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Retained Earnings and Firms' Market Value: Nigeria Experience

The Business & Management Review, 2018, Vol.9 (3), p.482-496

Copyright The Academy of Business and Retail Management (ABRM) Apr 2018 ;ISSN: 2047-2854 ;EISSN: 2047-2862

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Title:
Retained Earnings and Firms' Market Value: Nigeria Experience
Author: Yemi, Akinkoye Ebenezer ; Seriki, Akinadewo Israel
Subjects: Capital assets ; Capital gains ; Capital markets ; Capital structure ; Cash flow ; Corporate profits ; Dividend distributions ; Dividend policy ; Dividends ; Earnings per share ; Economic development ; Economics ; Emerging markets ; Equity ; Financial leverage ; Financial management ; Investments ; Profitability ; Retained earnings ; Securities markets ; Stock exchanges ; Stock prices ; Stockholders
Is Part Of: The Business & Management Review, 2018, Vol.9 (3), p.482-496
Description: The study examined the effects of retained earnings on market value of listed firms after controlling for earnings per share, dividend payout and financial leverage in the context of the Nigerian stock market. The sample data was extracted from 75 non-financial firms listed on the Nigeria stock Market during the period 2003 to 2014. The unbalanced panel data (cross-sectional and time series) used to examine the relationship were obtained from the annual financial statements of the various firms. Two basic approaches descriptive and multiple regression models were used to determine the relationship between the underlying variables. The results indicated a positive and significant relationship between retained earnings, earnings per share, dividend payout and value of firms while market value is positively but non-significant associated with financial leverage. The study reduces the dearth of previous research on dividend policy in emerging markets regarding the empirical relationship between retained earnings and market value of firms.
Publisher: London: Centre for Business & Economic Research
Language: English
Identifier: ISSN: 2047-2854
EISSN: 2047-2862
Source: ProQuest Central

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Retained Earnings and Firms' Market Value: Nigeria Experience

Copyright The Academy of Business and Retail Management (ABRM) Apr 2018 ;ISSN: 2047-2854 ;EISSN: 2047-2862

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