The Impact of Dividend Policy on the Shareholders Value of Listed Firms in the Nigerian Petroleum Marketing Industry
Alhaji Ali Tijjani1, Mohd Norfian Alifiah2, Gana Kafiya Wakil3

1Alhaji Ali Tijjani, Accounting and Finance, Universiti Teknologi Malaysia.
2Mohd Norfian Alifiah, Accounting and Finance, Universiti Teknologi Malaysia.
3Gana Ksfiya Wakil, Accounting and Finance, Universiti Teknologi, Malaysia.
Manuscript received on 19 October 2019 | Revised Manuscript received on 25 October 2019 | Manuscript Published on 02 November 2019 | PP: 902-905 | Volume-8 Issue-2S9 September 2019 | Retrieval Number: B11850982S919/2019©BEIESP | DOI: 10.35940/ijrte.B1185.0982S919
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Abstract: Dividend policy is directed towards establishing the proportion of current income that should be retained in the firm and the proportion that should be distributed among its shareholders. This study, therefore, assessed the impact of dividend policy on the value of listed firms in the Nigerian petroleum marketing industry. six firms, out of eight that are quoted on the Nigerian Stock Exchange (NSE) were selected as sample for the study. Data were collected from secondary sources. Annual reports and accounts of the selected firms, daily official lists and facts books of the NSE for the period of 2008-2017 form the source of the data. egression was used in analyzing the data. The findings revealed that payment of dividend by petroleum marketing firms in Nigeria positively influence the market price of their shares. Based on these findings, the study concluded that dividend policy of petroleum marketing firms in Nigeria affects the value of the firms. Based on this conclusion, the study recommends that management need to identify the shareholder’s interest in setting up a dividend policy that would balance their needs and retention for recapitalization to maximize value of the firms.
Keywords: Dividend, Dividend policy, Investment, Market Price, Shareholders Value.
Scope of the Article: Marketing and Social Sciences