An Empirical Examination into the Nature of Dividend Puzzle in Nigeria

One of the must important aspects in financial planning is Dividend Policy. This is so because it affects both the firm's finance and investment decisions. The common and must unresolved areas in Dividend is whether it affects value of a firm or not. In this paper we looked into this controversy using empirical data. The data of five firm's operating in stock exchange was gathered, analysis was made on trend and behavior of market value with Dividend payment between 1995 to 1997. Our findings show a mix results. We conclude that the influence of Dividend Policy on the value of a firm depends upon the composition and the nature of investors