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

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.