In this paper, I analyzed corporation’s dividend policy of the colonial period.The average dividend rate of the entire corporations was 5.5 to 6.5% and thatof corporations which could pay a dividend was 6.5 to 7.5%. As in theprevious studies, the results of tobit analysis, which was performed to confirmthe determinants of the dividend, also revealed that the rate of return, age,capital size, debt, etc. affected the dividend.In the analysis of the changes in the dividend, I found that the level ofstability of the dividend was not high in Korea. By analyzing the determinantsof changes in the dividend, it was confirmed that whether or not to change therate of return was most important. Finally, I did not find any evidence thatprofitability in the future could be predicted by dividend changes.