https://www.ajpojournals.org/journals/index.php/AJF/issue/feed 2024-04-29T14:22:13+03:00 Journal Admin journals@ajpojournals.org Open Journal Systems <p>The American Journal of Finance is a respected journal that publishes high-quality research in finance and related fields. It is a platform for scholars, practitioners, and policymakers to share their ideas and insights on the latest issues and challenges in the financial sector. The journal covers a wide range of topics, such as corporate finance, asset pricing, financial markets, banking, risk management, financial regulation, behavioral finance, and more. The journal has a rigorous and relevant peer review process that takes about 2-3 months. The journal has an eminent editorial board that consists of experts and scholars from different countries and institutions. The journal is indexed by several reputable platforms that increase its visibility and accessibility. The journal provides DOI numbers for each article to facilitate citation and tracking. The journal is an open access journal, which means that all articles are free to access online. The journal does not charge any fees for submission, processing, or publication of articles. All authors keep the copyright of their articles and grant the journal a non-exclusive license to publish them.The journal is published monthly by AJPO Journals USA LLC, a leading publisher of academic journals in various fields. </p> https://www.ajpojournals.org/journals/index.php/AJF/article/view/1983 2024-04-29T14:22:13+03:00 Matthew Adekunle Asaolu mathewadekunle@yahoo.com

<p><strong>Purpose:</strong> This study examined corporate taxes, transaction cost, and dividend policy in Nigeria quoted firms. The main purpose of this research is to ascertain the relationship between taxes, transaction cost, and the dividend policy of quoted firms in Nigeria.</p> <p><strong>Materials and Methods:</strong> The research adopted both statistical and econometric techniques to analyze data obtained from the Nigeria Stock Exchange between 2018 to 2022. The research work employed an ex-post facto research design to obtain, analyze, and interpret the relevant data for hypotheses testing. Simple random sampling and proportionate stratified random sampling was used to select 36 firms quoted in the Nigerian Stock Exchange to ensure all sectors are represented in the sample size. The data was analyzed and presented using E-views 12 statistical software. Using the OLS panel model, the fixed effect OLS model was considered the most appropriate for the empirical modeling and analysis of the equations. &nbsp;</p> <p><strong>Findings:</strong> Our findings in this study indicated that dividend payout ratio (DPR) has a negative and insignificant relationship with current income taxes (CIT), deferred taxes (DTL). Company size (SIZE) has positive but not significant relationship with dividend payout while assets growth (GHT) and leverage ratio (LEV) have positive and insignificant relationship with dividend payout (DPR). Also, dividend per share (DPS) has a positive relationship with company income taxes (CIT) but negative relationship with deferred tax liabilities (DTL).</p> <p><strong>Implications to Theory, Practice and Policy:</strong> The study was informed by the “Dividend Policy Theory” The debate on whether corporate taxes has impact on dividend payments of companies is unending. The result of the study is consistent with the findings of scholars and researchers with similar interest such as Jensen and Johnson (1995); Miller and Scholes (1982). It is, therefore, recommended that companies should concentrate on other determinants of dividend policy and not corporate taxes and transaction cost, since corporate taxes and transaction cost have no significant effect on dividend policy. Management should design a dividend payout policy that maximizes market value of quoted firms.</p>

2024-04-29T00:00:00+03:00 Copyright (c) 2024 Matthew Adekunle Asaolu