The study looked at how dividend payments affect stock returns in Korea. Firms that consistently pay dividends for several years tend to have a good reputation, which can impact their stock performance. Companies that pay more dividends, are larger, older, profitable, less in debt, have stable returns, foreign holdings, and concentrated ownership tend to have a good dividend reputation. When these firms with high dividend yields have a good reputation, they tend to have higher future stock returns. This is different from what studies in other countries have found. Also, larger firms with growth potential and less concentrated ownership, when they have a good dividend reputation, tend to have higher future returns.