• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.119-133
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• 2024

As a result of significant investments by the government in promoting public technology commercialization and fostering a venture startup ecosystem, there have been quantitative achievements, such as the registration of over 1,600 Innopolis Start-ups since 2006, generating a total revenue of 1.1 trillion won as of 2021. However, these achievements have been overshadowed by critical qualitative challenges, including a continuous decline in average revenue per Innopolis Start-up. This led to a focus on whether managers' technological and market orientations affect business performance. This study aims to provide insights into improving the qualitative growth of Innopolis Start-ups by analyzing the effects of technological and market orientations on business performance, as well as the moderating effects of adjusting marketing and research and development (R&D) costs on this relationship. Through prior research and empirical analysis, this study derives three main findings. First, technological excellence and innovation significantly influence the business performance of Innopolis Start-ups, while technological intensity does not. Second, customer orientation and competitive orientation significantly impact business performance, whereas entry barriers as a single factor do not. Third, adjusting marketing and R&D costs, as controlled variables obtained through general situations, has no direct impact on other variables. However, it interacts with entry barriers, influencing financial business performance, with R&D costs exhibiting a negative buffering effect and marketing costs showing a positive enhancing effect. This study confirms that both technological and market orientations directly influence the business performance of Innopolis Start-ups, thus being crucial factors affecting their growth. Moreover, it establishes that investments in marketing and R&D play significant roles in alleviating initial entry barriers and enhancing financial performance. Consequently, it underscores the importance of reinforcing technological and market orientations tailored to the characteristics of Innopolis Start-ups. Additionally, it proposes five theoretical contributions: strengthening institutional support systems for technology commercialization and innovation, improving qualitative evaluation criteria during the selection process of Innopolis Start-ups, conducting comprehensive analyses of technological and market aspects during startup selection, enhancing support for marketing education and consulting for smooth market entry, and supporting expenditure strategies and milestone setting tailored to the industrial characteristics of individual Innopolis Start-ups.

• Trans-
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• v.16
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• pp.1-31
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• 2024

The advent of digital media has facilitated easy access for adolescents to environments conducive to the purchase of narcotics. In particular, there's an increasing trend in the purchase and consumption of narcotics mediated through Social Network Services (SNS) and messenger services. Adolescents, sensitive to such environments, are at risk of experiencing neurological and mental health issues due to narcotic addiction, increasing their exposure to criminal activities, hence necessitating national-level management and support. Consequently, the quest for sustainable treatment methods for adolescents exposed to narcotics emerges as a critical challenge. In the context of high relapse rates in narcotic addiction, the necessity for cost-effective and user-friendly treatment programs is emphasized. This study conducts a literature review aimed at utilizing digital platforms to create an environment where adolescents can voluntarily participate, focusing on the development of therapeutic content through art. Specifically, it reviews societal perceptions and treatment statuses of adolescent drug addiction, analyzes the impact of narcotic addiction on adolescent brain activity and cognitive function degradation, and explores approaches for developing digital therapeutics to promote the rehabilitation of the addicted brain through analysis of precedential case studies. Moreover, the study investigates the benefits that the integration of digital therapeutic approaches and art therapy can provide in the treatment process and proposes the possibility of enhancing therapeutic effects through various treatment programs such as drama therapy, music therapy, and art therapy. The application of art therapy methods is anticipated to offer positive effects in terms of tool expansion, diversification of expression, data acquisition, and motivation. Through such approaches, an enhancement in the effectiveness of treatments for adolescent narcotic addiction is anticipated. Overall, this study undertakes foundational research for the development of digital therapeutics and related applications, offering economically viable and sustainable treatment options in consideration of the societal context of adolescent narcotic addiction.

