¹Ike Romanus Chukwuka (Ph.D), ²Okoro Theresa Chidinma (Ph.D)

¹Department of Accounting, Business Administration, and Economics Admiralty University of Nigeria, Ibusa, Delta State

²Department of Accountancy, Avan Ikoku Federal University of Education, Owerri

DOI : https://doi.org/10.58806/ijsshmr.2026.v5i6n11

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ABSTRACT

This study examined the effect of dividend policy on the share price volatility of listed consumer goods firms in Nigeria over the period 2015–2024. The study adopted an ex-post facto research design and utilized panel data obtained from sixteen (16) firms, resulting in 160 observations. Data were analyzed using descriptive statistics, correlation analysis, and panel regression techniques. The regression results revealed that the dividend payout ratio had a positive and significant effect on share price volatility, while dividend per share also showed a positive and significant effect. Dividend yield had a negative and significant effect on share price volatility, whereas retained earnings had a negative but insignificant effect. Firm size exhibited a negative and significant effect. The study concluded that dividend policy significantly influences share price volatility in the Nigerian consumer goods sector. It was recommended that firms maintain a consistent and optimal dividend policy to enhance market stability and investor confidence.

KEYWORDS:

Dividend Policy, Share Price Volatility, Dividend Payout Ratio, Dividend Yield, Dividend per Share, Retained Earnings

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Cite this Article:Chukwuka, I. R., & Chidinma, O. T. (2026). Effect of Dividend Policy on Share Price Volatility of Listed Consumer Goods Firms in Nigeria. INTERNATIONAL JOURNAL OF SOCIAL SCIENCE HUMANITY & MANAGEMENT RESEARCHS, 5(6), 1390-1399. https://doi.org/10.58806/ijsshmr.2026.v5i6n11

VOlUME 05 ISSUE 06 June 2026