Despite extensive scientific research, the underlying physical principles in theoretical models for understanding punching behavior remain a concern. In this paper, a four-parameter punching theory for reinforced concrete flat slabs without transverse reinforcement has been introduced and validated. The kinematic behavior of the slab was characterized by three key parameters, i.e., critical shear crack inclination, slab rotation, and slab translation. Four distinct shear transfer effects from aggregate interlocking, concrete residual tensile stress, reinforcement dowel action, and the shear-compression ring, were considered and quantified using a novel algorithm based on these three parameters, and the fourth parameter, i.e., the direction of the minimum principal stress within the shear-compression ring. The punching capacity was subsequently determined by summing the contributions from these effects. This model was evaluated through extensive comparisons with experimental data, demonstrating that it accurately captures the influence of various parameters. Across the collected 260 test data, the average ratio of experimental to predicted punching capacity was 1.01, with a coefficient of variance of 0.11 and a coefficient of determination of 0.97. The average ratio, coefficient of variation, and coefficient of determination improved by 8 %, 21 %, and 1 %, compared to the optimal results from other design and theoretical models. The developed model can also assess all shear contributions, slab deformation, and critical shear crack inclination. It is ultimately confirmed that the proposed model can elucidate the physical phenomena and underlying mechanisms involved in punching behavior. Slab deformation primarily arises from flexural deformation, whereas shear forces are predominantly transmitted through the shear-compression ring. Punching failure is attributed to the failure of the shear-compression ring under tension-compression-compression triaxial stress.