Board Characteristics and Dividend Pay-Out Policy in Nigerian Consumer Good Firms

This study interrogates the interplay between board attributes and dividend payout policy amongst listed in Nigerian manufacturing firms. The research focuses on various board attributes, including board size, board independence, gender diversity, and board ownership, to determine their influence on the dividend decisions of firms. Using panel data from a sample of Nigerian manufacturing companies listed on the Nigerian Stock Exchange (NSE) from 2013 to 2022, the study employs multiple regression analysis to evaluate the effect of these variables on dividend per share. The results indicate that board independence positively influence dividend payouts, while board diversity and board ownership have negative non-significant effect on the criterion variable using t-statistics. These findings suggest that a well-structured board can enhance firm decision-making, leading to higher shareholder returns. The study recommends that policymakers and firm managers should consider the composition and governance of boards when devising strategies related to dividend payouts to optimize corporate performance and shareholder value.