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DIVIDEND POLICY AS STRATEGIC TOOL OF FINANCING IN CORPORATE ORGANIZATIONS (A CASE STUDY OF FIRST BANK PLC AND ECO BANK NIGERIA PLC)



ABSTRACT

This study investigated dividend policy as a strategic tool of financing in corporate organizations in Nigeria. Specifically, it examined the nature of relationship between dividend payments and the value of the firms.

The study employed secondary annual data, collected from two selected commercial banks operating in Lagos State over a period of twenty years from 1988 to 2008. The secondary annual data were sourced from annual reports and statement of Accounts of the selected commercial banks and the central Bank of Nigeria

(Various issues). The study employed ordinary Least squares method to examine the effects of dividend policy on capital structure of corporate organizations in Nigeria. Simple Regression Analysis was also employed to analyze the relationship between dividend policy and capital structure of the sample commercial banks.

The empirical results showed that there is a relationship between earnings per share and dividend payout with co-efficient values of 138.200 (?t= 8.120, P< 0.05). Also, the results revealed that payout ratio has a positive relationship with profit after tax with coefficient value of 30708.728 (?t= 6.297, P< 0.05).

The study concludes that dividend policy decision is not a decision of the board of directors alone. The shareholders should be given recognition in "a policy like this because they are directly affected by the policy.


 

 

 

TABLE OF CONTENT

CHAPTER ONE

INTRODUCTION

1.1      Background of the Study

1.2      Statement of the problem

1.3      Research Questions

1.4      Objective of the study

1.5      Statement of Hypothesis

1.6      Methodology of the Study

1.7      Significance of the Study

1.8      Limitation and Scope of the Study

1.9      Definition of Terms

References

 

CHAPTER TWO

LITERATURE REVIEW

2.0      Introduction

2.1      Concept of Dividend and Dividend Policy

2.2      Forms of Dividend

2.3      Theoretical Viewpoint

2.3.1   Dividend Relevant Theory: Walter's Model

2.3.2   Criticism of Walter's Model

2.3.3   Dividend Relevant: Gordon's Model

2.3.4   Dividend and Uncertainty: The Bird-In-The Hand Argument

2.4      Dividend Irrelevant Theory

2.4.1   Criticisms of M & M Theory of Dividend Irrelevance

2.5      Implication of the Theories on Dividend Decision

2.6      Practical Factors Determining Dividend Policy

2.7      Concept of Capital Structure

2.8      Capital Structure Theories

2.8.1   Modigliani and Miller Approach to Capital Structure

2.8.2   Durand View on the Effect of Capital Structure On Firm's Value and Cost Of Capital

2.8.3   Traditional Approach

2.9      Recent Theories on Optimal Capital Structure

2.10    Empirical Tests of Dividend Theories

Reference

 

CHAPTER THREE RESEARCH METHODOLOGY

3.1      Introduction

3.2      Variable and Data Sources

3.3      Re- statement of Research Hypothesis

3.4      Sources of Data

3.5      Model Specification

3.6      Model Estimation Technique.

3.7      Analytical Techniques

3.8      Limitation of Methodology

 

CHAPTER FOUR

PRESENTATION AND ANALYSIS OF DATA

4.1      Introduction

4.2      Data Presentation

4.3      Empirical Result and Interpretation

4.4      Summary of Findings

4.5      The Implication of Findings

 

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Summary

5.2 Conclusion

5.3 Recommendations

Bibliography 


DIVIDEND POLICY AS STRATEGIC TOOL OF FINANCING IN CORPORATE ORGANIZATIONS (A CASE STUDY OF FIRST BANK PLC AND ECO BANK NIGERIA PLC)


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All Project Materials Inc. (2020). DIVIDEND POLICY AS STRATEGIC TOOL OF FINANCING IN CORPORATE ORGANIZATIONS (A CASE STUDY OF FIRST BANK PLC AND ECO BANK NIGERIA PLC). Available at: https://researchcub.info/department/paper-1336.html. [Accessed: ].

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