Corporate Governance study Ownership Structure and Dividend Policy of Listed Manufacturing firms in Nigeria

Ownership structure




Ownership structure, Dividend Policy, Ownership concentration, Managerial ownership


In this research, we examine the impact of Nigerian listed industrial companies' dividend policies on their ownership structure. This study spans a period of 11 years, from 2010 to 2020. Ownership concentration and management ownership were chosen as the study's independent variables. An analysis of descriptive statistics, a correlation matrix, and an examination of the normality of residuals was carried out as part of the pre-regression process It was first tested using Panel Ordinary Least Squares Regression to see if it violated the Gauss-Markov Theorem and its assumptions. In addition, post-regression tests for homoscedasticity and multicollinearity were performed. There was a test for fixed and random effects as well. An analysis using dummy variables shows that, over the time period under consideration, ownership concentration had a major negative impact on the dividend policy of Nigerian publicly traded manufacturing firms, whereas management-owned enterprises had an even more profoundly beneficial influence. From these findings, we can deduce that management ownership has a considerable positive impact on dividend policy while ownership concentration has a negative impact on dividend policy's yield measure. Management should therefore create a varied ownership structure, with focus on components of management ownership, to ensure that the dividend policy decision is balanced and prevents expropriation, handle agency issues, and set the company on a sustainable long-term course.

Author Biographies


Dr. Clement Ozele is a senior lecturer in the Department of Accounting at College of Business and Management studies , Igbinedion University, Okada. He holds a Ph,d Accounting in Igbinedion University, Okada, Nigeria.


Dr Mary Josiah is an Associate Professor of Accounting in Igbinedion University , Okada,Nigeria.

She received her Ph.D. Accounting from Igbinedion University,Okada, Nigeria. 


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How to Cite

EKUNDAYO, G., Ozele, C., & JOSIAH, M. (2023). Corporate Governance study Ownership Structure and Dividend Policy of Listed Manufacturing firms in Nigeria: Ownership structure. EuroEconomica, 42(1), 48–61. Retrieved from