References
Adediran, S. A., & Obademi, O. E. (2023). Corporate governance, dividend policy and market
performance in Nigeria: An empirical analysis. Journal of African Financial Studies,
15(2), 88–105.
Adegbite, A. A., & Ogunmuyiwa, M. S. (2023). Dividend policy and market behavior in Nigeria:
Evidence from the manufacturing sector. Nigerian Journal of Financial Economics,
11(2), 145–159.
Afolabi, A., Ogunleye, O., & Nwachukwu, C. (2022). Dividend policy and share price behaviour
in emerging markets: The Nigerian experience. Journal of Economics and Sustainable
Development, 13(4), 101–113.
Allen, F., & Michaely, R. (2003). Payout policy. In Handbook of the Economics of Finance (Vol.
1, pp. 337–429). Elsevier.
Al-Malkawi, H. A. N., Bhatti, M. I., & Magableh, S. (2022). The impact of dividend policy on
firm value: A review of theory and evidence. Research in International Business and
Finance, 60, 101619.
Alzahrani, B., & Lasfer, M. (2020). Dividend payout and stock return volatility: UK evidence.
International Review of Financial Analysis, 68, 101246.
Aregbeyen, O., & Akinboade, O. A. (2012). Oil revenue, public spending and economic growth:
Evidence from Nigeria. Economic and Financial Review, 50(2), 17–55.
Baskin, J. (1989). Dividend policy and the volatility of common stocks. The Journal of Portfolio
Management, 15(3), 19–25.
Bassey, E. J., & Moses, B. N. (2021). Dividend signaling and stock price reaction: Evidence
from Nigeria. International Journal of Finance and Accounting, 10(2), 34–41.
Bello, M. A., Adigun, A. O., & Adegoke, J. O. (2022). Macroeconomic indicators and stock
market volatility in Nigeria: A dynamic analysis. African Journal of Economic Policy,
29(1), 112–129.
Bhattacharya, S. (1979). Imperfect information, dividend policy, and “the bird in the hand”
fallacy. Bell Journal of Economics, 10(1), 259–270.
Bhattacharya, S. (1979). Imperfect information, dividend policy, and "the bird in the hand"
fallacy. Bell Journal of Economics, 10(1), 259–270.
Booth, L., Aivazian, V., Demirgüç-Kunt, A., & Maksimovic, V. (2001). Capital structures in
developing countries. The Journal of Finance, 56(1), 87–130.
Chen, Y., Zhou, L., & Lee, C. (2021). Dividend policy, institutional investors, and stock
volatility: Evidence from U.S. manufacturing firms. Journal of Corporate Finance, 68,
Demirgüç-Kunt, A., & Maksimovic, V. (1998). Law, finance, and firm growth. The Journal of
Finance, 53(6), 2107–2137.
Engle, R. F., & Granger, C. W. J. (1987). Co-integration and error correction: Representation,
estimation, and testing. Econometrica, 55(2), 251–276.
Gordon, M. J. (1962). The Investment, Financing, and Valuation of the Corporation. Irwin.
Hassan, S., Noor, M. A., & Harun, M. A. (2022). Dividend policy and stock price volatility in
family-owned businesses: Evidence from Southeast Asia. Asian Journal of Business and
Accounting, 15(1), 99–117.
Jabbouri, I., Naceur, S. B., & Marton, K. (2023). Do dividends reduce stock volatility? Evidence
from global markets. Journal of Financial Stability, 64, 101093.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs
and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Liu, Y., & Hu, X. (2021). Ownership structure, dividend policy, and stock price volatility in
Chinese industrial firms. China Journal of Accounting Research, 14(3), 233–247.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares.
Journal of Business, 34(4), 411–433.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A
correction. The American Economic Review, 53(3), 433–443.
Moyo, T., Ncube, S., & Khumalo, M. (2022). Dividend policy and stock market volatility in
South African industrial firms. African Finance Journal, 24(1), 98–115.
Nuhu, M., & Adegbite, S. A. (2023). The dividend puzzle: An empirical investigation in the
context of Nigerian listed firms. African Journal of Corporate Finance, 6(1), 70–86.
Nwakanma, H., & Nnamdi, A. (2021). Determinants of stock price volatility in Nigeria: A firm-
level analysis. Nigerian Journal of Economic and Financial Research, 8(1), 55–70.
Ogunleye, T. S., & Eke, E. (2023). Investor preference and dividend signaling in emerging
markets: Evidence from Nigeria. International Journal of Emerging Markets, 18(2), 245–
Okpara, G. C. (2010). Stock market volatility and portfolio performance: Evidence from Nigeria.
Journal of Emerging Trends in Economics and Management Sciences, 1(1), 43–47.
Oladimeji, T. M., & Salawu, R. O. (2021). Dividend policy and earnings volatility of Nigerian
listed firms. Nigerian Journal of Economic and Social Studies, 63(3), 145–162.
Ologunde, A. O., Elumilade, D. O., & Asaolu, T. O. (2020). Stock market capitalization and
interest rate in Nigeria: A time series analysis. International Research Journal of Finance
and Economics, 4(2), 154–167.
Sharma, R., & Kaur, H. (2023). Dividend policy and stock price volatility in Indian
manufacturing sector. International Journal of Emerging Markets, 18(2), 204–222.
