This study aims to uncover the hidden forces driving delisting from the Johannesburg Stock Exchange (JSE) in South Africa, focusing on non-financial and macroeconomic determinants within a developing economy. Utilizing Principal Component Analysis (PCA) and a multivariate panel probit regression model, data from 2000 to 2023 were analyzed. Key non-financial factors identified include governance transparency, chairperson qualifications, diffused ownership, institutional influence, company longevity, and analyst recommendations. Strong governance and diverse ownership reduce delisting risks, while extended market presence and positive analyst coverage enhance stability. Significant macroeconomic variables affecting delisting probabilities are inflation, interest rates, credit extensions, unemployment rates, and real economic activity. Moderate inflation supports stability, whereas higher interest rates increase delisting risks. Increased credit availability and economic activity reduce these risks, while higher unemployment rates increase them. The study underscores the importance of robust governance, diverse ownership, and strong institutional investor relationships in South Africa's volatile context. Policymakers are advised to manage inflation, interest rates, and credit availability while addressing unemployment and stimulating economic activity. By revealing the intertwined influences of non-financial and macroeconomic factors, this research provides a comprehensive understanding of delisting dynamics in developing economies and offers strategies to support corporate stability and investor confidence.