This study investigates the effect of stock market on corporate dividend policy after the 1997 foreign exchange crisis (1997-1998). According to a study by La Porta et al. (2002), in countries where shareholders' legal protection is strong, they pay more dividends than companies without legal protection. Growth opportunities are limited and dividend payout increases. This result shows that corporate governance is related to corporate dividend policy. This paper examines the relationship between corporate governance policy and corporate dividend policy for Korean companies.The dividend policy is one of the three key components of modern corporate financial activities. It is the strategy adopted by the company to make dividend payment decisions, to select dividend payment methods, and to pay dividends. Dividend payment decisions are also the core of the dividend policy and play an important role in corporate financial management.In this study, we select the non-financial sector KOSPI market and the KOSDAQ market listed on the securities market for a total of five years from 2013 to 2017 for empirical analysis.According to the results of analysis of the KOSPI market firms, we conclude that there is a positive effect on the dividend payout ratio of foreign firms due to changes in foreign ownership. On the other hand, the negative effect of the dividend payout ratio on the corporate dividend payout ratio was found.Finally, we conclude that, according to the results of KOSDAQ market corporations, we support the definition of dividend payout by the change of foreign ownership ratio and conclude that the definition of dividend payout ratio by the change of the largest shareholder ownership ratio.