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A number of companies, especially US companies, have started to buy back shares instead of paying out dividends in recent years due to low interest rates and tax laws.
Can you also calculate the dividend yield on the outstanding shares in your statistics? The result could look different.
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@Epi To clarify: In my statistics, I have calculated the dividend increases per outstanding share. Taking share buybacks into account, the trend in dividends paid out could potentially be even more negative. This is because we then have a combination of lower dividend increases per share and a lower number of shares outstanding.
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@LetsGrow Hmm, then that's not it...