Abstarct: The aim of this study is to investigate the effect of managers’ behavioral characteristics on dividend catering policy in companies listed on the Iraq Stock Exchange. In this regard, four behavioral traits, including managerial overconfidence, managerial optimism, risk-taking, and behavioral conservatism, are considered as independent variables, and their impact on dividend catering policy as the dependent variable is examined. In addition, to control for the effects of other factors influencing dividend policy, variables such as firm size, profitability, financial leverage, and growth opportunities are included in the model. The statistical population of the study consists of companies listed on the Iraq Stock Exchange over the period 2020 to 2024. The data are collected in a panel data structure and analyzed using the fixed effects regression method. The results of hypothesis testing indicate that managerial overconfidence has a positive and significant effect on dividend catering policy, while managerial optimism has a negative and significant effect on this policy. Furthermore, behavioral conservatism of managers has a positive and significant effect on dividend catering policy; however, managerial risk-taking does not have a significant effect on this policy. Overall, the findings suggest that dividend policy decisions in Iraqi firms are not solely baxsed on financial and accounting factors, but are significantly influenced by managers’ behavioral and psychological characteristics. These results highlight the importance of incorporating behavioral dimensions into corporate financial decision-making analysis and may have important implications for investors, financial analysts, and capital market policymakers in Iraq.