The Effect of Dividend Policy on Share Price Volatility of Some Selected Companies on the Nigerian Exchange

Share Price volatility has exhibited different patterns in global exchange markets including the Nigerian exchange. Various attempts have been made to unravel possible causes of this and how they can be mitigated, but there fewer studies regard, especially developing economies like Nigeria. Hence study examined effect dividend policy on share price selected companies listed Exchange. The adopted ex-post facto research design EGARCH for measure. A sample 49 out 162 Exchange during period (2010-2020) was randomly panel data. found that had significant relationship with (SPV) Adjusted R2 = 0.116, Wald (3, 2156) 32.89, p 0.000 < 0.05; Specifically, Dividend Payout Ratio (DPR) SPV (DPR 0.0036, t(2156) 4.7237, 0.05); yield (DY), per (DPS) financial leverage (LEV) a negative no (DY -0.0003, -2.713, > DPS -0.0508, t-test -1.8952, LEV -0.2066, -1.4742, 0.05 respectively). concluded volatility. recommended should focus more payout while investors go corporate entities constant ratio.