Investors' curiosity on the worth of their investment could be resolved with the availability of sufficient information in predicting their returns and security. Several studies linked dividend payout to the performance of manufacturing firms in Nigeria but a few considered information as a signal to performance not necessarily to dividend. This paper examined the usefulness of accounting information in predicting the investors return especially dividend payout. Ex-post facto design was adopted using secondary data obtained from annual reports and accounts of 36 selected manufacturing firms for a period of 20 years (1997-2016). The results of the regression (fixed effects) analysis carried out revealed that lagged dividend, leverage and sales growth have significant positive effect on dividend payout while earnings per share, operating cash-flow and firm size influences dividend payout ratio negatively with the exemption of asset utilization ratio with insignificant effect. It is evident that accounting information is useful to investors' in predicting the returns on their investment and dividend payout. Investors should look beyond past dividend in forecasting expected returns but several factors as presented in the financial statements in taking informed investment decisions.
Taxation is enforced payment from individuals, groups, and institutions to the government. Tax is one of the sources of revenue generation of any government to enable it to meet the need of the citizens. Several studies were carried out on the determinants of tax revenue in developing nations using panel data analysis without specific effect, but it seems not many were conducted in isolation in Nigeria. The study evaluated the influence of political stability and absence of violence as institutional factor jointly with economic factors which are industry share in GDP, the share of Agriculture in GDP, trade openness and inflation held as control variables on tax revenue in Nigeria. The ex-postfacto research design was used for this study. The geographical coverage of the study is Nigeria. Using purposive sampling technique, secondary data were extracted from the reports of Central Bank of Nigeria statistical bulletin, 2018, and Political Risk Services International Country Risk Guide and the World Bank Development Index for a period covering 1984-2017. The study adopted descriptive and inferential (regression) statistics for data analysis. We checked for stationarity of all variables by Augmented Dickey-Fuller (ADF) and applied Autoregressive Distributed Lagged (ARDL) to estimate the short run and long run dynamics of the models. The study revealed a significant relationship between Political Stability and absence of Violence/terrorism and tax revenue (β = 0.0457; p< 0.05; t(34) = 2.92; R 2 = 0.99) which align with a priori expectation. There were insignificant positive relationships with control variables which may be due to subsistence farming, a large number of small-scale enterprises that evades tax, trade restriction and nonpayment of personal income tax by a larger informal sector. The researcher recommended that government should improve on political stability and absence of violence/terrorism to improve tax revenue through voluntary compliance to tax laws
Share Price volatility has exhibited different patterns in different global exchange markets including the Nigerian exchange. Various attempts have been made to unravel the possible causes of this volatility and how they can be mitigated, but there have been fewer studies in this regard, especially in developing economies like Nigeria. Hence the study examined the effect of dividend policy on share price volatility of selected companies listed on the Nigerian Exchange. The study adopted ex-post facto research design and EGARCH for volatility measure. A sample of 49 companies out of 162 companies listed on the Nigerian Exchange during the study period (2010-2020) was randomly selected for the panel data. The study found that the dividend policy had significant relationship with share price volatility (SPV) with Adjusted R2 = 0.116, Wald (3, 2156) = 32.89, p = 0.000 < 0.05; Specifically, Dividend Payout Ratio (DPR) has significant effect on SPV (DPR = 0.0036, t(2156) = 4.7237, p < 0.05); dividend yield (DY), dividend per share (DPS) and financial leverage (LEV) had a negative and no significant effect on SPV (DY = -0.0003, t(2156) = -2.713, p > 0.05; DPS = -0.0508, t-test = -1.8952, p > 0.05; and LEV = -0.2066, t-test = -1.4742, p > 0.05 respectively). The study concluded that dividend policy have significant effect on share price volatility. The study recommended that companies should focus more on the payout while investors should go for corporate entities with constant payout ratio.
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