• Journal of the Korean Society of Radiology
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• v.84 no.3
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• pp.638-652
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• 2023

Purpose To investigate the MRI markers for the prediction of amyloid β (Aβ)-positivity in mild cognitive impairment (MCI) and Alzheimer's disease (AD), and to evaluate the differences in MRI markers between Aβ-positive (Aβ [+]) and -negative groups using the machine learning (ML) method. Materials and Methods This study included 139 patients with MCI and AD who underwent amyloid PET-CT and brain MRI. Patients were divided into Aβ (+) (n = 84) and Aβ-negative (n = 55) groups. Visual analysis was performed with the Fazekas scale of white matter hyperintensity (WMH) and cerebral microbleeds (CMB) scores. The WMH volume and regional brain volume were quantitatively measured. The multivariable logistic regression and ML using support vector machine, and logistic regression were used to identify the best MRI predictors of Aβ-positivity. Results The Fazekas scale of WMH (p = 0.02) and CMB scores (p = 0.04) were higher in Aβ (+). The volumes of hippocampus, entorhinal cortex, and precuneus were smaller in Aβ (+) (p < 0.05). The third ventricle volume was larger in Aβ (+) (p = 0.002). The logistic regression of ML showed a good accuracy (81.1%) with mini-mental state examination (MMSE) and regional brain volumes. Conclusion The application of ML using the MMSE, third ventricle, and hippocampal volume is helpful in predicting Aβ-positivity with a good accuracy.

• The Journal of Korean Academy of Sensory Integration
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• v.22 no.1
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• pp.1-14
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• 2024

Objective : This study aimed to investigate the impact of Ayres' sensory integration (ASI) intervention on motor skills and occupational participation of preschool children with attention-deficit/hyperactivity disorder (ADHD). Method : Children with ADHD aged between 4 and 6 years who met the inclusion and exclusion criteria were randomly recruited through screening tests. The subjects were divided into an experimental group (10 subjects) and a control group (8 subjects). The instruments used were the Bruininks-Oseretsky test of motor proficiency-2 (BOT-2), Pediatric Evaluation of Disability Inventory (PEDI), and Goal Attainment Scale (GAS) to evaluate occupational participation. The subjects in the experimental group underwent individual sensory integration therapy according to the ASI principles for 40 minutes twice a week in a total of 16 sessions over eight weeks. The control group did not receive the ASI intervention. Data analysis was performed using the Mann-Whitney U test, chi-squared test, Wilcoxon signed-rank test, and Cohen's d test in SPSS 20.0. Results : The ASI experimental group had significantly higher scores in total motor composite, manual coordination, body coordination, strength, and agility in motor function than the control group (p<.05). The two groups did not differ significantly in terms of occupational participation (PEDI), but GAS scores for individual target activities were significantly higher in the experimental group than in the control group (p<.05). Conclusion : This study shows that the ASI intervention has positive effects on motor skills and occupation participation among preschool children with ADHD.

• Korean Journal of Environment and Ecology
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• v.38 no.3
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• pp.277-292
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• 2024

In order to manage large-scale forest fires concentrated in Gangwon-do and Gyeongsangbuk-do with severe topographical heterogeneity, a decision-making process through efficient and rapid damage assessment using satellite images is essential. Accordingly, this study targets a large-scale forest fire that ignited in Gangneung and the Donghae, Gangwon-do on March 5, 2022, and was extinguished around 19:00 on March 8, to estimate the fire severity using dNBR and derive environmental factors that affect the grade. As environmental factors, we quantified the regular vegetation index representing vegetation or fuel type, the forest index that classifies tree species, the regular moisture index representing moisture content, and DEM in relation to topography, and then analyzed the correlation with the fire severity. In terms of fire severity, the widest range was 'Unbured' at 52.4%, followed by low severity at 42.9%, medium-low severity at 4.3%, and medium-high severity at 0.4%. Environmental factors showed a negative correlation with dNDVI and dNDWI, and a positive correlation with slope. Regarding vegetation, the differences between coniferous, broad-leaved, and other groups in dNDVI, dNIWI, and slope, which were analyzed to affect the fire severity, were analyzed to be significant with p-value < 2.2e-16. In particular, the difference between coniferous and broad-leaved forests was clear, and it was confirmed that coniferous forest suffered more damage than broad-leaved forest due to the higher fire severity in the Gangwon-do region, including Pinus densiflora, which are dominant species, as well as P. koraiensis, P. rigida and P. thunbergii.

