Abstract
The level of unclaimed dividend in Nigeria has been a source of concern to the capital market regulators in Nigeria. Hence, this study is designed to examine the effect of institutional features on the level of unclaimed dividend in Nigeria. This study is framed firmly on the rational choice theory. The ex-post facto research design was used and secondary data was collected over a ten-year period which spanned from 2010 to 2019. The multiple regression model was used to analyze the effect of shareholders’ participation and payment channels on the level of unclaimed dividend in Nigeria. The result from the study reveals that both shareholders’ equity capitalization and cheque payment have an inverse effect on the level of unclaimed dividend in Nigeria while savings and electronic fund transfer have a positive effect on the level of unclaimed dividend in Nigeria. The study concluded that institutional characteristics have a significant effect on the level of unclaimed dividend in Nigeria. It is therefore recommended from the study that due diligence be taken in getting the correct information from potential investors when they patronize the shares of listed firms in Nigeria.
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