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.