Dividend payment behaviour and its determinants: The Nigerian evidence by Abdulkadir, Rihanat Idowu, Abdullah, Nur Adiana Hiau, Wong, Woei Chyuan

“…This paper offers new evidence on the existence of disappearing dividend phenomenon in the Nigerian stock market and as to how clientele, catering and life-cycle theories of dividend affect firms’ dividend paying behaviour.We did not find conclusive evidence to suggest that dividend payments had become second order of importance in firms’ payout policies during 2003–2012 because we only observed a downward trend in dividend payments during 2010–2012. …”
Get full text

Dividend payment behaviour and its determinants: The Nigerian evidence by Abdulkadir, Rihanat Idowu, Abdullah, Nur Adiana Hiau, Wong, Woei Chyuan

“…Our findings therefore provide support for the tax-induced clientele theory of dividends.The study also provide support for profitability as a characteristic of a dividend payer and support for dividend smoothing hypothesis. …”
Get full text

Dividend Policy Changes In The Pre-, Mid-, And Post-financial Crisis: Evidence From The Nigerian Stock Market by Abdulkadir, Rihanat Idowu, Hiau Abdullah, Nur Adiana, Wong , Woei Chyuan

“…This suggests that the tax-induced clientele effect became irrelevant as cash dividends became the first order of business for foreign investors during the crisis. …”
Get full text

Dividend policy changes in the pre-, mid-, and post-financial crisis: Evidence from the Nigerian stock market by Abdulkadir, Rihanat Idowu, Abdullah, Nur Adiana Hiau, Wong, Woei Chyuan

“…This suggests that the tax-induced clientele effect became irrelevant as cash dividends became the first order of business for foreign investors during the crisis.In the same vein, prevailing investor demand for cash dividends exerts a positive influence on firms' probability to increase dividends during the crisis, implying that markets attach a high valuation to firms that are able to pay during the crisis period.We also find support for past dividends as a reference point for current dividend decisions in both the crisis and non-crisis periods, although the relation is weakened during the crisis.This implies that some managers strive to maintain stable dividends during the crisis period.Nevertheless, their ability to do so weakens during this period.…”
Get full text