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ABSTRACT
This study examined the determinants of dividend payouts of quoted manufacturing companies in Nigeria. It is argued in the study that internally controlled factors (firm specific factors) are instrumental in influencing dividend payout of manufacturing firms.
The study employed secondary data collected from the sampled manufacturing firms’ annual audited financial statements. Data used involves forty-five (45) manufacturing firms quoted on the Nigerian Exchange Limited for the period of 2012 to 2020. In order to present a robust outcome in the relationships, a panel data estimation procedure was adopted based on fixed-effect estimation technique and thedata were estimated with the aid of Eviews 9.0 econometric statistical package using dependent variable, explanatory variables (previous year dividend, profitability, firm age, leverage, firm size, cash flow and working capital).The results from the study reveal that profitability and firm size exert significant positive effects on dividend payout of the manufacturing firms. Previous year dividend, firm age, leverage, cash flow and working capital management were however found to have no significant impact on the dividend payout of quoted manufacturing firms in Nigeria. Therefore, profitability and size enhancement strategies are recommended in this study.
