• Journal of Hospice and Palliative Care
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• v.4 no.1
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• pp.4-13
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• 2001

Purpose : Since the acquired immune deficiency syndrome (AIDS) was first recognized in the United States in the summer of 1981, the number of these patients has been increasing in the world. But do not find out a cure and a vaccine for ARS (5). And so, the best treatment for AIDS is the prevention. People can find out accurate knowledge about AIDS, and they can prevent themselves from AIDS approximately 100%. In this study, we investigate with AIDS knowledge and attitudes in unmarried young men (<24 age) and suggest accurate preventive education for AIDS and good sexual behaviors. Methods : Un-married young soldiers and college students who were not diagnosed as AIDS until June 30, 2000 were included in the study. The study included a total of 923 men. A self evaluation questionnaire, included questions on 36 items(the part of demographic data - 9; the part of knowledge - 20; the part of attitudes - 8), was drawn up by three physicians. The demographic data, AIDS knowledge and attitudes were analyzed by chi-square analysis, and the total score of AIDS knowledge - comparison according to demographic factors and attitudewere analyzed by one-way ANOVA test. Results : In demographic characteristics, as for the first recognized time of AIDS, most of men knew it when they were in their middle school, as for sources of information on AIDS, most of them knew it through the TV-media, and as for the educational need about AIDS, most of them agreed with it. In AIDS knowledge, mean scores were $14.0{\pm}1.8$ (70.3%). Items of the misconceptions concerning AIDS, reported as less than 50% correct answers, were 6 among 20 items (30%). In AIDS attitudes, as for the item about that if I will be an AIDS patient, I will have an AIDS treatment, it showed that the number of men agreed with 759 (82.2%), and as for the item about that I will help for AIDS patient even though I don't know him, it showed that the number of them agreed with 412 (45.8%). In correlation of AIDS knowledge and demographic factors, the mean scores of knowledge of men with higher than college degree were higher than them of others. The mean scores of knowledge of men with total income of family with more than US$1667 were higher than them of others. The mean scores of knowledge of men with sources of information on AIDS through the TV-media were higher than them of others. And the mean scores of knowledge of men with past medical history of STD(sexually transmitted disease) were higher than them of others. Conclusions : The higher the knowledge he has, the lower the possibility of risk and the more positive the attitude he has. And then we think that the education program for AIDS will be included as a regular part of the curriculum in high school, and young men must be effectively educated by it.

• Journal of the Korean Society of Food Culture
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• v.11 no.4
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• pp.487-495
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• 1996

The consumer perception on health and food habit, the experience of health food use and the discrimination between health food and drug of Korean consumer were surveyed by using a questionnaire containing 20 items in order to obtain the basic data for the assessment of the benefit and risk of health foods in Korea. A total of 1,000 people over 20 years of age living in Seoul and the vicinities were interviewed and asked to fill out the questionnaire during the period from the October 1995 to the February 1996. Among the 882 answers collected 23 was incomplete data, and 859 answers were used for the statistical analysis by using SAS program. The survey revealed a strong interest of the consumer on health food by showing that more than a half of the subjects (58.8%) had the experience of actual use of health food, and 68.2% believed the effectiveness. What the consumer expect most from health food was to have beneficial effect to maintain overall health condition (59.8%), and the most negative aspect of health food was the overstatement on the effectiveness by the producers (52.1%). The most important source of information for the purchase of health food was the suggestion of friends and relatives (30.6%). Among the health foods registered and regulated by the food law, royal jelly (22.7%), squalene (16.0%), refined fish oil (15.1%), lactic acid bacteria (10.6%) and aloe (8.8%) were relatively well aware. Although 84% of the subjects perceived that health food is different from drug or traditional medicine, the largest percentage of the subject selected ginseng as the most well known type of health food (22.7%) as well as the most well known drug (or traditional medicine) (41.7%). Ginseng was also chosen as the most frequently used health food (17.0%), and vitamin tablets the third (13.0%). The vague definition of health food and unambiguous discrimination of it from medicine by the consumers were problematic for the correct use and reasonable purchasing behavior. The clear definition and proper regulation on the manufacture and distribution of health food, more strict control of labelling and advertisement, and a wide consumer education on health food were recommended.

