IMPACT OF DIVIDEND PAYOUT AND UNCLAIMED DIVIDENDS ON STOCK PRICE IN NIGERIA

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dc.contributor.authorKIGHIR, APEDZAN EMMANUEL
dc.date.accessioned2014-02-06T11:14:45Z
dc.date.available2014-02-06T11:14:45Z
dc.date.issued2006-09
dc.descriptionBEING A DISSERTATION SUBMITTED TO THE POSTGRADUATE SCHOOL, AHMADU BELLO UNIVERSITY, ZARIA, IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF DOCTOR OF PHILOSOPHY IN ACCOUNTING AND FINANCEen_US
dc.description.abstractThis study is a response to the controversy among regulatory authorities, company executives and registers of companies, shareholders and the general public regarding the increasing incidence of unclaimed dividends in Nigeria. Specifically, the research is aimed at providing an in-depth investigation and analysis into the impact of dividends payout and unclaimed dividends on stock price in Nigeria. The increase in unclaimed dividends has consequences on the efficiency and credibility of the Nigerian Stock Market and regulatory authorities and hence a negative impact on the Nation’s efforts in attracting portfolio investment into the economy. This study is significant as it tries to capture the omitted variable ‘the unclaimed dividends’, which earlier researchers had ignored in dividends payout studies. The study employed survey design, using cross-sectional secondary data from 55 companies quoted on the Nigerian Stock Exchange to test the research hypotheses, using statistical package for social sciences to perform the regression. Questionnaires, interviews and group discussions were used to collect the primary data. The study reveals that there is a positive relationship between paid cash dividends and current stock price; there is a positive relationship between unclaimed dividends and current stock price. The study also reveals that 50% (1:1) of impact of declared dividends on stock viii price in banking industry, 33.3% (2: 1) in manufacturing industry and 50% (1:1) in Nigeria as a whole are as a result of inbuilt slack of unclaimed dividends. The study recommends issuance of a standard on dividends including unclaimed dividends; setting a threshold value above which unclaimed dividends must be reported to Securities and Exchange Commission; establishment of Abandoned Financial Assets Trust Fund and Amendment to CAMA 1990 and ISA 1999 to make it mandatory that above a certain threshold value all companies must include amount, names and addresses of all persons entitled to unclaimed dividends of previous years in notes to the accounts.en_US
dc.identifier.urihttp://hdl.handle.net/123456789/451
dc.language.isoenen_US
dc.subjectIMPACTen_US
dc.subjectDIVIDENDen_US
dc.subjectPAYOUTen_US
dc.subjectUNCLAIMEDen_US
dc.subjectDIVIDENDSen_US
dc.subjectSTOCKen_US
dc.subjectPRICEen_US
dc.subjectNIGERIAen_US
dc.titleIMPACT OF DIVIDEND PAYOUT AND UNCLAIMED DIVIDENDS ON STOCK PRICE IN NIGERIAen_US
dc.typeThesisen_US
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