120 questionnaires was distributed and the researcher was unable to distribute 20 copies. The research instrument contains 13 questions on dividend policies against which the respondents were asked to indicate their level of agreement upon a five point Likert scale (where 5 = strongly agree, 4 = agree, 3 = undecided, 2 = disagree and 1 = strongly disagree). Each question number is subsequently referred to as S1- S13. The sample size is denoted by (n) and is derived using the Yaro Yamen‟s formular n = __N_____ 1+N (e) 2 Where n = sample size N= Population e =margin for error terms (5%) n =____216________ 1+ (216) (0.05) 2 n =____216________ 1+ (216) (0.0025) n =_216____ 1+0.54 n =_216___ 1.5 4 n =140 Factors used as explanatory variables for the determination of dividend payout ratio and firm value are outlined and explained as follows.
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  • Spring '19
  • BEM
  • Dividend, TechMind Research Society, International Journal of Management Excellence, Effect of Dividend Policies

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