Dividend policy and share price volatility: UK evidence

Purpose– The purpose of this paper is to examine the relation between dividend policy and share price changes in the UK stock market. Design/methodology/approach– Multiple regression analyses are used to explore the association between share price changes and both dividend yield and dividend payout ratio. Findings– A positive relation is found between dividend yield and stock price changes, and a negative relation between dividend payout ratio and stock price changes. In addition, it is shown that a firm's growth rate, debt level, size and earnings explain stock price changes. Practical implications– The paper supports the fact that dividend policy is relevant in determining share price changes for a sample of firms listed in the London Stock Exchange. Originality/value– To the best of the authors' knowledge, this paper is the first to show that corporate dividend policy is a key driver of stock price changes in the UK

Discretionary environmental disclosures of corporations in Nigeria

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.Environmental disclosures in Nigeria are surrounded by controversy involving the pervasive impact of a voluntary regime. The absence of a statutory environmental reporting framework has become responsible for the nuances of what corporations disclose and what they are expected to disclose. Consequently, the study adopts quantitative research approach to generate empirical evidence on the determinants of the extent of environmental disclosure given a voluntary initiative amongst listed companies in Nigeria. The study employs the binary probit regression model for data analysis and a unique approach (for a study in Nigeria) of content analysis to identify the extent of environmental disclosure in the annual reports of selected Nigerian Stock Exchange companies. The findings show that firm characteristics such as firm size, firm performance, the availability of cash and the age of the firm are key determinants of the extent of environmental disclosure. This result can be attributed to the absence of relevant regulatory requirements and weak institutions. The study recommends the creation of a statutory environmental reporting framework that would provide corporate incentives and penalties for environmental responsiveness and irresponsiveness, respectively. In a country where there is evidence of the abuse of voluntary regime as it relates to the disclosure of environmental information, the legislation that makes environmental and social disclosures mandatory has become inevitable as it is the only way to guarantee environmental sustainability

Dividend Policy and Share Price Volatility in Nigeria

The purpose of this paper is to examine the relationship between dividend policy and share price changes in the Nigerian stock market. A multiple regression analysis is used to explore the association between share price changes and both dividend yield and dividend payout ratio. Of the two measures of dividend policy, dividend yield showed a general negative impact on share price risk. The other measure of dividend policy, dividend payout ratio, showed negative influences in some years and positive influences on others though all were at lower significant levels. The study supports the fact that dividend policy is relevant in determining share price changes for a sample of firms listed in the Nigerian Stock Exchange. The challenge for managements/accountants is to generally improve the quality of the financial statements to avoid producing wrong information which could lead to wrong decisions by investors

Corporate social responsibility performance and tax aggressiveness

This study investigated the effect of corporate social responsibility (CSR) performance on tax aggressiveness of listed firms in Nigeria. A cross-sectional research design was utilized for the study, and data were collected from the published annual reports. Using a sample of 50 companies for the period of 2007 to 2013, the findings of the study reveal that there is a negative relationship between CSR performance and tax aggressiveness in Nigeria. A significant relationship was also found between firm size and tax aggressiveness, though with mixed positive and negative results. In addition, the results reveal a negative and significant relationship between firm performance and tax aggressiveness, and the extent of tax aggressiveness is reinforcing. It can be concluded that firms are more or less likely to engage in tax aggressiveness depending on their CSR standpoints and dimensions and other corporate characteristics. It is recommended that more attention should be given by tax administrations to understand conditions where tax aggressiveness is more likely and measures should be put in place to combat it

Corporate social responsibility performance and tax aggressiveness

This study investigated the effect of corporate social responsibility (CSR) performance on tax aggressiveness of listed firms in Nigeria. A cross-sectional research design was utilized for the study, and data were collected from the published annual reports. Using a sample of 50 companies for the period of 2007 to 2013, the findings of the study reveal that there is a negative relationship between CSR performance and tax aggressiveness in Nigeria. A significant relationship was also found between firm size and tax aggressiveness, though with mixed positive and negative results. In addition, the results reveal a negative and significant relationship between firm performance and tax aggressiveness, and the extent of tax aggressiveness is reinforcing. It can be concluded that firms are more or less likely to engage in tax aggressiveness depending on their CSR standpoints and dimension and other corporate characteristics. It is recommended that more attention should be given by tax administrations to understand conditions where tax aggressiveness is more likely and measures should be put in place to combat it

CSR disclosure and corporate sustainability: evidence from the Shenzhen Stock Exchange

In this paper we examined the relationship between CSR and corporate sustainability of Chinese companies listed on the Shenzhen Stock Exchange. This is necessitated by the high demand and increase in CSR activities and disclosures around the globe. Using a sample of 317 companies, we drew insights from the triple bottom line (TBL) and stakeholder theory to investigate the relationship between CSR and corporate sustainability. Data was analysed using structural equation modelling (SEM). A major contribution of this paper is the construction of a comprehensive CSR information disclosure index capable of guiding researchers and managers in measuring their CSR activities and reporting. The study's findings revealed that most Chinese companies stayed at the intermediate level of CSR information disclosure. Although CSR disclosure in economic and social dimension has a significant positive effect on corporate sustainability, our result shows a negative relationship with CSR in environmental dimension

Executive compensation and CSR reporting in Nigerian listed companies

The objective of the study is to examine the effect of executive compensation on corporate social responsibility reporting. The study adopts a survey research design to address the objective. A sample of 100 companies listed on the Nigeria Stock Exchange was randomly selected and these companies would have audited their financial statements specifically for the year 2014. The study employs the T-test and Ordinary Least Square (OLS) regression technique to analyse the data. The findings reveal a negatively significant relationship between executive compensation and Corporate Social Responsibility Reporting (CSRR). Following these results, the study concludes that corporate characteristics can determine the CSR reporting of companies. In this regard, the study recommends that there is the need for regulatory agencies to develop a CSR reporting framework that focuses considerably on utilizing corporate attributes

Dividend Policy and Share Price Volatility: UK Evidence”,

Abstract The purpose of this paper is to examine the relationship between dividend policy and share price changes in the Nigerian stock market. A multiple regression analysis is used to explore the association between share price changes and both dividend yield and dividend payout ratio. Of the two measures of dividend policy, dividend yield showed a general negative impact on share price risk. The other measure of dividend policy, dividend payout ratio, showed negative influences in some years and positive influences on others though all were at lower significant levels. The study supports the fact that dividend policy is relevant in determining share price changes for a sample of firms listed in the Nigerian Stock Exchange. The challenge for managements/accountants is to generally improve the quality of the financial statements to avoid producing wrong information which could lead to wrong decisions by investors

Ownership Structure, Corruption, and Capital Investment: Evidence from Firms in Selected Sub-Saharan African Countries

The file attached to this record is the author's final peer reviewed version.In this study, we investigate the relationship between ownership structure, corruption, and capital investments in firms operating in a selected sample of Sub-Saharan Africa (SSA) countries. Using a sample of an unbalanced panel of firms over different time periods that ranged from 2003–2016, and estimating with the fixed effects technique, we find that foreign ownership and bribery payments have positive and negative effects, respectively, on the capital investment of firms. Furthermore, the marginal effects analysis reveals that the effects of ownership structure and bribery payments differ significantly across our selected sample of countries and across different firm sizes. Policy implications were deduced from the findings