The objective of the study was to examine effect of dividend policy on market price of shares of some selected manufacturing companies in, Nigeria. This is imperative because, dividend policy has been analyzed for many decades, but no universally accepted explanation for companies observed dividend behavior has been established. In an attempt to achieve the broad objective of the study, two hypotheses was raised in the study for validation using secondary data covering the period of 2009 to 2014 collected from daily official list of NSE, 2008-2014. The multiple regression method was used in the analysis and the result was facilitated using the statistical package for social and sciences (SPSS 20.0). The result of the analysis at 5% level of significance shows that there is a significant positive relationship between the share price and dividend per share of the selected manufacturing companies. In addition, the study established that there is a significant negative relationship between share price and the dividend growth pattern of the selected manufacturing companies. Among others, the study recommends that, organizations should ensure persistent and sustainable growth in their dividend payment to the shareholders.
TABLE OF CONTENTS
CHAPTER ONE – INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.6 Scope of the Study
1.7 Justification of the Study
1.8 Operational Definition of Terms
CHAPTER TWO – LITERATURE REVIEW
2.1 Introduction
2.1.1 Dividend and Dividend Policies
2.1.2 Reasons for Dividend
2.1.3 Payment methods of Dividend
2.1.4 Factors affecting Dividend
2.1.5 Profit Sharing policy
2.1.6 Stable dividend policy on stock
2.2 Theoretical Review
2.2.1 The Bargaining Based Theory
2.2.2 The Organizational Theory
2.2.3 The Static Trade-Off Theory
2.2.4 Relevance of dividend policy Theory
2.2.5 Irrelevance of dividend policy
2.3 Empirical Review
CHAPTER THREE – RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Study Area
3.4 Population of the Study
3.5 Sample Size and Sampling method
3.6 Data Type and Instrument for Collecting data
3.7 Validity and reliability of research Instrument
3.8 Model Specification
3.9 Method of Data Analysis
CHAPTER FOUR – PRESENTATION AND ANALYSIS OF DATA
4.1 Presentation of Result
4.2 Hypotheses Testing
4.3 Discussion of Findings
CHAPTER FIVE – SUMMARY OF FINDINGS CONCLUSION, AND RECOMMENDATIONS
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendations
REFERENCES
APPENDIX

The objective of the study was to examine effect of dividend policy on market price of shares of some selected manufacturing companies in, Nigeria. This is imperative because, dividend policy has been analyzed for many decades, but no universally accepted explanation for companies observed dividend behavior has been established. In an attempt to achieve the broad objective of the study, two hypotheses was raised in the study for validation using secondary data covering the period of 2009 to 2014 collected from daily official list of NSE, 2008-2014. The multiple regression method was used in the analysis and the result was facilitated using the statistical package for social and sciences (SPSS 20.0). The result of the analysis at 5% level of significance shows that there is a significant positive relationship between the share price and dividend per share of the selected manufacturing companies. In addition, the study established that there is a significant negative relationship between share price and the dividend growth pattern of the selected manufacturing companies. Among others, the study recommends that, organizations should ensure persistent and sustainable growth in their dividend payment to the shareholders.