摘要：The purpose of this article is to determine what causes the phenomenon of disappearing dividends, which mostly occurs in stock exchanges in developed and emerging countries. This is the phenomenon of the decreasing probability of issuers to choose to pay dividends (cash, stock, and mixed) rather than not to pay. The results of multinomial logit model show, that size and profitability have a significant positive effect on cash, stock, and mixed dividend decisions. The decision not to pay dividends is influenced by low agency costs, high debt, over-liquidity, and excessive investment opportunities. To overcome this phenomenon, all stakeholders must be able to manage the above cause variables in an integrated manner.
