Dividend Policy and Performance of Listed Manufacturing Companies in Nigeria, Moderated by Board Size
Year: 2026
Type: article
Abstract: The research work examined the moderating influence of board size on the relationship between dividend policy and performance of listed manufacturing companies in Nigeria. The study made use of secondary data of selected manufacturing companies in Nigeria listed on the Nigerian Exchange Group (NGX). The study which covered a period of five (5) years ranging from 2020-2024 made use of fifteen (15) sampled companies. Sample, regression techniques were adopted and used to carry out data analysis. Dividend payout is the proxy for dividend policy, and Return on Equity the proxy for performance. The empirical result specified that there is a positive(5.68) and significant (0.000) relationship between dividend policy (dividend payout) and performance (Return on Equity). Similarly, the result further revealed that board size when moderated has a significant influence on the relationship between dividend payout and return on equity of listed manufacturing companies in Nigeria. The study recommends that since dividend payouts have a negative (-4.62) and significant (0.000) effect on ROE of listed manufacturing companies in Nigeria, it should be declared annually by all manufacturing companies as this will enhance their positive future image, hence promote performance.
Institution: Association of National Accountants of Nigeria
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W7166370289