Firm Life Cycle Stage and Dividend Payout of Listed Non-Financial Firms in Selected Sub-Saharan African Countries: A Sectoral Analysis

Omoruyi Aigbovo, Ikavbo Esther Evbayiro-Osagie
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引用次数: 1

Abstract

This study explored the sector-wise effect of firm life cycle stage on dividend payout of listed non-financial firms in three selected Sub-Saharan African countries that include; South Africa, Nigeria, and Kenya. The study utilized longitudinal and causal research designs. Four hundred and seventy-nine (479) non-financial companies in eleven (11) sub-sectors listed on Nigerian, Johannesburg, and Nairobi Stock Exchanges make up the population. However, the Utility sector was removed from the final analysis because the sample size for this subsector was not enough to carry out the system GMM analysis. Thus, analysis was done for ten (10) subsectors. Two hundred and thirty-nine (239) quoted non-financial firms in ten (10) sub-sectors were chosen and data were collected for the period 2007 to 2017. The dynamic panel data regression technique (system generalized method of moments) was used for the data analysis. The outcomes of the empirical analysis revealed that the earned/contributed capital mix exerts a direct and significant effect on the payout of dividend in seven out of the 10 subsectors analyzed while firm age exerts an inverse and significant effect on the payout of dividend in six out of the 10 subsectors analyzed. The study concludes that the firm life cycle stage influences payout of the dividend of listed non-financial companies in the selected Sub-Saharan Africa countries. The study recommended among others that stock market regulators in the selected Sub-Sahara Africa countries should consider the life cycle stage of the firms and the earned/contributed capital mix should be used in measuring the maturity of firms, thus the payment of dividend by firms should be based on when its profitability and growth rate are expected to fall in future.
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撒哈拉以南非洲部分国家上市非金融公司的公司生命周期阶段和股息支付:行业分析
本研究探讨了公司生命周期阶段对三个撒哈拉以南非洲国家上市非金融公司股息支付的部门效应,其中包括:;南非、尼日利亚和肯尼亚。该研究采用了纵向和因果研究设计。在尼日利亚、约翰内斯堡和内罗毕证券交易所上市的十一(11)个子行业中的四百七十九(479)家非金融公司构成了人口。然而,公用事业部门被从最终分析中删除,因为该子部门的样本量不足以进行系统GMM分析。因此,对十(10)个分部门进行了分析。选择了十(10)个子行业的239家上市非金融公司,并收集了2007年至2017年期间的数据。数据分析采用动态面板数据回归技术(系统广义矩法)。实证分析的结果显示,在所分析的10个分部门中,有7个分部门的盈余/投入资本组合对股息的支付产生了直接而显著的影响,而在所分析10个分行业中,有6个分行业的公司年龄对股息的支付产生了相反且显著的影响。研究得出结论,在选定的撒哈拉以南非洲国家,企业生命周期阶段影响上市非金融公司的股息支付。该研究建议,除其他外,选定撒哈拉以南非洲国家的股票市场监管机构应考虑公司的生命周期阶段,并应使用赚取/投入的资本组合来衡量公司的成熟度,因此,公司的股息支付应基于其盈利能力和增长率预计在未来何时下降。
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