Corporate Governance Practices and Dividend Decisions in Quoted Manufacturing Firms in the South East Zone

This study investigates corporate governance practices and their influence on dividend decisions in quoted manufacturing firms operating in the South East geopolitical zone of Nigeria. Dividend policy is a significant governance signalling mechanism, communicating management's assessment of firm financial health and future prospects to shareholders. In the South East zone, which hosts a substantial number of small and medium-size quoted manufacturers, governance structures vary widely, potentially creating inconsistent dividend behaviour. Drawing on agency theory, signalling theory, and the dividend lifecycle hypothesis, this study examines how governance variables including board independence, ownership concentration, and audit committee activity relate to dividend payout ratios and dividend stability across ten quoted manufacturing firms over five years. Panel data regression analysis is applied, controlling for firm size, profitability, and leverage. The study anticipates that stronger governance mechanisms, particularly board independence and reduced ownership concentration, are associated with more consistent and shareholder-friendly dividend policies. Findings will guide investors, dividend policy advisors, and the Securities and Exchange Commission in evaluating governance quality as a dividend decision predictor. Keywords: corporate governance, dividend decisions, manufacturing firms, South East Nigeria, agency theory.