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ABSTRACT
Over the years, there have been conflicting goal regarding stakeholder’s wealth maximization and market valuation of the firm, many scholars believed that stakeholder’s interest and market value of the firm are reflected in the company earning per share and capital gain in share price respectively. The broad objective of this study is to investigate dividend policy and financial performance of select Deposit Money Banks in Nigeria using Union Banks Plc, First Bank Plc and Guarantee Trust Bank Plc for the period of 6years (2017-2022). A linear regression model was used to test the relationship between the variables via statistical package for social science version 23. The findings shows that return on equity has a significant value of 0.026 which is less than the alpha level of 0.05 significant which is statistically significant, investment opportunity has a p-value of 0.660 which is greater than 0.05 significant level therefore, investment opportunity is statistically insignificant to market value, also dividend payout ratio p –value is at 0212 which is higher than 0.05 significant level i.e., dividends payout ratio is statistically insignificant to market value while earnings per share is statistically significant with the p- value at 0.000 which is less the significant value. It was therefore recommended that the capital structure of banks should be properly managed by leveraging the dividend policy of firms.