• Journal of the Korean Society of Food Culture
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• v.11 no.4
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• pp.475-485
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• 1996

The consumer perception on health and food habit, the experience of health food use and the discrimination between health food and drug of Korean consumer were surveyed by using a questionnaire containing 15 items in order to obtain the basic data for the assessment of the benefit and risk of health foods in Korea. A total of 1,000 people over 20 years of age living in Seoul and the vicinities were interviewed and asked to fill out the questionnaire during the period from the October 1995 to the February 1996. Among the 882 answers collected, 23 was incomplete data, and 859 answers were used for the statistical analysis by using SAS program. The perception of Korean consumer on health and food habit indicated that food habit was considered the most important factor for the maintenance of health, as appeared in 39.8% of the subjects, among which 93.9 % believed that food habit could cause disease, and 97.1% believed that disease could be cured by changing food habit. The most worried disease was cancer (30.6%), degenerative diseases (14.1%), diseases by accident (12.6%) and obesity (10.0%). The disease which likely to be caused by food habit was diabetes (35.6%), obesity (22.4%), high blood pressure (12.8%), constipation (12.7%) and cancer (7.9%). The disease which was believed to be cured by changing food habit was diabetes (40.1%), obesity (25.9%), constipation (16.5%), high blood pressure (7.4%) and cancer (3.3%). It appeared that the people had a perception that food habit was highly related with diabetes and obesity, but less with cancer which was mostly worried.

• 한국노년학
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• v.38 no.3
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• pp.569-592
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• 2018

This study purported to investigate the current state of human rights of older adults residing in rural areas of Korea. The study utilized, as an analytic framework, 4 priority directions (1. "older persons and development", 2. "rural area development", 3. "advancing health and well-being into old age", and 4. "ensuring enabling and supportive environments") with 13 task actions recommended by Madrid International Plan of Action on Ageing (MIPAA). Furthermore, the study examined gender differences in all items included in the analytic framework. Data was collected by the face-to-face survey on 800 subjects aged 65 and over. Statistical analyses were conducted using STATA 13.0 program. The main results were summarized in order of 4 priority directions as follows. First, average working hours per day were 6.2, and men reportedly participated in economic activities and needed job training more than women, while women participated in lifelong education programs more than men. Awareness of fire and disaster prevention facilities was low in both genders. Second, accessibility to the support center for the elderly living alone as well as protective services for the vulnerable elderly was found to be low. IT-based services and networking were used more by men than women, and specifically, IT-based financial transactions and welfare services were least used. Third, medical check-ups and vaccinations were well received, while consistent treatments for chronic illnesses and long-term care services were relatively less given. In addition, accessibility to mental health service centers was considerably low. Fourth, although old house structures and the lack of convenience facilities were found to be circumstantial risk factors for these elders, experiences of receiving housing support services were scarce. The elderly were found to rely more on informal care, and concerns for their care were higher in women than men. Plus, accessibility to elderly abuse services was markedly low. Based on these results, discussed were implications for implementing policies and practical interventions to raise the levels of the human rights for this population.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.1
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• pp.47-58
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• 2019

This paper is brought to analyze an impact of coaching activities over entrepreneur with respect to entrepreneurs' personal characteristics on the performance of Startups focusing on entrepreneur's awareness conversion effect. In particular, the situation of falling focus of serious startup failure on uncoachable obstinate entrepreneur among the several causes of startup failures, this paper define the research mission of reducing this risk by inducing coaching types of cooperations between senior entrepreneur having serial successful startup experiences and beginning entrepreneur. This paper carry out literature reviews chiefly on startup coaching researches rather than mentoring studies because coaching stressing on self-oriented problem defining and solving by entrepreneur actively tend to be more effective than mentoring relying on mentor's guideline passively as solving startup's main upcoming problems. This paper implement four related researches. First, the impact analysis of entrepreneur's personal characteristics on coaching activities, second, influences of entrepreneurs environmental factors on them, Third, impact of coaching activities on entrepreneur's awareness conversion effect, Fourth, how strongly this conversion effect contributing on the performance of startup. As results of empirical research, first, this paper prove that entrepreneur's environmental factors impact positively on coaching activities over entrepreneur although failing on validating on significant impact of entrepreneur's personal characteristics on coaching activities. Second, this paper prove that coaching activities positively influence on entrepreneur's awareness conversion, hence ultimately positively on the performance of startups. As conclusion, this paper validate that coaching activities over entrepreneur through inducing on the conversion of entrepreneur's awareness lead entrepreneur to setting the bar high and accountable planning of business milestone. This paper contribute on delivering policy implication that government initiatin action-oriented training program for entrepreneurs should accept the module of coaching session to produce more effective results.

