PAYING DIVIDENDS BY KENYAN COMPANIES
2010
The Nairobi Stock Exchange (NSE) has, as of 2007, 50 companies listed. In general, the NSE
does not seem to be a major factor in the economy of the country. In this study we examined the
factors that might have motivated the managers of NSE listed companies to pay dividends. This
was done through multiple regression analysis of dividends paid as well as by a survey of company
mangers. Dividends are strongly related to net income and to liquidity and they are negatively
related to the existence of investment opportunities. These findings are in accord with received
finance theory, but they have not previously been examined in the Kenyan context.
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