• Title/Summary/Keyword: 관계성지지

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Seoktan Lee Shin-Ui's the Characteristic and Interpretation of Deahak(大學, The Great Learning) (석탄(石灘) 이신의(李愼儀)의 『대학(大學)』 독해(讀解)와 그 특징(特徵))

  • Shin, Chang-ho
    • The Journal of Korean Philosophical History
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    • no.35
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    • pp.223-248
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    • 2012
  • This research is to investigate his creative perspective to Deahak through Seoktan Lee Shin-Ui's Daehakcharok. Lee Shin-Ui is a scholar and politician in the middle of Joseon Dynasty. His ancestral home is Jeonui. The honor name is Gyeongchik and pen name is Seoktan. The posthumous name is MunJeong. His Daehakcharok was written in the process of taking basic foundation as the politic leader. It was a record that he usually wrote down things realized after reading Deahakjanggu. Seoktan clearly classified the meaning of Jang (chapter) and Gu (phrase) as the structure of Deahakjanggu, and created new realm about the method of classified study. In the preface of Deahakjanggu, he emphasized that the core of Deahak is in Gyeong (敬, respect or honor), and clarified that Deahak deals with Sim (心, mind) and Seong (性, human nature). In the interpretation of Daehakdeajeon, he thought that the core of Samgangnyeong (三綱領, three doctrines or essential principles) depended on Myeong (明, realizing), Shin (新, taking re-newness), and Ji (止, achieving) as the meaning of 'realizing, taking re-newness, and achieving', and interpreted the context of Tao (道, the way), Myeong (明, realizing), and Deuk (德, virtue) in detail. In addition, he interpreted various concepts and meaning of Deahak with Myeongmyeongdeuk (明明德, realizing human nature) and Sinmin (新民, renewing people) as relationship with Ji(知, realization), Haeng(行, practice), Che(體, main structure), and Yong (用, dealing with), and developed Neo-Confucianism deeply. In case of the main interpretation of Deahakjanggu, he analytically reviewed 50 phrases one by one throughout 10 total chapters. In case of chapter five which includes Zhuzi's the theory of Gyeokmul (格物, approaching things or persons), he interpreted it in three parts and classified Gyeokmulchiji (格物致知, approaching things or persons and then realizing their nature) about researching deeply of principle and each thing, and Mulgyeokjiji (物格知至, approaching things or persons and then realizing them) about all things. He arranged in order of 'principle- researching-result' as well. In final, chapter ten showing the core of politic thought emphasized the way of Hyeolgu (?矩, considering others' situation through his/her own experience) intensively and informed that it is the best virtue for a governor.

Reconstruction of the Origin of the Gudle (구들의 기원지(起源地) 재고(再考))

  • Oh, Seunghwan
    • Korean Journal of Heritage: History & Science
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    • v.54 no.1
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    • pp.100-119
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    • 2021
  • This paper has been written to verify the existing theory that districts occurred independently in various parts of the world, including the Korean Peninsula. Song Giho (2006) claims that the origin of the Gudle, is an example of polygenism that occurred in various areas in the world, including the Korean peninsula. This argument has been corroborated by a large number of researchers. However, it is difficult to understand the lineage of Gudle and its process of development, if a theory of polygenism is continued to be taken into account. The place which is targetet by this theory is the North-West area of the Korean peninsula, south of Primorsky Krai, and in the northern area of Zabaikal-Mongolia. This means that these areas developed independently because they were far from each other and had no direct cultural relationship. However, the structure of Gudle, shape, and assemblages of earthenware it cannot be explained by polygenism, as they are the same in every place. Furthermore, it is also questionable as to the timing and region of emergence of the culture in East Asia over a limited time frame of 3-2 BC. Gudle are formed by furnaces with roofs and walls, Gorae, which saves heat, and it has smoke ventilation that draws smoke out. Therefore, the Gudle is not a structure that anyone can make without advanced technical understanding. So far, the only facility with furnaces and smoke ventilation that appear before the Gudle is Buttumak. Thus, the Gudle is likely to have been invented in the place where Buttumak were used. The area as known for the origin of Gudle was observed to verify the existence of the Buttumak's structure, but none of these facilities were found. The Gudle suddenly appeared within a new culture that had never existed before. That means that none of the three places had the conditions under which the Gudle could be invented, so it must have been introduced from outside. In conclusion, the three places that I mentioned above are not the origin of Gudle. So, the origin of Gudle has to be found elsewhere.

