Impact of Dividend Payout Ratio on the Value of Firm: A Study of Companies Listed on the Nigerian Stock Exchange
Impact of Dividend Payout Ratio on the Value of Firm: A Study of Companies Listed on the Nigerian Stock Exchange
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股利支付率对公司价值的影响：尼日利亚证券交易所上市公司的研究
DOI：
10.33455/ijcmr.v1i1.84
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发表时间：
2019
期刊：
影响因子：
--
通讯作者：
C. Egbunike
中科院分区：
文献类型：
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作者：
A. N. Odum;C. Odum;Raymond Ifeanyi Omeziri;C. Egbunike
本研究的目的是检验股利支付比率对公司价值的影响。该研究还调查了其他影响公司价值的因素，同时雇用在尼日利亚证券交易所上市的公司。本研究考虑的影响企业价值的因素包括盈利能力、杠杆政策比率、股息政策比率、现金持有量和企业规模。本研究采用面板普通最小二乘回归技术对整理的数据进行分析。本研究的样本来自2007-2016年期间在尼日利亚证券交易所上市的啤酒和饮料公司。结果表明，盈利能力比率和杠杆率对企业价值有显著的正向影响。这意味着在尼日利亚上市公司中，只有企业杠杆和税后利润这两个变量是驱动啤酒和饮料公司企业价值的重要因素。然而，研究建议以提高企业价值为目标的企业管理者应确保税后利润最大化，并将重点放在提高企业杠杆率的政策上。
The purpose of this study was to examine the impact of dividend payout ratio on the value of firm. The study also examined other factors that affect the value of firm while employing companies listed on the Nigerian stock exchange. The factors which were considered to affect the value of the firm in this study include profitability, leverage policy ratio, dividend policy ratio, cash holding and the size of the firm. The study employed Panel Ordinary Least Square Regression Techniques in analyzing the collated data. The sample in this study is drawn from breweries and beverages companies listed on the Nigerian stock exchange between the periods 2007-2016. The results showed that profitability ratio and leverage ratio positively and significantly impact on the value of the firm. This implies that only the variables of Firm Leverage, and Profit after Tax are significant factors that drives firm value in both breweries and beverages companies among listed companies in Nigeria. The study however recommends that corporate managers whose interest is to raise firm value should ensure the maximization of Profit after Tax, and focus on policies that will improve the leverage ratio of the firm.