Yusha'u Ango, Adams Audu


This study examine the impact of leverage on the dividend policy of listed consumers’ goods firms in Nigeria. The study covers a period of ten years from 2007 to 2016. Secondary source of data was used. Panel multiple regression techniques was used to analysis the data.  The study made use of ex-post facto research design. Sample of seventeen (17) listed consumers’ goods firms was used.  Two formulated research hypotheses were achieved after tested. The findings from this study shows that total debt ratio and long-term debt ratio has negative and significant impact on the dividend policy of listed consumers goods firms in Nigeria. Based on these findings, it therefore, concludes that leverage has significant negative impact on the dividend policy of listed consumers goods firms in Nigeria. It is therefore, recommended that Managers should employ financial leverage in a way that enhances value for their company owners, that is, leading to an increase in returns to equity holders. Debt financing in the financial mix of the firm should be done at the optimal level so as toensure appropriate utilization of the firms’ assets.


leverage, long-term debt, total debt, dividend policy

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