Chinese Socialism and Nationalism (중국식 사회주의와 민족주의)

  • Cho, Bonglae
    • The Journal of Korean Philosophical History
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    • no.27
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    • pp.223-254
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    • 2009
  • This thesis is aimed at researching the formation of democracy in socialist China. Due to a sense of cultural superiority on the basis of their developed civilization, they already formed a strong cultural nationalism, which has come to firm up into "Sinocentrism" through long periods of time. However, there arose a sense of crisis due to the Western invasion after the Opium War and the intellectuals in China happened to seek the solution to rescuing their mother land from ruin; in the midst of this process, the theory of social evolution of the West was introduced and accepted. The acceptance of this theory of social evolution gradually transformed in confrontation with a logical limit that China defeated in international competition could not but be plundered by imperialism after all, but it contributed to Chinese intellectuals' forming the concept of the modern state nationalism of the West deviating from cultural Sinocentrism. After the Russian Revolution, a large number of Chinese progressive intellectuals developed their socialist movement with the recognition that Marxism was a practicable alternative to rescue China from its crisis. The Chinese Communist Party was under guidance of the Comintern from the early process of its formation, in which they emphasized the fact the national liberation struggle in colonialized countries was an indispensable element in the world communist movement under the condition of the control of the world by imperialist capital at that time and subsequently, Marxism characterized by resistant nationalism in China gained its cause. Afterwards, the People's Republic of China was established by the Chinese Communists which came to get widespread support from the Chinese through anti-imperialism &feudalism in the process of the Sino-Japanese War, and thus China equipped with a full-blown socialism system set sails. However, with the relations with the Soviet Union getting worse under the international conditions of a cold war, the development of the Chinese socialism couldn't but resort to the concentrated power of its people, which was linked to the boost of continuous patriotism of the Chinese Communists. Particularly, due to the newly-emerging contradictions after reform & opening [gig kifng], China underwent disruption; thus, as an ideology to integrate such disruptive elements, Sinocentrism based on China's cultural pride re-appeared. Recently, a very strong form of Sinocentrism has come to the fore as their superiority of traditional cultures is emphasized in China whose international position as an economic power has been raised.

Daesoon Jinrihoe Yeoju Headquarters Temple Complex as Viewed within Feng-Shui Theory (풍수지리로 본 대순진리회 여주본부도장)

