Australian Finance & Banking Review Australian Finance & Banking Review (AFBR) ,Finance & Banking , Finance, Banking en-US (Managing Editor) (Administrator) Sat, 04 Aug 2018 00:00:00 +0600 OJS 60 Price-Swinging Stock Market Fundamentals: Nexus and Contemporary Features <p>The factors which determine stock prices in capital markets are many and diverse; hence researchers in the academic fields of accounting and finance intermittently undertake to track them with contextual emphasis. From the philosophical basics to the more rigorous econometric dispositions, analysts in different schools of thought had ventured in this regard and came up with divergent outcomes. Some factors did commonly appear for most stock markets, while various conditions surrounding the respective scenes accounted for environmental dynamics.&nbsp; This reinforces the truism that each market has acclimatized rules and regulations, country peculiarities, and investor typologies; all of which provide basis for uniqueness. In this conceptual analysis, the factors that feature as dominant determinants of stock prices are Earnings per Share (EPS), Dividend Per Share (DPS), and Price-Earnings Ratio (P/ER); among which the last is the most and not the least. It further attests to the prevailing value relevance of financial statement information emanating from corporate accounting reports; hence the imperativeness of stock market regulators sustaining the rules that make for adherence to best practices. The alternative to informational reliability is institutional fragility; because when investors’ confidence erodes, liquidity squeezes, efficient markets crashes, and in turn, investors withhold investments. It, therefore, requires market regulatory/administrative mechanisms to be focally directed at enhancing reportorial compliance and compelling higher due diligence, accountability and responsibility in line with international standards.</p> Prince Umor C. Agundu, James T. Wula, Usman Mamuda Musa ##submission.copyrightStatement## Sat, 04 Aug 2018 00:00:00 +0600 Micro Determinants of Dividend Policy in Quoted Manufacturing Companies in Nigeria <p style="text-align: justify;">This study examined the factors that determine dividend policy of quoted manufacturing firms in Nigeria. The general purpose is to examine factors that affect dividend policy of the quoted firms. After exhaustive literature review, cross sectional data was sourced from financial statement of twenty quoted manufacturing firms.&nbsp; Dividend payout rate was proxy for dividend policy while growth opportunities, liquidity, management efficiency, profit level, cost of capital, company size and debt equity ratio were proxy for independent variables. The study applied the Pooled Ordinary Least Square (OLS), fixed effect, and random effect regression models using the e-view statistical package.&nbsp; Findings reveal that growth opportunities, profit level, management efficiency and debt equity ratio have negative effect on dividend payout ratio while liquidity, cost of capital and company size have positive effect on dividend payout ratio of the manufacturing firms. We conclude that liquidity cost of capital and company size significantly determine dividend policy while growth opportunities, management efficiency, profit level and debt equity ratio have no significant effect on dividend policy. The study recommends among others, that managers/consultants should carefully examine the economic factors within a firm’s operating environment when carrying out the functions of developing or designing dividend policy for the firm.</p> Ngozi G. Iheduru, Charles U. Okoro ##submission.copyrightStatement## Wed, 07 Nov 2018 00:00:00 +0600