• Journal of Nutrition and Health
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• v.51 no.6
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• pp.567-579
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• 2018

Purpose: This study examined the mediation effects of dietary habits, nutrient intake, daily life in the relationship between the working hours of Korean shift workers and metabolic syndrome. Methods: Data were collected from the sixth (2013-2015) Korea National Health and Nutrition Examination Survey (KNHANES). The stochastic regression imputation was used to fill missing data. Statistical analysis was performed in Korean shift workers with metabolic syndrome using the SPSS 24 program for Windows and a structural equation model (SEM) using an analysis of moment structure (AMOS) 21.0 package. Results: The model fitted the data well in terms of the goodness of fit index (GFI) = 0.939, root mean square error of approximation (RMSEA) = 0.025, normed fit index (NFI) = 0.917, Tucker-Lewis index (TLI) = 0.984, comparative fit index (CFI) = 0.987, and adjusted goodness of fit index (AGFI) = 0.915. Specific mediation effect of dietary habits (p = 0.023) was statistically significant in the impact of the working hours of shift workers on nutrient intake, and specific mediation effect of daily life (p = 0.019) was statistically significant in the impact of the working hours of shift workers on metabolic syndrome. On the other hand, the dietary habits, nutrient intake and daily life had no significant multiple mediator effects on the working hours of shift workers with metabolic syndrome. Conclusion: The appropriate model suggests that working hours have direct effect on the daily life, which has the mediation effect on the risk of metabolic syndrome in shift workers.

• Korean Journal of Heritage: History & Science
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• v.53 no.4
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• pp.198-215
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• 2020

Official development assistance refers to assistance provided by governments and other public institutions in donor countries, aimed at promoting economic development and social welfare in developing countries. The purpose of this research is to examine the construction process of the "Myanmar Cultural Heritage Management System" that is underway as part of the ODA project to strengthen cultural and artistic capabilities and analyze the achievements and challenges of the Digital Cultural Heritage ODA. The digital cultural heritage management system is intended to achieve the permanent preservation and sustainable utilization of tangible and intangible cultural heritage materials. Cultural heritage can be stored in digital archives, newly approached using computer analysis technology, and information can be used in multiple dimensions. First, the Digital Cultural Heritage ODA was able to permanently preserve cultural heritage content that urgently needed digitalization by overcoming and documenting the "risk" associated with cultural heritage under threat of being extinguished, damaged, degraded, or distorted in Myanmar. Second, information on Myanmar's cultural heritage can be systematically managed and used in many ways through linkages between materials. Third, cultural maps can be implemented that are based on accurate geographical location information as to where cultural heritage is located or inherited. Various items of cultural heritage were collectively and intensively visualized to maximize utility and convenience for academic, policy, and practical purposes. Fourth, we were able to overcome the one-sided limitations of cultural ODA in relations between donor and recipient countries. Fifth, the capacity building program run by officials in charge of the beneficiary country, which could be the most important form of sustainable development in the cultural ODA, was operated together. Sixth, there is an implication that it is an ODA that can be relatively smooth and non-face-to-face in nature, without requiring the movement of manpower between countries during the current global pandemic. However, the following tasks remain to be solved through active discussion and deliberation in the future. First, the content of the data uploaded to the system should be verified. Second, to preserve digital cultural heritage, it must be protected from various threats. For example, it is necessary to train local experts to prepare for errors caused by computer viruses, stored data, or operating systems. Third, due to the nature of the rapidly changing environment of computer technology, measures should also be discussed to address the problems that tend to follow when new versions and programs are developed after the end of the ODA project, or when developers have not continued to manage their programs. Fourth, since the classification system criteria and decisions regarding whether the data will be disclosed or not are set according to Myanmar's political judgment, it is necessary to let the beneficiary country understand the ultimate purpose of the cultural ODA project.

