Author: Friday Kennedy OzoPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Dividend Policy and Stock Market Reactions to Dividend Announcements in Nigeria
Author: Friday Kennedy OzoPrice Reactions to Dividend Announcements on the Nigerian Stock Market
Author: Olatundun Janet AdeleganPublisher:
ISBN: 9789966778444
Category : Nigeria
Languages : en
Pages : 32
Book Description
Dividend Policy. The Effect on the Market Value of Financial Institutions in Nigeria
Author: Joan Onyinyechi NjokuPublisher: GRIN Verlag
ISBN: 3346567745
Category : Business & Economics
Languages : en
Pages : 91
Book Description
Master's Thesis from the year 2021 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 75.0, University of Nigeria (faculty of business administration), course: accountancy, language: English, abstract: The study examined the effect of dividend policy on the market value of 24 listed insurance companies using empirical evidence from Nigeria. Objectives of the study is to examine the effect of dividend per share (Dps), dividend pay-out ratio (Dpor), and dividend yield (Dy) on market value per share (Mvps), Net asset per share (Naps) and firm age. Hypotheses of the study were stated in line with the objectives. Data were obtained from financial statements of 10 Insurance firms listed in the floor of the Nigerian stock exchange. The panel data covering a period of eight years from 2011 to 2018 were used. The regression model took the form of the Fixed Effects Model, Random Effects Model, and the Pooled Ordinary Least Square (POLS) model in order to establish the most appropriate regression with the highest explanatory power that is better suited to the data set employed in the study.
Semi-Strong Market Efficiency Studies of the Nigerian Capital Market Using Dividend Announcements
Author: John Okey OnohPublisher:
ISBN:
Category :
Languages : en
Pages : 21
Book Description
The study applies simple regression model to know the impact of dividend on share prices using software packages such as E-views and MS-Excel 2007 model in investigating to find out if the Nigerian stock market reacts efficiently to dividend announcements in terms of price adjustments. In capturing reactions around the 3-day, 21-day and 61-day windows before and after the announcements, the study considered the level of the speed of adjustment of share prices to the announcement of dividend payments. In so doing earnings and dividend announcements are found to concurrently announced unlike in developed capital markets. Since the studies indicate a drift in share prices 30 days after announcements The CERs for the 3-day, 21-day and 60-day event windows are positive and statistically significant for dividend announcements. This shows that the Nigerian Stock Market does not react efficiently to dividend announcements in terms of prices adjustments and also does not adjust to announced changes in dividend policies by the Nigerian companies. Overall, this provides evidence that the Nigerian stock market is not semi-strong efficient, that dividend policy matters and that share prices do react to dividend announcements. The findings support semi-strong market inefficiencies found by Olowe (1998) and Oludoyi (1999) from stock splits and earnings announcements, respectively.
The Impact of Dividend Policy on Investors' Preferences on Nigeria's Capital Market
Author: Morrison Jostus TurakpePublisher:
ISBN:
Category :
Languages : en
Pages : 15
Book Description
In the world of investment, making a good decision could be equated to making good profit, and this has led to the issue around dividend policy which has attracted the attentions of investors and researchers over the years. This study investigated the impact of dividend policy on investors' preferences on Nigeria's capital market. Specifically, the study investigated the relationship between dividend per share, dividend yield, earnings per share and share price as measures for dividend policy, with equity ratio as a measure for investors preferences. Using quasi experimental design, secondary data were sourced from NSE closure of register and the financial reports of 12 firms listed on the Nigerian Stock Exchange for the period 2009-2019. Four hypotheses on the relationship between dividend per share, dividend yield, earnings per share and share price with equity ratio, were tested using the OLS regression analysis. The study found that all the independent variables except share price are negatively and insignificantly related to equity ratio. Nevertheless, the independent variables have combined positive and significant relationship with equity ratio. Therefore, it is concluded that dividend policy impacts on investor's preferences but not without some other external effects. It is therefore recommended that firms should pay attention to their dividend policy especially share price; give detailed information on their dividend policy through their annual report; and investors should look beyond share price to observe other dividend policy variables that may give them information on the future of the stock of interest.
Dividend Policy and the Stock Market Reaction to Dividend Announcements in Pakistan
Author: Naimat Ullah KhanMarket Reactions to Dividend Announcements in Public Companies - Empirical Evidence
Author: Agnieszka PerepeczoPublisher:
ISBN:
Category :
Languages : en
Pages : 14
Book Description
The effects of the decisions concerning the distribution of profits on market value of a company have been addressed by numerous empirical studies. At the beginning of the paper the author presents the main assumptions of complex and usually contradictory dividend policy theories as well as the clientele effect and the signalling effect strictly related to the dividend policy. Next, an overview is provided of studies analysing how shareholders respond to changes in the dividend policy, which represents the market evaluation of the event's impact on the company's value in developed markets. In order to identify similarities among the reactions of various shareholders and the impact of the decisions related to dividend policies in the Polish capital market on the market value, a statistical analysis of the scale of the distribution of profit has been carried out among companies listed on the Warsaw Stock Exchange and the results are provided along with the results of research into the reaction of shareholders to dividend initiation.
Dividend Policy and Stock Price Volatility
Author: David E. AllenPublisher:
ISBN: 9781863422581
Category : Dividends
Languages : en
Pages : 36
Book Description
African Journal of Economic Policy
Author: Dividend Policy
Author: Quoc Trung TranPublisher: Emerald Group Publishing
ISBN: 1837979871
Category : Business & Economics
Languages : en
Pages : 161
Book Description
The research explores the critical role of the business environment in shaping corporate decisions, with a specific focus on dividend policy. Written with a finance and treasury readership in mind, this work will appeal to students, educators, researchers, managers, and policymakers alike.