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Dividend Policy and Shareholders’ Wealth in Nigerian Quoted Banks.doc

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Dividend Policy and Shareholders’ Wealth in Nigerian Quoted Banks.doc

Dividend Policy and Shareholders’ Wealth in Nigerian Quoted Banks 　　[a]College of Social and Management Sciences， Accounting Department， Achievers University， Owo， Ondo State， Nigeria. 　　*Corresponding author. 　　Received 12 November 2014; accepted 6 January 2015 　　Published online 26 January 2015 　　Abstract 　　In 2008， the global financial meltdown was partly responsible for the bearish movement of stock prices in the Nigerian Stock Exchange. This shows that more than a single factor could be responsible for the movement of prices of quoted stocks. Company performance and information about the introduction of new technologies are among the factors that have significantly affected the market value of shares in the past. Therefore， this paper examines empirically， the implications of adopted dividend policies on the value of shareholders’ wealth and the extent to which dividend policy affects the market value of shares in quoted banks in Nigeria. The paper focuses on the situation before and after the financial meltdown. Correlation results of dividend paid in 2007-2010 and their corresponding market value showed that payment of dividend by quoted banks is relevant to their market value and the amount paid as dividend affects the value of their share. The paper also provides insight into the implications and effect’s of policy decisions as it affects dividend payout and dividend retained for further growth on shareholders’ wealth. 　　Key words： Dividend; Dividend policy; Shareholders’ wealth; Quoted banks; Capital market 　　Ojeme， S.， Mamidu， A. I.， amp; Ojo， J. A. （2015）. Dividend Policy and Shareholders’ Wealth in Nigerian Quoted Banks. Canadian Social Science， 11（1）， lt;Pagegt;-0. Available from： http：///index.php/css/article/view/4828 　　DOI： http：///10.3968/4828 　　INTRODUCTION 　　The role of the capital market in the mobilization of medium and long-term capital and the distribution of this fund to firms that need them for the financing of their busin