  • Shin, Young-dae
    • Journal of the Daesoon Academy of Sciences
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    • v.33
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    • pp.91-145
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    • 2019
  • This study aims to reveal that Daesoon Jinrihoe Yeoju Headquarters Temple Complex is a sacred place of Gaebyeokgongsa (the Reordering Works of the Great Opening) through the logic of the energy of form in Feng-Shui studies. The Headquarters Temple Complex can illuminate the lamp of coexistence, emerge as a place for cultivation, and support the era of human nobility with Gucheonsangje (the Supreme God of the Ninth Heaven) as an object of faith. Virtuous Concordance of Yin and Yang, Harmonious Union between Divine Beings and Human Beings, the Resolution of Grievances for Mutual Beneficence, and Perfected Unification with Dao are the mission statements of this great site. For this purpose, it is necessary to investigate the headquarters according to integral Feng-Shui Theory. Doing so can provide proof that the geographic location, landscape, yin-yang harmonizing, and flowing veins of terrestrial energy at Headquarters Temple Complex are all profoundly auspicious. At the same time, this data also allows further study into the interactions of dragon-veins, energy hubs, surrounding mountains, and watercourses, which reveal how Daesoon Jinrihoe Yeoju Headquarters Temple Complex promotes the basic works of propagation, edification, and cultivation and three societal works of charity aid, social welfare, and education for the purpose of global propagation, saving beings, and building an earthly paradise by reforming humanity and engaging in spiritual civilization. This must be done on site with proper Feng-Shui in order to open up the era of human nobility upon the Great Opening of the Later World. As the center of the religious order, Daesoon Jinrihoe, Yeoju Headquarter Temple Complex has the general Feng-Shui characteristic of Baesanimsu (a back supported by a mountain and a front facing water). Through discussing the Feng-Shui of Daesoon Jinrihoe's Yeoju Headquarters Temple Complex as the center of humankind's resolution of grievances for mutual beneficence, this study would explore growth-supporting land that delivers future rewards through Feng-Shui symbolism and the ethical practice of grateful reciprocation of favors for mutual beneficence. This exploration will reveal how the geographical features and conditions of the Yeoju Headquarters Temple Complex make it a place fit for spiritual cultivation. It is a miraculous luminous court surrounded by mountains, where auspicious signs in eight directions gather. Its veins of terrestrial energy harmonize with clean water energy as it is affectionately situated within its natural environment. Its location corresponds with the Feng-Shui theory of dragon-veins, energy hubs, surrounding mountains, and watercourses. Thus, with regards to the Feng-Shui of Daesoon Jinrihoe's Yeoju Headquarters Temple Complex, this study examines the flows of mountains and waters and focuses on how the site is based on the logic of Feng-Shui. More generally, the geographical features of the surrounding mountains are likewise examined. An analysis of the relationship between Poguk (布局) of Sasinsa (animal symbols of the four directions, four gods, including blue dragon of the east, red phoenix of the south, white tiger of the west, and black tortoise of the north) and the location will be provided while focusing on the Yeoju Headquarters Temple Complex. This study supports the feasibility of further Feng-Shui studies of the Yeoju Headquarters Temple Complex based on traditional geomancy books that focusing on Hyeonggi (Energy of Form) Theory.

The Influence of Loyalty Program on the Effect of Customer Retention: Focused on Education Service Industry (고객보상 프로그램이 고객 유지에 미치는 효과: 교육 서비스 산업을 중심으로)

  • Jeon, Hoseong
    • Asia Marketing Journal
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    • v.13 no.3
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    • pp.25-53
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    • 2011
  • This study probes the effect of loyalty program on the customer retention based on the real transaction data(n=2,892) acquired from education service industry. We try to figure out the outcomes of reward program through more than 1 year-long data gathered and analyzed according to quasi-experimental design(i.e., before and after design). We adopt this kinds of research scheme in regard that previous studies measured the effect of loyalty program by dividing the customers into two group(i.e., members vs. non-members) after the firms or stores had started the program. We believe that it might not avoid the self-selection bias. The research questions of this study could be explained such as: First, most research said that the loyalty programs could increase the customer loyalty and contribute to the sustainable growth of company. But there are little confirmation that this promotional tool could be justified in terms of financial perspective. Thus, we are interested in both the retention rate and financial outcomes caused by the introduction of loyalty programs. Second, reward programs target mainly current customer. Especially CRM(customer relationship management) said that it is more profitable for company to build positive relationship with current customer instead of pursuing new customer. And it claims that reward program is excellent means to achieve this goal. For this purpose, we check in this study whether there is a interaction effect between loyalty program and customer type in retaining customer. Third, it is said that dis-satisfied customers are more likely to leave the company than satisfied customers. While, Bolton, Kannan and Bramlett(2000) claimed that reward program could contribute to minimize the effect of negative service by building emotional link with customer, it is not empirically confirmed. This point of view explained that the loyalty programs might work as exit barrier to current customer. Thus, this study tries to identify whether there is a interaction effect between loyalty program and service experience in keeping customer. To achieve this purpose, this study adopt both Kaplan-Meier survival analysis and Cox proportional hazard model. The research outcomes show that the average retention period is 179 days before introducing loyalty program but it is increased to 227 days after reward is given to the customers. Since this difference is statistically significant, it could be said that H1 is supported. In addition, the contribution margin coming from increased transaction period is bigger than the cost for administering loyalty programs. To address other research questions, we probe the interaction effect between loyalty program and other factors(i.e., customer type and service experience) affecting it. The analysis of Cox proportional hazard model said that the current customer is more likely to engage in building relationship with company compared to new customer. In addition, retention rate of satisfied customer is significantly increased in relation to dis-satisfied customer. Interestingly, the transaction period of dis-satisfied customer is notably increased after introducing loyalty programs. Thus, it could be said that H2, H3, and H4 are also supported. In summary, we found that the loyalty programs have values as a promotional tool in forming positive relationship with customer and building exit barrier.

