Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange

Stanley Osinachi Okafor; Henry Jamike Ugochukwu; Chukwuebuka Godwin Onyekwere; Henry Onyebuchi Ejelonu

doi:doi:10.11648/j.ajtab.20220801.12

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Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange

Stanley Osinachi Okafor, Henry Jamike Ugochukwu, Chukwuebuka Godwin Onyekwere, Henry Onyebuchi Ejelonu

Published in American Journal of Theoretical and Applied Business (Volume 8, Issue 1)

Received: 25 December 2021 Accepted: 12 January 2022 Published: 22 April 2022

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Abstract

The study examined the unclaimed dividend and market value of listed firms in Nigeria stock exchange using data covering the period 2010 to 2019. Thus, the data gathered were analyzed using Augmented Dickey Fuller of unit root test for the stationarity of the data and autoregressive Distributed Lag (ARDL) cointegration technique. The result reveals that unclaimed dividends have negative and significant long-run effect on market price per share of listed firms in Nigeria, that there is no significant short run effect of unclaimed dividends on market price per share of listed firms in Nigeria, that unclaimed dividends have no significant long-run effect on price-earnings ratio of listed firms in Nigeria and that unclaimed dividends have positive and significant long-run effect on earnings per share of listed firms in Nigeria. Based on the findings, the study recommends among others that companies should make alternative arrangement for the provision of cash and short-term fund in case unclaimed dividends are transferred to a separate account, as this will enable the management to henceforth present true and fair statement of their business operations to stakeholders.

Published in	American Journal of Theoretical and Applied Business (Volume 8, Issue 1)
DOI	10.11648/j.ajtab.20220801.12
Page(s)	8-18
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Earnings Per Share, Price/Earnings Ratio, Market Price/Share, Unclaimed Dividends

References

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APA Style

Stanley Osinachi Okafor, Henry Jamike Ugochukwu, Chukwuebuka Godwin Onyekwere, Henry Onyebuchi Ejelonu. (2022). Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange. American Journal of Theoretical and Applied Business, 8(1), 8-18. https://doi.org/10.11648/j.ajtab.20220801.12

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ACS Style

Stanley Osinachi Okafor; Henry Jamike Ugochukwu; Chukwuebuka Godwin Onyekwere; Henry Onyebuchi Ejelonu. Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange. Am. J. Theor. Appl. Bus. 2022, 8(1), 8-18. doi: 10.11648/j.ajtab.20220801.12

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AMA Style

Stanley Osinachi Okafor, Henry Jamike Ugochukwu, Chukwuebuka Godwin Onyekwere, Henry Onyebuchi Ejelonu. Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange. Am J Theor Appl Bus. 2022;8(1):8-18. doi: 10.11648/j.ajtab.20220801.12

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@article{10.11648/j.ajtab.20220801.12,
  author = {Stanley Osinachi Okafor and Henry Jamike Ugochukwu and Chukwuebuka Godwin Onyekwere and Henry Onyebuchi Ejelonu},
  title = {Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange},
  journal = {American Journal of Theoretical and Applied Business},
  volume = {8},
  number = {1},
  pages = {8-18},
  doi = {10.11648/j.ajtab.20220801.12},
  url = {https://doi.org/10.11648/j.ajtab.20220801.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajtab.20220801.12},
  abstract = {The study examined the unclaimed dividend and market value of listed firms in Nigeria stock exchange using data covering the period 2010 to 2019. Thus, the data gathered were analyzed using Augmented Dickey Fuller of unit root test for the stationarity of the data and autoregressive Distributed Lag (ARDL) cointegration technique. The result reveals that unclaimed dividends have negative and significant long-run effect on market price per share of listed firms in Nigeria, that there is no significant short run effect of unclaimed dividends on market price per share of listed firms in Nigeria, that unclaimed dividends have no significant long-run effect on price-earnings ratio of listed firms in Nigeria and that unclaimed dividends have positive and significant long-run effect on earnings per share of listed firms in Nigeria. Based on the findings, the study recommends among others that companies should make alternative arrangement for the provision of cash and short-term fund in case unclaimed dividends are transferred to a separate account, as this will enable the management to henceforth present true and fair statement of their business operations to stakeholders.},
 year = {2022}
}

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TY  - JOUR
T1  - Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange
AU  - Stanley Osinachi Okafor
AU  - Henry Jamike Ugochukwu
AU  - Chukwuebuka Godwin Onyekwere
AU  - Henry Onyebuchi Ejelonu
Y1  - 2022/04/22
PY  - 2022
N1  - https://doi.org/10.11648/j.ajtab.20220801.12
DO  - 10.11648/j.ajtab.20220801.12
T2  - American Journal of Theoretical and Applied Business
JF  - American Journal of Theoretical and Applied Business
JO  - American Journal of Theoretical and Applied Business
SP  - 8
EP  - 18
PB  - Science Publishing Group
SN  - 2469-7842
UR  - https://doi.org/10.11648/j.ajtab.20220801.12
AB  - The study examined the unclaimed dividend and market value of listed firms in Nigeria stock exchange using data covering the period 2010 to 2019. Thus, the data gathered were analyzed using Augmented Dickey Fuller of unit root test for the stationarity of the data and autoregressive Distributed Lag (ARDL) cointegration technique. The result reveals that unclaimed dividends have negative and significant long-run effect on market price per share of listed firms in Nigeria, that there is no significant short run effect of unclaimed dividends on market price per share of listed firms in Nigeria, that unclaimed dividends have no significant long-run effect on price-earnings ratio of listed firms in Nigeria and that unclaimed dividends have positive and significant long-run effect on earnings per share of listed firms in Nigeria. Based on the findings, the study recommends among others that companies should make alternative arrangement for the provision of cash and short-term fund in case unclaimed dividends are transferred to a separate account, as this will enable the management to henceforth present true and fair statement of their business operations to stakeholders.
VL  - 8
IS  - 1
ER  -

