Some company managements do not act in the interest of shareholders. In fact, some act against the shareholders' interest to the extent that the stock's value is severely impaired and positive only because the situation might change. Such shares are like way-out-of-the-money options on management honesty and therefore put a market value on the company that is much less than the value it would hypothetically have in the hands of the shareholder himself.
What action of a management shows that it has regard for the shareholders? the declaration of a dividend
A sleazy, no-good dishonest management will do everything possible to pay no dividends.