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Business, Management and Economics Research

Online ISSN: 2412-1770
Print ISSN: 2413-855X

Quarterly Published (4 Issues Per Year)

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Volume 5 Number 9 September 2019

Determinants of Dividend Payout Policy of Listed Corporations in Nigeria

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Authors: Peter E. Ayunku ; Dumani Markjackson
Pages: 134-141
DOI: doi.org/10.32861/bmer.59.134.141
Abstract

This study examines the underlying components that determine the dividend policy statement of corporations in Nigeria. The study purposively select ninety-four (94) corporations out of the universe of companies listed in the Nigerian Stock Exchange. Financial ratios were extracted and computed from published annual audited financial reports spanning 2007 to 2017. This was informed by the ex-post facto research design adopted to observe key indicators of these corporations in retrospect. The panel regression analysis was used to explain the numerical phenomenon collated. The Durbin-Wu-Hausman specification test found the fixed effect model to be more suitable. The empirical results indicate that financial leverage has a significant negative impact on dividend payout; liquidity has an insignificant positive impact on dividend payout policy; profitability has an insignificant positive impact on dividend payout decision; and company size has a significant positive impact on dividend payout dicision. The study concluses that liquidity, profitability and company size are the determinants of the dividend policy of corporations in Nigeria. More specifically, company size was found to be a major determinant to the dividend policy statement of corporations in Nigeria. The study suggests that, corporations should sustain their liquid positions, asset base and profit levels at all times to meet the universe of desires of their shareholders.

Discussion of Consumers’ Body Satisfaction: Focused on Purchasing Decision and Service Satisfaction

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Authors: Jessie Coronel ; Hao Weng ; Min Chung Han
Pages: 127-133
DOI: doi.org/10.32861/bmer.59.127.133
Abstract

Clothing choice has been a way for consumers to express their individuality and the possibility to boost their self-esteem. Despite the amount of prior research conducted regarding body satisfaction and individuals clothing choices, little is known about consumers’ body satisfaction and its impact on their clothing purchasing decisions. Thus, this study tries to shed light on the relationship between consumers’ body satisfaction and its impact on their purchasing intentions. The objective of this study is to identify whether consumers’ body satisfaction would influence their service satisfaction at retail stores when service failure of wrong size clothing recommendations has occurred. Additionally, in this study, gender differences in body satisfaction and purchasing intention is tested. The research identifies that body satisfaction to service satisfaction and service satisfaction to purchasing intention have a direct relationship with each other. Body satisfaction and purchasing intention do not have a direct relationship with each other. Notably, this study also finds that body satisfaction is higher in males but presented no gender difference in purchasing intention after the service failure.