Business, Management and Accounting
3 years ago

Foreign ownership hinders dividend payments in Nigerian industrial firms.

Journal of Business & Economic Analysis
Ownership Structure and Dividend Policy in Listed Industrial and Consumer Goods Firms in Nigeria: Heckman’s Two-Stage Approach
Nuhu Abubakar, Jibril Umar, Jibril Ibrahim Yero, Sani Saidu

Paper Summary

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The study looked at how ownership structure affects dividend policy in Nigerian industrial and consumer goods firms. They used Heckman’s two-stage technique and analyzed data from 2009 to 2019. The results showed that foreign ownership decreases the likelihood of paying dividends. Block-holders and foreign ownership have a negative impact on dividend policy, while institutional ownership has a positive effect. Lower foreign ownership is linked to higher chances of paying dividends, and higher dividend payouts are associated with lower block-holder and foreign ownership, along with higher institutional ownership in listed firms in Nigeria.