CORPORATE BOARD FEATURES AND DIVIDEND POLICY IN NIGERIAN BANKS

Sunday Kajola, Samuel Babatunji Adedeji (), Joel Adeniyi Okewale () and Segun Daniel Owoeye ()
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Samuel Babatunji Adedeji: Department of Accounting, Olabisi Onabanjo University, Ago-Iwoye, Nigeria
Joel Adeniyi Okewale: Department of Accounting, Olabisi Onabanjo University, Ago-Iwoye, Nigeria
Segun Daniel Owoeye: Department of Banking and Finance, Federal University of Agriculture, Abeokuta, Nigeria

Contemporary Economy Journal, 2022, vol. 7, issue 4, 242-258

Abstract: The study examined the influence of corporate board attributes on dividend policy decision in twelve Nigerian banks for the period 2009-2021. The independent variable, corporate board features, was surrogated by four attributes (board size, composition, gender diversity and meetings). Dividend per share served as a proxy for the dependent variable, dividend policy. Fixed effects least square regression model was adopted as the study’s analytical instrument. Findings reveal that board size, board composition and board meetings have an inverse and significant relationship with dividend per share. The finding further indicates a direct and insignificant association between gender diversity and dividend per share. Overall, result provides empirical evidence in support of substitution hypothesis perspective of agency theory.

Keywords: Agency cost; board size; board composition; board gender; corporate governance; dividend pay-out (search for similar items in EconPapers)
JEL-codes: C24 G34 G35 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:brc:brccej:v:7:y:2022:i:4:p:242-258

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