JAEQM

This study evaluates the effect of corporate governance regulation practices on the dividend policy of twenty consumer goods companies listed on the Nigerian Stock Exchange between 2011 and 2020. Data for the study were collected from the companies' annual reports and accounts. A time fixed-effect regression technique was employed for the analysis of the data. The results show that profit and board size have significant and positive effects on dividend policy, while the number of Non-Executive Directors (NED) has a significant but negative effect on dividend policy. It is suggested that consumer goods firms should view corporate governance as a vital facilitator to maximizing value for all stakeholders. Additionally, the size of the board should be increased and the number of NEDs reduced to encourage management to protect the interests of all stakeholders.

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