• Journal of Nutrition and Health
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• v.55 no.2
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• pp.296-308
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• 2022

Purpose: To investigate the effect of a mother's modeling and feeding practices on the eating behavior of the children. Methods: From April to June 2018, 1,036 young children aged 2 to 6 years and their mothers in Gyeongsan, Gyeongsangbuk-do, were examined for their eating behavior and feeding practices using a verified dietary behavior test (DBT). The children's dietary behavior was classified into four categories: "access evasiveness", "sensory acuity", "hyperactivity", and "irregularity". The mother's eating behavior was classified into three categories: "pickiness", "negligence", and "irregularity", and feeding practice types were classified into two categories: "responsibility/monitoring", and "restriction/pressure". The differences between the groups were tested using the t-test, ANOVA, and Duncan's multiple range test. The influence of feeding practices on the children's eating behavior was analyzed by hierarchical regression analysis while controlling for the mother's modeling. Results: The problem rates of irregularity, negligence and pickiness in the mother's modeling were 33.7%, 22.8%, and 20.7%, respectively. An analysis of the mother's feeding practices revealed that responsibility/monitoring had a middle, high and low significance in 74.2%, 17.3%, and 8.5% of respondents, respectively and the risk rate of restriction/pressure when guiding children to eat was 15.3%. The problem rates for sensory acuity, access evasiveness, irregularity, and hyperactivity in children were 27.9%, 26.1%, 24.8%, and 22.0%, respectively. Among the four eating behavior characteristics of children, the child's access evasiveness and sensory acuity were more affected by their pickiness rather than the mother's feeding practices, and the child's hyperactivity was more influenced by feeding practices than the mother's eating behavior. The child's irregularity was similarly affected by the mother's eating behavior and feeding practices. Conclusion: Since the mother's eating behavior and feeding practices affect the children's eating behavior, a diet improvement program for children should consider not only the nutrition education of children but also the mother's eating behavior and provide the necessary intervention for feeding practices.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.61-118
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• 2008