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The Attitude of the Bereaved Family Attending a Bereavement Memorial Service (사별가족모임과 관련된 사별가족 태도 연구)

  • Jung, In-Soon;Shim, Byoung-Yong;Kim, Young-Seon;Lee, Ok-Kyung;Han, Sun-Ae;Shin, Ju-Hyun;Lee, Jong-Ku;Hwang, Su-Hyun;Ok, Jong-Sun;Kim, Hoon-Kyo
    • Journal of Hospice and Palliative Care
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    • v.8 no.2
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    • pp.143-151
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    • 2005
  • Purpose: Bereavement Memorial Service has been held every year by the hospice team at St. Vincent's Hospital for the purpose of supporting the bereaved family who feel grief and mourning. The purpose of this study is to find out the attitude of the bereaved attending at bereavement memorial service (BMS) and to find out the areas needing improvements to set up better memorial service. Methods: Hospice team sent invitation card to 180 families of patients who admitted and passed away at hospice ward Nov., 2003${\sim}$Oct., 2004. Among them 22 families attended the BMS meeting, which was held on 26th Nov., 2004. The researcher collected data from 22 families with 'Questionnaire' survey. Except identifying data and 2 dichotomy questions, we used open-ended questionnaire. 1 researcher conducted a telephone interview survey in 18 families who couldn't attend at BMS meeting. Results: The median age was 56 (range $16{\sim}19$) and there were 37 females and 3 males. They were patient's wife (22), mother (4), husband (5), daughter (4), mother-in-law (1), siblings (1), brothers wife (1). Duration after bereavement, $1{\sim}3$ months (17) was the highest frequency. 36 families agreed 'the dead experienced the death with dignity'. The reason of agreement to the death with dignity was 'the patient died in preparation' (16). 'the patient died in well-being condition spiritually' (9), 'the patient died in comfort physically (7). 4. persons thought the dead died with indignity. The bereaved defined 'the death with dignity' as follows: 'acceptance of death & death in spiritual well-being' (9), 'death in physical comfort condition' (7), 'the death in psycho-social well-being' (3), non-respondents (10). Most families (21) were still in difficulty to overcome bereavement grief. The answer regarding the method to overcome the difficulty was 'with spiritual sublimation' (13), 'with devotion of oneself in daily life' (10), 'with devotion to mourning as it is' (3). With regard to their attitude to invitation, 'having joy and thanks from hospice team' (21), 'grief' (4), 'suffering' (4). Toward the existence of hesitation about attendance at BMS meeting, the result as follows. Nonexistence of hesitation respondent (34), existence respondent (6), the reason for hesitation was various; 'the meeting reminds me of the suffering times', 'the meeting makes me to recall, and it will be likely to cry', and so on. The needs and feelings to memorial service meeting were various; 'it was meaningful time', 'it was good to recall about the dead', 'more meeting annually' and so on. In respect of the most difficulty after bereavement, in attendant family, 'depression' (10) was the highest frequency, whereas, in non-attendant family, the most difficult thing was 'financial problem/role difficulty (6). Conclusion: This study shows the rate of attendance was high in bereaved whose bereavement duration $1{\sim}3$ month. Most of bereaved were still suffering from bereavement grief within 1 year. Although most families didn't hesitate and felt positive mood to invitation, the rate of attendance was low. Comparing with two groups between attendant family and non-attendant, the latter felt more difficulty in 'financial problem/role difficulty, on the other hand, the former felt difficulty in 'depression'. Hereafter, the additional study about the factor relating to these attitude and needs of the bereaved relating to memorial service will be necessary.

