Research Article

Intellectual Capital as a Moderator of Financial Determinants and Dividend Policy: Evidence from Nigerian Consumer Goods Firms (2015-2024)

Abdulrazaq Suleiman Ibrahim1*, Bala ado Kofar Mata2, Aminu Kado Kurfi3
1 Department of Business Administration, University of Maiduguri, Borno State, Nigeria.
2 Department of Business Administration, University of Maiduguri, Borno State, Nigeria
3 Department of Business Administration and Entrepreneurship, Bayero University, Kano, Nigeria
* Corresponding author: abdulrazaq261@gmail.com
Published: Aug, 2025
DOI: 10.67203/jarmf.2025.9u0ea5f3
Pages: 1-19

Abstract

Dividend policy is crucial for African businesses, involving profit sharing and retaining earnings for development. However, sustainability concerns persist, with a decline in 2023 retained earnings. Understanding dividend policy aids firms in decision-making, attracting investors and influencing dividend distribution. This research proposes a framework for the moderating role of intellectual capital on the effect of liquidity, capital structure and investment opportunity on dividend policy. The study employs an exploratory research method using a desktop review to develop persuasive arguments for the topic under investigation. As a result, the study proposed a conceptual framework for the relationships between the variables under study, which will help in carrying out further studies and in making decisions as to whether the relationships between these variables are contingent on intellectual capital. The study highlights the importance of intellectual capital in influencing dividend policy, challenging traditional views on liquidity, profitability, and capital structure, and suggests policymakers should encourage investment in intellectual capital development.

Keywords

Intellectual Capital Dividends Policy Liquidity Capital Structure Investment Opportunity Consumer Goods Companies

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How to Cite

Ibrahim, A. S., Mata, B. A. K., & Kurfi, A. K. (2025). Intellectual Capital as a Moderator of Financial Determinants and Dividend Policy: Evidence from Nigerian Consumer Goods Firms (2015-2024). Journal of Actuarial, Risk Management and Finance, 1(1), 1-19. https://doi.org/10.67203/jarmf.2025.9u0ea5f3

A. S. Ibrahim, B. A. K. Mata, and A. K. Kurfi, "Intellectual Capital as a Moderator of Financial Determinants and Dividend Policy: Evidence from Nigerian Consumer Goods Firms (2015-2024)," Journal of Actuarial, Risk Management and Finance, vol. 1, no. 1, pp. 1-19, August 2025. doi: 10.67203/jarmf.2025.9u0ea5f3

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