AN EMPIRICAL ANALYSIS OF THE EFFECT OF AGENCY COST ON DIVIDEND POLICY OF NIGERIA COMPANIES
INTRODUCTION THE CONTROVERSY AS TO DIVIDENDS HAS REMAINED A KEEN AREA OF STUDY IN FIANCÉ LITERATURE. THIS IS EPITOMIZED BY WHAT BLACK (1976) REFERS TO AS THE ‘DIVIDEND PUZZLE’. THE PUZZLE REFERRED TO WAS THAT DESPITE THE CONSIDERABLE RESEARCH, THERE IS STILL A LACK OF CONSENSUS AMONGST RESEARCHERS, MANAGERS AND INVESTORS AS TO THE CONSEQUENCES OF AND THE MOTIVE FOR PAYING CASH DIVIDENDS. ONE FACTOR CONTRIBUTING TO THIS CONTROVERSY IS ...
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