Research purpose: The objective of this study was to examine the effect of corporate dividend policy on firm value of major cement manufacturing companies in Nigeria, from 2019-2022.
Methodology: The data was obtained from annual reports of the companies and were analyzed by the use of the Generalized Method of Moment Model (GMM). Market Price per Share was used to measure the firm value while corporate dividend policy was proxy by Dividend per Share.
Findings: The result of the analyses showed that corporate dividend policy are fundamental to the firm's value. The test further reveals that there is a significant relationship between effective corporate dividend policy and firm value.
Conclusion: The study concluded that corporate dividend policy affects firm value positively.
Recommendations: Finally, the study recommended that companies' top management need to design efficient corporate dividend policy by balancing the need and classes of individual shareholders so as to maximize firm value.