The purpose of this research is to construct research framework for international franchising based on existing literature and to identify research components in the framework. Franchise can be defined as management styles that allow franchisee use various management assets of franchisor in order to make or sell product or service. It can be divided into product distribution franchise that is designed to sell products and business format franchise that is designed for running it as business whatever its form is. International franchising can be defined as a way of internationalization of franchisor to foreign country by providing its business format or package to franchisee of host country. International franchising is growing fast for last four decades but academic research on this is quite limited. Especially in Korea, research about international franchising is carried out on by case study format with single case or empirical study format with survey based on domestic franchise theory. Therefore, this paper tries to review existing literature on international franchising research, providing research framework, and then stimulating new research on this field. International franchising research components include motives and environmental factors for decision of expanding to international franchising, entrance modes and development plan for international franchising, contracts and management strategy of international franchising, and various performance measures from different perspectives. First, motives of international franchising are fee collection from franchisee. Also it provides easier way to expanding to foreign country. The other motives including increase total sales volume, occupying better strategic position, getting quality resources, and improving efficiency. Environmental factors that facilitating international franchising encompasses economic condition, trend, and legal or political factors in host and/or home countries. In addition, control power and risk management capability of franchisor plays critical role in successful franchising contract. Final decision to enter foreign country via franchising is determined by numerous factors like history, size, growth, competitiveness, management system, bonding capability, industry characteristics of franchisor. After deciding to enter into foreign country, franchisor needs to set entrance modes of international franchising. Within contractual mode, there are master franchising and area developing franchising, licensing, direct franchising, and joint venture. Theories about entrance mode selection contain concepts of efficiency, knowledge-based approach, competence-based approach, agent theory, and governance cost. The next step after entrance decision is operation strategy. Operation strategy starts with selecting a target city and a target country for franchising. In order to finding, screening targets, franchisor needs to collect information about candidates. Critical information includes brand patent, commercial laws, regulations, market conditions, country risk, and industry analysis. After selecting a target city in target country, franchisor needs to select franchisee, in other word, partner. The first important criteria for selecting partners are financial credibility and capability, possession of real estate. And cultural similarity and knowledge about franchisor and/or home country are also recognized as critical criteria. The most important element in operating strategy is legal document between franchisor and franchisee with home and host countries. Terms and conditions in legal documents give objective information about characteristics of franchising agreement for academic research. Legal documents have definitions of terminology, territory and exclusivity, agreement of term, initial fee, continuing fees, clearing currency, and rights about sub-franchising. Also, legal documents could have terms about softer elements like training program and operation manual. And harder elements like law competent court and terms of expiration. Next element in operating strategy is about product and service. Especially for business format franchising, product/service deliverable, benefit communicators, system identifiers (architectural features), and format facilitators are listed for product/service strategic elements. Another important decision on product/service is standardization vs. customization. The rationale behind standardization is cost reduction, efficiency, consistency, image congruence, brand awareness, and competitiveness on price. Also standardization enables large scale R&D and innovative change in management style. Another element in operating strategy is control management. The simple way to control franchise contract is relying on legal terms, contractual control system. There are other control systems, administrative control system and ethical control system. Contractual control system is a coercive source of power, but franchisor usually doesn't want to use legal power since it doesn't help to build up positive relationship. Instead, self-regulation is widely used. Administrative control system uses control mechanism from ordinary work relationship. Its main component is supporting activities to franchisee and communication method. For example, franchisor provides advertising, training, manual, and delivery, then franchisee follows franchisor's direction. Another component is building franchisor's brand power. The last research element is performance factor of international franchising. Performance elements can be divided into franchisor's performance and franchisee's performance. The conceptual performance measures of franchisor are simple but not easy to obtain objectively. They are profit, sale, cost, experience, and brand power. The performance measures of franchisee are mostly about benefits of host country. They contain small business development, promotion of employment, introduction of new business model, and level up technology status. There are indirect benefits, like increase of tax, refinement of corporate citizenship, regional economic clustering, and improvement of international balance. In addition to those, host country gets socio-cultural change other than economic effects. It includes demographic change, social trend, customer value change, social communication, and social globalization. Sometimes it is called as westernization or McDonaldization of society. In addition, the paper reviews on theories that have been frequently applied to international franchising research, such as agent theory, resource-based view, transaction cost theory, organizational learning theory, and international expansion theories. Resource based theory is used in strategic decision based on resources, like decision about entrance and cooperation depending on resources of franchisee and franchisor. Transaction cost theory can be applied in determination of mutual trust or satisfaction of franchising players. Agent theory tries to explain strategic decision for reducing problem caused by utilizing agent, for example research on control system in franchising agreements. Organizational Learning theory is relatively new in franchising research. It assumes organization tries to maximize performance and learning of organization. In addition, Internalization theory advocates strategic decision of direct investment for removing inefficiency of market transaction and is applied in research on terms of contract. And oligopolistic competition theory is used to explain various entry modes for international expansion. Competency theory support strategic decision of utilizing key competitive advantage. Furthermore, research methodologies including qualitative and quantitative methodologies are suggested for more rigorous international franchising research. Quantitative research needs more real data other than survey data which is usually respondent's judgment. In order to verify theory more rigorously, research based on real data is essential. However, real quantitative data is quite hard to get. The qualitative research other than single case study is also highly recommended. Since international franchising has limited number of applications, scientific research based on grounded theory and ethnography study can be used. Scientific case study is differentiated with single case study on its data collection method and analysis method. The key concept is triangulation in measurement, logical coding and comparison. Finally, it provides overall research direction for international franchising after summarizing research trend in Korea. International franchising research in Korea has two different types, one is for studying Korean franchisor going overseas and the other is for Korean franchisee of foreign franchisor. Among research on Korean franchisor, two common patterns are observed. First of all, they usually deal with success story of one franchisor. The other common pattern is that they focus on same industry and country. Therefore, international franchise research needs to extend their focus to broader subjects with scientific research methodology as well as development of new theory.

• 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.