ThisstudyexaminedthemodelingcorrelationbetweenshareholdersdividendandcorporateperformanceinNigeria.Thestudyemployedtheexpost-factoresearchdesign.Toobtainanswersontheresearchquestionsandtotestthehypothesesformulated,datawereobtainedfromannualreportsofcompanieslistedontheflooroftheNigeriaStockExchange(NSE)thatdisclosedacomparativestatementfortheperiodof2010to2016.Thedatacollectedwereanalyzedusingdescriptivestatistics.Specifically,simpleregressionanalysisandpairedsamplet-teststatisticswereusedtoanalyzethedata.Theresultsshowedthatthereisnosignificantcorrelationbetweenshareholdersdividendpayoutandtheexplanatoryvariablesinthemodel.TheseresultstakenasawholeindicatethatbankspaydividendinNigeriawiththeintentionofreducingtheagencyconflictandmaintainingfirms’reputation.Thestudyrecommendedthatsincethepaymentofdividendindicatesthefirmhavingagoodearningscapacity,managementshouldmaintainasteadyincreaseinearnings,cashflow,anddividendpaymentandestablishadividendpolicythatcanbeacceptablebyvariousstakeholders.
