Empirical Test of the Dividend Policy Irrelevance Hypothesis in the Nigerian Context

摘要: This research was carried out to examine the relevance of dividend policy in market price determination Nigerian capital market. With annual data from 20 highly capitalized companies quoted on Stock Exchange for period 2005-2012, we found that level dividends is largely influenced by of  retained earnings at least 70 per cent sampled.  There no significant relationship between change and price. The coefficient more than determination.  Overall, results agree with earlier works which argue irrelevant determining enterprise value. In a world withholding taxes, it appreciation reinvestment level, not necessarily policy, affects stock behaviour Nigeria. Keywords :  Dividend hypothesis, Nigeria,