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Author Information

Stanley Osinachi Okafor

Donmaths Consultancy, Umuahia, Nigeria
Henry Jamike Ugochukwu

Donmaths Consultancy, Umuahia, Nigeria
Chukwuebuka Godwin Onyekwere

Donmaths Consultancy, Umuahia, Nigeria
Henry Onyebuchi Ejelonu

Donmaths Consultancy, Umuahia, Nigeria

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APA Style

Stanley Osinachi Okafor, Henry Jamike Ugochukwu, Chukwuebuka Godwin Onyekwere, Henry Onyebuchi Ejelonu. (2022). Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange. American Journal of Theoretical and Applied Business, 8(1), 8-18. https://doi.org/10.11648/j.ajtab.20220801.12

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ACS Style

Stanley Osinachi Okafor; Henry Jamike Ugochukwu; Chukwuebuka Godwin Onyekwere; Henry Onyebuchi Ejelonu. Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange. Am. J. Theor. Appl. Bus. 2022, 8(1), 8-18. doi: 10.11648/j.ajtab.20220801.12

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AMA Style

Stanley Osinachi Okafor, Henry Jamike Ugochukwu, Chukwuebuka Godwin Onyekwere, Henry Onyebuchi Ejelonu. Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange. Am J Theor Appl Bus. 2022;8(1):8-18. doi: 10.11648/j.ajtab.20220801.12

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@article{10.11648/j.ajtab.20220801.12,
  author = {Stanley Osinachi Okafor and Henry Jamike Ugochukwu and Chukwuebuka Godwin Onyekwere and Henry Onyebuchi Ejelonu},
  title = {Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange},
  journal = {American Journal of Theoretical and Applied Business},
  volume = {8},
  number = {1},
  pages = {8-18},
  doi = {10.11648/j.ajtab.20220801.12},
  url = {https://doi.org/10.11648/j.ajtab.20220801.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajtab.20220801.12},
  abstract = {The study examined the unclaimed dividend and market value of listed firms in Nigeria stock exchange using data covering the period 2010 to 2019. Thus, the data gathered were analyzed using Augmented Dickey Fuller of unit root test for the stationarity of the data and autoregressive Distributed Lag (ARDL) cointegration technique. The result reveals that unclaimed dividends have negative and significant long-run effect on market price per share of listed firms in Nigeria, that there is no significant short run effect of unclaimed dividends on market price per share of listed firms in Nigeria, that unclaimed dividends have no significant long-run effect on price-earnings ratio of listed firms in Nigeria and that unclaimed dividends have positive and significant long-run effect on earnings per share of listed firms in Nigeria. Based on the findings, the study recommends among others that companies should make alternative arrangement for the provision of cash and short-term fund in case unclaimed dividends are transferred to a separate account, as this will enable the management to henceforth present true and fair statement of their business operations to stakeholders.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Unclaimed Dividend and Market Value of Listed Firms in Nigeria Stock Exchange
AU  - Stanley Osinachi Okafor
AU  - Henry Jamike Ugochukwu
AU  - Chukwuebuka Godwin Onyekwere
AU  - Henry Onyebuchi Ejelonu
Y1  - 2022/04/22
PY  - 2022
N1  - https://doi.org/10.11648/j.ajtab.20220801.12
DO  - 10.11648/j.ajtab.20220801.12
T2  - American Journal of Theoretical and Applied Business
JF  - American Journal of Theoretical and Applied Business
JO  - American Journal of Theoretical and Applied Business
SP  - 8
EP  - 18
PB  - Science Publishing Group
SN  - 2469-7842
UR  - https://doi.org/10.11648/j.ajtab.20220801.12
AB  - The study examined the unclaimed dividend and market value of listed firms in Nigeria stock exchange using data covering the period 2010 to 2019. Thus, the data gathered were analyzed using Augmented Dickey Fuller of unit root test for the stationarity of the data and autoregressive Distributed Lag (ARDL) cointegration technique. The result reveals that unclaimed dividends have negative and significant long-run effect on market price per share of listed firms in Nigeria, that there is no significant short run effect of unclaimed dividends on market price per share of listed firms in Nigeria, that unclaimed dividends have no significant long-run effect on price-earnings ratio of listed firms in Nigeria and that unclaimed dividends have positive and significant long-run effect on earnings per share of listed firms in Nigeria. Based on the findings, the study recommends among others that companies should make alternative arrangement for the provision of cash and short-term fund in case unclaimed dividends are transferred to a separate account, as this will enable the management to henceforth present true and fair statement of their business operations to stakeholders.
VL  - 8
IS  - 1
ER  -

Copy | Download