This study examined the changes in dividends with respect to sustainability criteria for financial performance of companies in the short-term and long-term. The portfolios test in the period of 2007-2014 was divided into two four-year periods of formation period (2007-2010) and period test (2011-2014). The changes in dividends (dependent variable) for persistent companies (losers or winners) were calculated in two groups of lower and upper quartiles of changes of four independent variables (net sales, net operating profit, cash flow and return on equity). Of the 102 companies surveyed, 26 winners and 26 losers were put in the category of sustainable companies and the rest were excluded from the test. The mean comparison was the method of hypotheses testing, which was performed with independent and paired t-test. The results showed that in the first group of hypotheses, winner or loser nature of sustainable companies in terms of liquidity growth has no impact on dividends' changes, while the winner or loser nature of sustainable companies in terms of net growth of operating profit, sales growth and growth on return are effective in the dividend changes. Also, in the second group of hypotheses, in the loser and winner companies of all sustainable companies with low (high) sales growth, net growth of operating profit, liquidity growth and return growth, the short-term dividends were different from the dividends in the long-term.

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