• The Korean Journal of Archival Studies
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• no.16
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• pp.303-339
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• 2007

"The damage incurred from forced mobilization under the Japanese Imperialism" means the life, physical, and property damage suffered by those who were forced to lead a life as soldiers, civilians attached to the military, laborers, and comfort women forcibly mobilized by the Japanese Imperialists during the period between the Manchurian Incident and the Pacific War. Up to the present time, every effort to restore the history on such a compulsory mobilization-borne damage has been made by the damaged parties, bereaved families, civil organizations, and academic circles concerned; as a result, on March 5, 2004, Disclosure act of Forced Mobilization under the Japanese Imperialism[part of it was partially revised on May 17, 2007]was officially established and proclaimed. On the basis of this law, the Truth Commission on Forced Mobilization under the Japanese Imperialism Republic of Korea[Compulsory Mobilization Commission hence after] was launched under the jurisdiction of the Prime Minister on November 10, 2004. Since February 1, 2005, this organ has begun its work with the aim of looking into the real aspects of damage incurred from compulsory mobilization under the Japanese Imperialism, by which making the historical truth open to the world. The major business of this organ is to receive the damage report and investigation of the reported damage[examination of the alleged victims and bereaved families, and decision-making], receipt of the application for the fact-finding & fact finding; fact finding and matters impossible to make judgment; correction of a family register subsequent to the damage judgement; collection & analysis of data concerning compulsory mobilization at home and from abroad and writing up of a report; exhumation of the remains, remains saving, their repatriation, and building project for historical records hall and museum & memorial place, etc. The Truth Commission on Compulsory Mobilization has dug out and collected a variety of records to meet the examination of the damage and fact finding business. As is often the case with other history of damage, the records which had already been made open to the public or have been newly dug out usually have their limits to ascertaining of the diverse historical context involved in compulsory mobilization in their quantity or quality. Of course, there may happen a case where the interested parties' story can fill the vacancy of records or has its foundational value more than its related record itself. The Truth Commission on Compulsory mobilization generated a variety of oral history records through oral interviews with the alleged damage-suffered survivors and puts those data to use for examination business, attempting to make use of those data for public use while managing those on a systematic method. The Truth Commission on compulsory mobilization-possessed oral history archives were generated based on a drastic planning from the beginning of their generation, and induced digital medium-based production of those data while bearing the conveniences of their management and usage in mind from the stage of production. In addition, in order to surpass the limits of the oral history archives produced in the process of the investigating process, this organ conducted several special training sessions for the interviewees and let the interviewees leave their real context in time of their oral testimony in an interview journal. The Truth Commission on compulsory mobilization isn't equipped with an extra records management system for the management of the collected archives. The digital archives are generated through the management system of the real aspects of damage and electronic approval system, and they plays a role in registering and searching the produced, collected, and contributed records. The oral history archives are registered at the digital archive and preserved together with real records. The collected oral history archives are technically classified at the same time of their registration and given a proper number for registration, classification, and keeping. The Truth Commission on compulsory mobilization has continued its publication of oral history archives collection for the positive use of them and is also planning on producing an image-based matters. The oral history archives collected by this organ are produced, managed and used in as positive a way as possible surpassing the limits produced in the process of investigation business and budgetary deficits as well as the absence of records management system, etc. as the form of time-limit structure. The accumulated oral history archives, if a historical records hall and museum should be built as regulated in Disclosure act of forced mobilization, would be more systematically managed and used for the public users.

