This study evaluates the effect of corporate governance on dividend policy of five commercial banks out of the fifteen that are listed on the Nigerian Stock Exchange over the period of 2003-2012. Data was collected from the Annual reports and accounts of the sampled banks. A panel data methodology (Random-effect GLS regression technique) was employed for the analysis of data. The results reveal that management equity holding has significant effect on dividend payout ratio, Board size and CEO duality has insignificant effect, while board independence exhibit negative but insignificant effect. It is recommended that since the fundamental purpose of any company
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