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This paper examines the effect of Market Performance and Dividend Policy of listed manufacturing firms in Nigeria. Market performance was proxied by Economic Value Added (EVA), Market Value Added (MVA), Total Shareholders Return (TSR) and Tobin's Q, while dividend policy is represented by Dividend payout (DPO). The study adopted expost facto research design and multiple regression was used in order to establish the nature and degree of the relationship between the variables under consideration. The study found a positively significant relationship between total shareholders return (TSR) and dividend payout of listed manufacturing firms in Nigeria whilst Tobin's Q revealed positively insignificant effect on dividend payout of listed manufacturing firms in Nigeria. On the other hand, economic value added (EVA) and market value added (MVA) revealed negatively significant relationship on dividend payout of the firms. Therefore, it is recommended among others that management of manufacturing firms in Nigeria should try to improve their market performance by ensuring that the company invest in projects that would yield positive return in order to attract more investors and consequently better value for the firm. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to examine the value relevance of intellectual capital (IC) by analysing the relationship between IC efficiency (ICE) and corporate book value of listed firms on main board of Nigeria Stock Exchange.Design/methodology/approach This study applies the resource-based theory in formulating two hypotheses that guide the results analysis. By employing a two-step dynamic system generalised method of moments (GMMs), and controlling for the possible endogeneity effect on the parameters estimated, for a sample of 91 listed firms on main board of Nigeria Stock Exchange, this study investigates the association of ICE and corporate book value, namely, cash flow from operation and economic value added (EVA), using data over the 2010 to 2014 financial years.Findings The results show a significant positive relationship between overall ICE and corporate book value (cash flow from operation and EVA). This study contributes to recent evidence concerning the value relevance of IC information to investors and other interested stakeholders.Research limitations/implications The generalisation of the results to smaller firms, in the alternative securities market, may be inappropriate as study sampled listed firms on the main board of Nigerian Stock Exchange.Practical implications Those charged with governance should be concerned with the investment and management of IC as it enhances the economic value and operating cash flow in line with the resource-based theory.Originality/value This study is first to consider the ICE study across all sectors in the Nigerian economy using modified Pulic value added intellectual capital. The study controls for heteroscedasticity and endogeneity issues by adoption of two-step dynamic system GMMs. [ABSTRACT FROM AUTHOR]