• The Korean Journal of Nuclear Medicine Technology
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• v.14 no.2
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• pp.3-8
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• 2010

Purpose: $^{11}C$-Acetate PET/CT is useful in detecting lesions that are related to livers in the human body and leads to a sensitivity of 87.3%. On the other hand, $^{18}F$-FDG PET/CT has a sensitivity of 47.3% and it has been reported that if both $^{18}F$-FDG and $^{11}C$-Acetate PET/CT are carried out together, their cumulative sensitivity is around 100%. However, the normal intake of the pancreas and the spleen in $^{11}C$-Acetate PET/CT can influence the $^{18}F$-FDG PET/CT leading to an inaccurate diagnosis. This research was aimed at the verification of the usefulness of how much influence these two radioactive medical supplies can cause on the medical images through comparative analysis between the one-day and two-day protocol. Materials and Methods: This research was carried out based on 46 patients who were diagnosed with liver cancer and have gone through the PET/CT (35 male, 11 female participants, average age: $54{\pm}10.6$ years, age range: 29-69 years). The equipment used for this test was the Biograph TruePoint40 PET/CT (Siemens Medical Systems, USA) and 21 participants who went through the one-day protocol test were first given the $^{11}C$-Acetate PET/CT and the $^{18}F$-FDG PET/CT, the latter exactly after one hour. The other 25 participants who went through the two-day protocol test were given the $^{11}C$-Acetate PET/CT on the first day and the $^{18}F$-FDG PET/CT on the next day. These two groups were then graded comparatively by assigning identical areas of interest of the pancreas and the spleen in the $^{18}F$-FDG images and by measuring the Standard Uptake Value (SUV). SPSS Ver.17 (SPSS Inc., USA) was used for statistical analysis, where statistical significance was found through the unpaired t-test. Results: After analyzing the participants' medical images from each of the two different protocol types, the average${\pm}$standard deviation of the SUV of the pancreas carried out under the two-day protocol were as follows: head $1.62{\pm}0.32$ g/mL, body $1.57{\pm}0.37$ g/mL, tail $1.49{\pm}0.33$ g/mL and the spleen $1.53{\pm}0.28$ g/mL. Whereas, the results for participants carried out under the one-day protocol were as follows: head $1.65{\pm}0.35$ g/mL, body $1.58{\pm}0.27$ g/mL, tail $1.49{\pm}0.28$ g/mL and the spleen $1.66{\pm}0.29$ g/mL. Conclusion: It was found that no statistical significant difference existed between the one-day and two-day protocol SUV in the pancreas and the spleen (p<0.05), and nothing which could be misconceived as false positive were found from the PET/CT medical image analysis. From this research, it was also found that no overestimation of the SUV occurred from the influence of $^{11}C$-Acetate on the $^{18}F$-FDG medical images where those two tests were carried out for one day. This result was supported by the statistical significance of the SUV of measurement. If $^{11}C$-Acetate becomes commercialized in the future, the diagnostic ability of liver diseases can be improved by $^{18}F$-FDG and one-day protocol. It is from this result where tests can be accomplished in one day without the interference phenomenon of the two radioactive medical supplies and furthermore, could reduce the waiting time improving customer satisfaction.

• Journal of Intelligence and Information Systems
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• v.20 no.4
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• pp.59-87
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• 2014

