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This paper aimed at determining the theories and approaches that inform the operational efficiency of the Nigerian stock market, considering the economic, financial, political and environmental factors inducing shareholder behaviour in the market. Taking a desk review of the theories, against the wealth maximization expectations of investors, the paper notes that due to imperfections in the Nigerian stock market, certain policies are clearly unsuitable in informing shareholder behaviour and corporate managements relationship with them. Due to the several factors affecting dividend policy such as legal constraints, funding needs, control issue, debt obligation, investment opportunity, inflation, shareholders expectations etc, good planning must be put in place.

This is a study on effects of dividend policy on the value of the firms. There are three important decisions a firm must make - investment, financing and dividend decisions. All these decisions are normally made with the aim of achieving the over-riding objectives of firms, which is the maximization of shareholder's wealth. This study investigated the effect of dividend policy on the value of the firm. It examined relationship between dividend payment and payout ratio, found out the percentage of earnings to be retained or ploughed back into the company and identified the various factors that determine the pricing of shares. Secondary data obtained from Nigeria Stock Exchange Fact book were used for the study. Data obtained were analyzed regression analysis with the aid of Statistical Package for Social Science (SPSS). The study finds out among other thing that the changes in the payout ratio of a company significantly determine the changes in the value of the company. It was therefore recommended in the study that the policy of regular dividend payout should not be changed arbitrarily since it has a serious effect on the investor's attitude and the financial standing of the organization. The result has a clear implication for investing public, government policy makers and the firm's management.

Abstract
Banks with a low price-to-book ratio (PBR) have a greater propensity to pay out dividends. This propensity is especially marked for banks with a PBR below a threshold of 0.7, a situation that characterizes many banks in recent years, especially in the euro area. We demonstrate these features using data for 271 advanced economy banks in 29 jurisdictions. Dividend payouts as a proportion of profits rise in a non-linear way as the PBR falls below 0.7. In a hypothetical exercise with fixed balance sheet ratios, we find that a suspension of bank dividends in 2020 during the COVID-19 pandemic would have added, under different stress scenarios and parametrizations, an additional US$0.2–1.1 trillion of bank lending capacity in our sample, equivalent to 0.3–1.6% of total GDP.

This research is aimed to know the influence of financial performance to management decision in paying Dividend to the stock holder. The ratio is used for research Debt to Equity Ratio, Earnings per Share, Price Earnings Ratio, Return on Asset, Current Ratio, Net Profit Margin, Inventory Turn over and Return on Equity. The research showed the Company fundamental, its financial aspect become consideration to the Dividend Policy but Other factor outside company control such as economic, government interventions, stock holder majority, and law may be main factor in determining Dividend Policy.

AbstractThis study documents an association between firm size and abnormal returns from the announcement of large dividend increases. Dividend announcements are examined only where there are no contemporaneous earnings announcements. The methodology controls for both the payout ratio of firms and the size of the dividend increase. Using means tests and analysis of variance, the findings indicate that the abnormal stock price reaction to a dividend increase is greater for small firms.

This paper incorporates recent equity valuation theories into the examination of determinants of earnings‐price (E/P) ratios to explain cross‐sectional differences in E/P ratios. The results show that ex ante measures of risk and growth as well as the payout ratio are the main determinants of E/P ratios. The persistence measure is not significantly related to E/P ratios. The results are robust to ordinary least square models as well as to a tobit censored regression.

This study examines the effect of institutional ownership on dividend payouts through the lens of agency theory. We hypothesize that only institutions with certain traits are likely to monitor. Monitoring institutions will use dividend payouts as a tool to mitigate firms??? agency problems, conditional on those firms??? financial performance. We find that (1) there is a positive relation between lagged long-term institutional ownership with a large stake and the dividend payout ratio; (2) the positive relation is more salient in firms with high agency costs; and (3) the positive relation is more salient when external monitoring is weak. These findings support that (1) concentrated and long-term institutional investors play a monitoring role and (2) monitoring institutions use dividend payouts as a monitoring device. Our findings are robust to endogeneity tests, level and change models, alternative income-based dividend payout measures, alternative measures of long-term institutions, and sub-period analyses. Released with a Creative Commons Attribution Non-Commercial No Derivatives License ; Finance

Forget the Great Recession. According to fund manager and author Daniel Peris, the real threat to investment returns from stocks is the Great Retreat--a 30-year drop in the dividend payout ratio of the leading corporations in the United States that has rendered the U.S. stock market a grand casino rather than a business investment platform. Peris believes that profit distributions--the dividends of publicly traded corporations--are the greatest indicators of a business's success. Investors and company executives should focus on them. - Publisher

AbstractMany states have recently changed their scope of practice laws and granted full practice authority to nurse practitioners, allowing them to practice without oversight from physicians. Physician groups have argued against this change, citing patient safety concerns. In this paper, we use a ratio‐in‐ratio approach to evaluate whether the transition to full practice authority results in harm to patients as proxied by malpractice payouts and adverse action reports against nurse practitioners. We find no evidence of such harm, and instead find that physicians may benefit from the law change in terms of reduced paid malpractice cases against them.

The disclosure is important for taking optimum decisions of the interested users and results research aims to evaluate the extent of disclosure of information reported in annual reports and its relationship with corporate attributes made by the banking companies in China. The study reports that the average percentages of disclosure of information in the annual reports of the sample banks are satisfactory and have significant variation among the disclosure scores of the sample banks over the study period. Moreover, the study reports that there is no significant relationship between the extent of disclosure and the corporate attributes such as return on equity, return on assets, capital adequacy ratio, loan to deposit ratio, dividend payout ratio, debt‐equity ratio, and cost to income ratio of the sample banks during the study period.