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Abstract
The study examines the determinants of dividend payout of listed oil and gas firms in Nigeria. Using panel data sourced from audited financial account collected from the website of the selected oil and gas firms. We investigate the effect of profitability, firm size, firm age and leverage on dividend payout of listed oil and gas firms in Nigeria during the period 2010 - 2019. Correlation was used to show the strength of association between dependent variable and independent variables, while, the panel least square was used to ascertain the effect of the independent variables on the dependent variable. The findings reveal that profitability, firm size, and leverage have a non-significant effect on dividend payout (DIVPAY). Firm age (AGE) was the significant variable that influences dividend payout of oil and gas firms in Nigeria during the period under review. The study recommends that investors in oil and gas firms who prefer regular dividend payment should invest in mature oil and gas companies since age play a pivotal role in dividend payout decision of oil and gas firms in Nigeria. Also, investors should not be convinced by the firms’ size, profitability and leverage position as they do not greatly influence the dividend payout decision of listed oil and gas firms in Nigeria.