In MIS field, the researches on payment services are focused on adoption factors of payment service using behavior theories such as TRA(Theory of Reasoned Action), TAM(Technology Acceptance Model), and TPB (Theory of Planned Behavior). The previous researches presented various adoption factors according to types of payment service, nations, culture and so on even though adoption factors of identical payment service were presented differently by researchers. The payment service industry relatively has strong path dependency to the existing payment methods so that the research results on the identical payment service are different due to payment culture of nation. This paper aims to suggest a successful adoption factor of noble payment service regardless of nation's culture and characteristics of payment and prove it. In previous researches, common adoption factors of payment service are convenience, ease of use, security, convenience, speed etc. But real cases prove the fact that adoption factors that the previous researches present are not always critical to success to penetrate a market. For example, PayByPhone, NFC based parking payment service, successfully has penetrated to early market and grown. In contrast, Google Wallet service failed to be adopted to users despite NFC based payment method which provides convenience, security, ease of use. As shown in upper case, there remains an unexplained aspect. Therefore, the present research question emerged from the question: "What is the more essential and fundamental factor that should takes precedence over factors such as provides convenience, security, ease of use for successful penetration to market". With these cases, this paper analyzes four cases predicted on the following hypothesis and demonstrates it. "To successfully penetrate a market and sustainably grow, new payment service should find non-customer of the existing payment service and provide noble payment method so that they can use payment method". We give plausible explanations for the hypothesis using multiple case studies. Diners club, Danal, PayPal, Square were selected as a typical and successful cases in each category of payment service. The discussion on cases is primarily non-customer analysis that noble payment service targets on to find the most crucial factor in the early market, we does not attempt to consider factors for business growth. We clarified three-tier non-customer of the payment method that new payment service targets on and elaborated how new payment service satisfy them. In case of credit card, this payment service target first tier of non-customer who can't pay for because they don't have any cash temporarily but they have regular income. So credit card provides an opportunity which they can do economic activities by delaying the date of payment. In a result of wireless phone payment's case study, this service targets on second of non-customer who can't use online payment because they concern about security or have to take a complex process and learn how to use online payment method. Therefore, wireless phone payment provides very convenient payment method. Especially, it made group of young pay for a little money without a credit card. Case study result of PayPal, online payment service, shows that it targets on second tier of non-customer who reject to use online payment service because of concern about sensitive information leaks such as passwords and credit card details. Accordingly, PayPal service allows users to pay online without a provision of sensitive information. Final Square case result, Mobile POS -based payment service, also shows that it targets on second tier of non-customer who can't individually transact offline because of cash's shortness. Hence, Square provides dongle which function as POS by putting dongle in earphone terminal. As a result, four cases made non-customer their customer so that they could penetrate early market and had been extended their market share. Consequently, all cases supported the hypothesis and it is highly probable according to 'analytic generation' that case study methodology suggests. We present for judging the quality of research designs the following. Construct validity, internal validity, external validity, reliability are common to all social science methods, these have been summarized in numerous textbooks(Yin, 2014). In case study methodology, these also have served as a framework for assessing a large group of case studies (Gibbert, Ruigrok & Wicki, 2008). Construct validity is to identify correct operational measures for the concepts being studied. To satisfy construct validity, we use multiple sources of evidence such as the academic journals, magazine and articles etc. Internal validity is to seek to establish a causal relationship, whereby certain conditions are believed to lead to other conditions, as distinguished from spurious relationships. To satisfy internal validity, we do explanation building through four cases analysis. External validity is to define the domain to which a study's findings can be generalized. To satisfy this, replication logic in multiple case studies is used. Reliability is to demonstrate that the operations of a study -such as the data collection procedures- can be repeated, with the same results. To satisfy this, we use case study protocol. In Korea, the competition among stakeholders over mobile payment industry is intensifying. Not only main three Telecom Companies but also Smartphone companies and service provider like KakaoTalk announced that they would enter into mobile payment industry. Mobile payment industry is getting competitive. But it doesn't still have momentum effect notwithstanding positive presumptions that will grow very fast. Mobile payment services are categorized into various technology based payment service such as IC mobile card and Application payment service of cloud based, NFC, sound wave, BLE(Bluetooth Low Energy), Biometric recognition technology etc. Especially, mobile payment service is discontinuous innovations that users should change their behavior and noble infrastructure should be installed. These require users to learn how to use it and cause infra-installation cost to shopkeepers. Additionally, payment industry has the strong path dependency. In spite of these obstacles, mobile payment service which should provide dramatically improved value as a products and service of discontinuous innovations is focusing on convenience and security, convenience and so on. We suggest the following to success mobile payment service. First, non-customers of the existing payment service need to be identified. Second, needs of them should be taken. Then, noble payment service provides non-customer who can't pay by the previous payment method to payment method. In conclusion, mobile payment service can create new market and will result in extension of payment market.

