The study looked at how dividend policy affects investors' preferences in Nigeria's capital market. They used data from 12 firms over 10 years and found that dividend per share, dividend yield, and earnings per share have a positive impact on investors' preferences. However, share price does not have a significant relationship with investors' preferences. This means that firms should focus on their dividend policy, provide clear information in their annual reports, and investors should consider more than just share price when making investment decisions.