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The Status of North Korean Airspace after Reunification (북한 공역의 통일 후 지위)

  • Kwon, Chang-Young
    • The Korean Journal of Air & Space Law and Policy
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    • v.32 no.1
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    • pp.287-325
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    • 2017
  • Considering the development of aerospace, military science and technology since the 20th century, the sky is very important for the nation's existence and prosperity. The proverb "Whosoever commands the space commands the world itself!" emphasizes the need for the command of the air. This essay is the first study on the status of airspace after reunification. First, the territorial airspace is over the territory and territorial sea, and its horizontal extent is determined by the territorial boundary lines. Acceptance of the present order is most reasonable, rather than attempting to reconfigure through historical truths about border issues, and it could be supported by neighboring countries in the reunification period. For peace in Northeast Asia, the reunified Korea needs to respect the existing border agreement between North Korea and China or Russia. However, the North Korean straight baselines established in the East Sea and the Yellow Sea should be discarded because they are not available under United Nations Convention on the Law of the Sea. It is desirable for the reunified Korea to redefine the straight baselines that comply with international law and determine the territorial waters up to and including the 12-nautical mile outside it. Second, the Flight Information Region (hereinafter "FIR") is a region defined by the International Civil Aviation Organization (hereinafter "ICAO") in order to provide information necessary for the safe and efficient flight of aircraft and the search and rescue of aircraft. At present, Korea is divided into Incheon FIR which is under the jurisdiction of South Korea and Pyongyang FIR which is under the jurisdiction of North Korea. If North Korea can not temporarily exercise control of Pyongyang FIR due to a sudden change of circumstances, it is desirable for South Korea to exercise control of Pyongyang FIR, and if it is unavoidable, ICAO should temporarily exercise it. In reunified Korea, it is desirable to abolish Pyongyang FIR and integrate it into Incheon FIR with the approval of ICAO, considering systematic management and control of FIR, establishment of route, and efficiency of management. Third, the Air Defense Identification Zone (hereinafter "ADIZ") is a zone that requires easy identification, positioning, and control of aircraft for national security purposes, and is set up unilaterally by the country concerned. The US unilaterally established the Korea Air Defense Identification Area (KADIZ) by the Declaration of Commitment on March 22, 1951. The Ministry of Defense proclaimed a new KADIZ which extended to the area including IEODO on December 13, 2013. At present, North Korea's military warning zone is set only at maritime boundaries such as the East Sea and the Yellow Sea. But in view of its lack of function as ADIZ in relations with China and Russia, the reunified Korea has no obligation to succeed it. Since the depth of the Korean peninsula is short, it is necessary to set ADIZ boundary on the outskirts of the territorial airspace to achieve the original purpose of ADIZ. Therefore, KADIZ of the reunified Korea should be newly established by the boundary line that coincides with the Incheon FIR of the reunified Korea. However, if there is no buffer zone overlapping with or adjacent to the ADIZs of neighboring countries, military tensions may rise. Therefore, through bilateral negotiations for peace in Northeast Asia, a buffer zone is established between adjacent ADIZs.

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The Relations between Financial Constraints and Dividend Smoothing of Innovative Small and Medium Sized Enterprises (혁신형 중소기업의 재무적 제약과 배당스무딩간의 관계)

  • Shin, Min-Shik;Kim, Soo-Eun
    • Korean small business review
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    • v.31 no.4
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    • pp.67-93
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    • 2009
  • The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPSt), and independent variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt). We hypothesized that firms adjust partially the gap between the current dividend per share(DPSt) and the target payout ratio(Ω) each year, when the past dividend per share(DPSt-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPSt), explanatory variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt), and control variables are the current capital expenditure ratio(CEAt), the current leverage ratio(LEVt), the current operating return on assets(ROAt), the current business risk(RISKt), the current trading volume turnover ratio(TURNt), and the current dividend premium(DPREMt). In these control variables, CEAt, LEVt, and ROAt are the determinants suggested by the residual dividend theory and the agency theory, ROAt and RISKt are the determinants suggested by the dividend signaling theory, TURNt is the determinant suggested by the transactions cost theory, and DPREMt is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.