• Asia Marketing Journal
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• v.14 no.2
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• pp.209-237
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• 2012

1. Research Purpose Consumers rely on various clues to evaluate their decision to patronize a retail store, and store brand is one of them (Dodds 1991; Grewal et al. 1998). As consumers find ever increasing variety of contact points connecting them to specific store, the value of experiential shopping as a means of increasing store's brand equity warrants greater attention from scholars of retail management. Retail shopping values are credited for creating not only cognitive experiences like brand knowledge but also emotional experiences such as shopping pleasure and pride (Schmitt 1999). This may be because today's consumers place emphasis on emotional values associated with shopping pleasure, lifestyle brought to life, brand relationship, and store atmosphere more than utilitarian values such as product quality and price. Many previous literature found this to be true (Ahn and Lee 2011; Mathwick et al. 2001). This brings forth important research issues and questions regarding the roles of shopping experiential values and brand equity with regard to consumer's retail patronage choice. However, despite this importance, research on this area remains quite inadequate (Hwang 2010). For this reason, this study aims to verify the relationships among experiential shopping values, retail store brand equity and tries to link that with customer loyalty by surveying large-scale discount store shoppers in Korea and China. 2. Research Contents In order to carry out the research objective, this study conducted comprehensive literature survey on previous literature by discussing major findings and implications with regard to shopping values and retail brand equity and store loyalty. For data collection, researcher employed survey-based research method where data were collected in two major cities of Korea (Seoul) and China (Bejing) and sampling frame was based on patrons of large discount stores in both countries. Specific research questions raised in this study are as follows; RQ1: How do Korean and Chinese consumers differently perceive of shopping values regarding shopping at large-sclae discount stores? RQ2: Are there differences in consumers' emotional consumption propensities? RQ3: Do Korean and Chinese consumers display different perceptions of brand equity towards large-scale discount stores? RQ4: Are there differences in relationships between shopping values and brand equity for Korean and Chinese consumers? For statistical analysis, SPSS17.0, AMOS17.0 and SmartPLS were employed. 3. Research Results The data collected through face-to-face survey conducted in Seoul and Bejing revealed appropriate data validity and reliability as a result of exploratory/confirmatory factor analysis and reliability tests, andh SEM model yielding satisfactory model fitness. The result of the study may be summarized by three main points. First, as a result of testing differences in consumption dispositions, Chinese consumers showed higher scores in aesthetic and symbolic dispositions, whereas Korean consumers scored higher in hedonic disposition. Second, testing on perceptions toward brand equity of large discount stores showed that Korean consumers exhibited more positive perceptions of brand awareness and brand image than Chinese counterparts. Third, the result of exploratory factor analysis on the experiential shopping values revealed different factors for each country. On Korean side, consumer interest value, aesthetic value, and hedonic value were prominent, whereas on Chinese side, hedonic value, aesthetic value, consumer interest value, and service excellence value were found salient. 4. Research Implications While many previous studies on inter-country differences in retailing area mainly focused on cultural dispositions or orientations to explain the differences, this study sets itself apart by specifically targeting individual consumer's shopping values from an experiential viewpoint. The study result provides important theoretical as well as practical implications for large-scale discount store, especially the impotance of fully exploring the linkage between shopping values and brand equity, which has significant influence on loyalty. Therefore, the specific implications deriving from the result shed some important insights upon the consumption values based on shopping experiences and brand equity. The differences found in store shoppers between the two countries may also provide useful insights for Korean and Chinese retailers who plan to expand their operations globally. Related strategic implications derived from this study is the importance of localizing retail strategy which is based on the differences found in experiential shopping values between the two country groups. Especially the finding that Chinese consumers value consumer interest and service excellence, whereas Koreans place importance on hedonic or aesthetic values indicates the need to differentiate the consumer's psychographical profiles when it comes to expanding retail operations globally. Particularly important will be to pursue price-orienated strategy in China in consideration of the high emphasis on consumer interests and service excellence, but to emphasize the symbolic aspects of brand equity in Korea by maximizing the brand equity associated with aesthetic values and hedonic orientations. 5. Recommendations This study focused on generic retail branded discount stores in both countries, thus making it difficult to tease out store-specific strategies based on specific retail brands. Future studies may benefit fro employing actual brand names in survey questionnaire to verify relationship between shopping values and brand-based store strategy. As with other studies of this nature, this study needs to strengthen the result's generalizability by selecting respondents from a wider spectrum of respondents.

• 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(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-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(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t 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.