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This paper is the effect of dividend payment on the market prices of shares in Nigeria: A study of 17 quoted firms using time series on dividend per share, dividend yield and dividend payout ratio that ranges between 2000 and 2011. The model specification for the analysis of data is ordinary least squares techniques applied as panel estimation. The researchers empirical results arising from the panel least squares suggests a positive effect between market price per share and dividend per share confirming that a rise in dividend per share brings about an increase in the market price per share of quoted firms; that dividend yield does not have a significant positive effect on the market prices of shares of quoted firms in Nigeria; that there exists a direct relationship between market prices per share and dividend payout ratio of selected firms on the NSE. Further, the study revealed that significant variations exist in the movement of the share prices of the selected firms which in theory could be attributed to the forces of demand and supply while in practice could be attributed to some other exogenous and endogenous variables such as economic policies, corporate managerial decisions, psycho-social variables, political situations and institutional parameters. Thus it was concluded and recommended that, earnings remain the most significant determinant of dividend payment averagely, hence it has significant influences on the market value of public owned firms in Nigeria and the world all over.The dividend payment, dividend per share, dividend yield, dividend payout ratio and earning per share are significant in explaining the observed differences in share market prices of quoted firms in Nigeria. The government must contribute by relaxing laws that spell threat to the objectives of firms i.e. maximization of shareholders' wealth.

Effect of Dividend Payment on the Market Price of Shares: A Study of Quoted Firms in Nigeria