This study explores the dynamic relationship between dividend policy and the asymmetric cost behavior of Selling, General, and Administrative (SG&A) expenses in Korean-listed firms, drawing on cost management and agency theories. Using a multiple regression model with a decreasing sales revenue interaction term, the findings reveal a positive association between dividend payments and heightened asymmetric cost behavior. Firms with augmented cash holdings exhibit a greater degree of cost stickiness. Moreover, lower ownership concentration is linked to a more pronounced impact of dividend payments on asymmetric cost behavior compared to firms with higher ownership concentration. This research contributes significantly to the realms of cost accounting and dividend policy, shedding light on the intricate financial decision-making dynamics in Korean-listed firms.