Iranian Journal of Accounting, Auditing and Finance

Iranian Journal of Accounting, Auditing and Finance

Ownership Structure and Value of Listed Manufacturing Companies in Nigeria Moderated by Dividend Pay-Out

Document Type : Original Article

Authors
John Eshemokhai Balogun
Adabenege Onipe Yahaya
Billy Festus Balogun
Nigerian Defence Academy, Department of Accounting
10.22067/ijaaf.2026.47320.1548
Abstract
This study evaluated ownership structures on the value of listed manufacturing companies in Nigeria, with dividend payout as a moderating variable. Thus, an ex-post facto research design was used, and panel data were collected from the financial statements of the sampled listed manufacturing companies. The population of this study comprised 46 companies across four sub-sectors (agricultural, consumer goods, health, and industrial goods), of which 35 were sampled from 2012 to 2023 on the Nigerian Exchange (NGX). Data were analysed using descriptive statistics and generalised method of moments (GMM) regression. The results of the GMM showed that, although ownership structures and dividend payouts have positive impacts on firm value independently, their interactions—specifically, managerial, institutional, and foreign ownership with dividends—lower their combined effect. There was a complex relationship between ownership structure and dividend payouts in Nigeria's manufacturing sector, as evidenced by these negative coefficients. This study recommends that management cultivate the practice of regularly paying dividends, no matter how small, to institutional and foreign shareholders. Nevertheless, management should demonstrate a commitment to creating long-term value for shareholders, rather than simply paying dividends to institutional and foreign owners.
Keywords
Managerial Ownership
Institutional Ownership
Foreign Ownership
Firm Value
Dividend Payout
Subjects
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