CORPORATE OWNERSHIP AND DIVIDEND POLICY OF LISTED OIL AND GAS COMPANIES IN NIGERIA

Abstract

This study examine the impact of Corporate ownership on dividend policy of listed Oil and Gas companies in Nigeria over the period of eight 2010 to 2017. Data for the study was collected from the annual report and accounts of the sample companies. Multiple regression was employed for the analysis of data and, therefore, the Ordinary Least Squares (OLS) technique was used to estimate the model. The study documents insignificant negative impact of managerial ownership (MOS) on dividend payout ratio and significant negative impact on dividend yield, Institution ownership (IOS) has insignificant impact on dividend payout ratio and dividend yield and Block Ownership (BOS) has significant positive influence on the dividend payout ratio of listed Oil and Gas firms in Nigeria during the period of the study. The study concludes that Corporate Ownership has a significant impact on dividend policy of listed Oil and Gas companies in Nigeria. It is recommends that oil and gas companies should encourage regular and prompt payment of cash dividend so as to encourage investors to invest more.