ABSTRACT
This study examines the influence of CEO attribute and board structure on dividend payout of listed firms in the consumer and industrial sector in the Nigeria Exchange Group (NEG) from 2014 to 2021. CEO share ownership, CEO tenure, CEO education, board independence, board size and board diversity are used as specific objectives.
Panel data of thirty-three (33) financial firms were sourced from the NEG annual publications. The fully modified ordinary least square regression approach methodology was adopted.
The findings showed that Long-term dividend payout in Nigeria are not significantly impacted by a CEO's share ownership, education, or tenure. However, with relation to board independence and board size, board size, CEO share ownership, and longevity all have a major impact on dividend payout. The interplay of board independence and size with CEO tenure and education demonstrated a significant impact on dividend distribution throughout the course of the study period. Board diversity exacts a significant direct influence on dividend payout in the long run during the period under review. Board independence has a non-significant negative influence on dividend payout in the Nigeria consumer and industrial sector. Finally, Board size exact a significant positive influence on dividend payout in the long run in the consumer and industrial sector of Nigeria. From the foregoing analysis, this study concludes that CEO attributes of share ownership, education and tenure and Board structure variables of Board independence, size and independence are non-linear significant determinants of dividend payout in the long run in Nigeria. However, the effect of CEO attributes variables largely depends on the degree of board structure that is available in the consumer and industrial sector. In order to change the characteristics of CEOs, push companies to pay higher dividends, and prevent companies from hiring CEOs based on family relationships, strong corporate governance should be adopted in the consumer and industrial sector. Listed companies in the consumer and industrial sectors should give high-caliber directors enough compensation to retain them.
