This question already has an answer here:
Let's say dividends don't exist, and will NEVER do, for all companies in the world.
What would stocks then be worth?
The stock could be valued according to the book value. Maybe more if the company has any usefulness (for example a media company) for the owner.
Besides that, would stocks have any value at all for the shareholders?
Some people claim that shareholders could still get profits from capital gain, but could there be any capital gain without dividends?
Again: I'm talking about a theoretical situation where absolutely no dividend would ever be paid. It's completely different than not paying dividend for 50 years or so.
Again²: my question is different than the one suggested. Here I assume dividends (or any other form of capital like share repurchase) will never be paid. I know this is not possible in reality, and this is only a theoretical situation. So why am I asking this question? Because some people claim that investors only need to care about the increase of the stock's price. IMO, the price of a stock can't increase if there is no other form of capital gain.
And I should have been more clear about the dividends. What I meant is any form of returning capital to the shareholders. So the shareholders could only get a gain from the increasing stock's price. I believe this is in fact, not possible in the long term (as Chris said in his point 3).
Edit: I wonder if the people who marked it as duplicate even read it..