The aim of this paper is to determine the factors that influence the dividend payout of all firms listed in the Stock Exchange of Thailand (SET) during year 2006 to 2010. Using the Tobit regression analysis, results reveal that financial leverage, investment opportunities, and sales growth negatively affected the dividend payout; on the other hand, size of firm is positively affected dividend payout. Moreover, evidence shows that firms in property and construction sector are more likely to pay dividend than others. Additionally, profitable small and large firms tend to pay dividend; meanwhile, profitable medium firms are less likely to pay dividend. However, it is found that profitability, liquidity, and business risk are insignificantly related to dividend payout. The results from this study are beneficial to investors when making a decision regarding stock investment and portfolio management. Furthermore, financial managers can use the results from this study to develop dividend policy in order to achieve the maximization of shareholders' wealth. Those financial managers can decide whether company should keep the profits for investing or to distribute them out as dividends. In terms of academic contribution, this study adds more updated empirical evidences to existing financial literature in Thailand and provides additional international evidence regarding dividend payout.