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IMPACT OF FINANCIAL LEVERAGE AND DIVIDEND POLICY ON SHARE VALUE OF QUOTED OIL AND GAS COMPANIES IN NIGERIA
ABSTRACT
The study examines the impact of financial leverage and dividend policy on share
value of quoted oil and gas companies in Nigeria. A total of sample of eight oil and
gas companies quoted on the Nigerian Stock Exchange were studied, and panel data
was obtained from their annual reports and accounts and price list from the Nigerian
Stock Exchange for a period of 10 years (2006-2015). The data was analysed using
descriptive statistics and inferential statistics, that is, panel regression technique. The
study finds that the financial leverage measures; total debt to total capital ratio and
interest coverage ratio have significant positive impact on share value of the quoted oil
and gas companies in Nigeria. Similarly, it was found that the share value of the
companies was positively and significantly driven by the dividend policy indicator;
retained earnings ratio. However, the second dividend policy measure; dividend
coverage ratio has a positive but insignificant impact on the share value of the quoted
oil and gas companies in Nigeria. The study recommends that the management of the
quoted oil and gas companies in Nigeria should explore the use of more debt capital in
financing their investment opportunities in order to boost their share value in the
capital market. It is also recommended that the management of the companies should
retain a larger proportion of the company’s earnings for growth and ensure strict
utilization of retained earnings on profitable investments and viable projects that will
enhance the company’s financial health and consequently boost the share value of the
company in the stock market.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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