Dividend Policy and Firm Value: Evidence from the Nigerian Manufacturing Industry

The impact of dividend payment on firm value is a subject ongoing debate by academics and practitioners. We examine the policy Nigerian manufacturing companies over period 2010 2018. Pooled ordinary least square (OLS) fixed effect regression analysis was applied twenty thirty-five listed Nigeria Stock Exchange (NSE). result indicates significant positive relationship between payout ratio, per share value. also observe bidirectional leverage ratios price to book with coefficients debt-to-equity ratio consistently significant, while that debt-to-asset negative. conclude positively affects value, resultant increased compensate for cash outflow may offset An appropriate balance increase thus required. Keywords: Dividend policy, Firm Leverage, Manufacturing DOI: 10.7176/EJBM/14-14-08 Publication date: July 31 st 2022