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Accounting information and dividend payout prediction in Nigerian listed manufacturing firms

Authors: OGUNDAJO Grace , ENYI Patrick , AKINTOYE Rufus , & DADA Olajide

Publication Type: Journal article

Journal: Journal Of Accounting And Taxation

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Abstract

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.

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OGUNDAJO,G. ENYI,P. AKINTOYE,R. DADA,O. . (2019). Accounting information and dividend payout prediction in Nigerian listed manufacturing firms, 11 (), 9-9.

OGUNDAJO,G. ENYI,P. AKINTOYE,R. DADA,O. . "Accounting information and dividend payout prediction in Nigerian listed manufacturing firms" 11, no (), (2019): 9-9.

OGUNDAJO,G. and ENYI,P. and AKINTOYE,R. and DADA,O. and . (2019). Accounting information and dividend payout prediction in Nigerian listed manufacturing firms, 11 (), pp9-9.

OGUNDAJOG, ENYIP, AKINTOYER, DADAO, . Accounting information and dividend payout prediction in Nigerian listed manufacturing firms. 2019, 11 ():9-9.

OGUNDAJO,Grace , ENYI,Patrick , AKINTOYE,Rufus , and DADA,Olajide . "Accounting information and dividend payout prediction in Nigerian listed manufacturing firms", 11 . (2019) : 9-9.

O.Grace E.Patrick A.Rufus & D.Olajide , "Accounting information and dividend payout prediction in Nigerian listed manufacturing firms" vol.11, no., pp. 9-9, 2019.

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