• Title/Summary/Keyword: variable control

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Development of A Material Flow Model for Predicting Nano-TiO2 Particles Removal Efficiency in a WWTP (하수처리장 내 나노 TiO2 입자 제거효율 예측을 위한 물질흐름모델 개발)

  • Ban, Min Jeong;Lee, Dong Hoon;Shin, Sangwook;Lee, Byung-Tae;Hwang, Yu Sik;Kim, Keugtae;Kang, Joo-Hyon
    • Journal of Wetlands Research
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    • v.24 no.4
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    • pp.345-353
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    • 2022
  • A wastewater treatment plant (WWTP) is a major gateway for the engineered nano-particles (ENPs) entering the water bodies. However existing studies have reported that many WWTPs exceed the No Observed Effective Concentration (NOEC) for ENPs in the effluent and thus they need to be designed or operated to more effectively control ENPs. Understanding and predicting ENPs behaviors in the unit and \the whole process of a WWTP should be the key first step to develop strategies for controlling ENPs using a WWTP. This study aims to provide a modeling tool for predicting behaviors and removal efficiencies of ENPs in a WWTP associated with process characteristics and major operating conditions. In the developed model, four unit processes for water treatment (primary clarifier, bioreactor, secondary clarifier, and tertiary treatment unit) were considered. Additionally the model simulates the sludge treatment system as a single process that integrates multiple unit processes including thickeners, digesters, and dewatering units. The simulated ENP was nano-sized TiO2, (nano-TiO2) assuming that its behavior in a WWTP is dominated by the attachment with suspendid solids (SS), while dissolution and transformation are insignificant. The attachment mechanism of nano-TiO2 to SS was incorporated into the model equations using the apparent solid-liquid partition coefficient (Kd) under the equilibrium assumption between solid and liquid phase, and a steady state condition of nano-TiO2 was assumed. Furthermore, an MS Excel-based user interface was developed to provide user-friendly environment for the nano-TiO2 removal efficiency calculations. Using the developed model, a preliminary simulation was conducted to examine how the solid retention time (SRT), a major operating variable affects the removal efficiency of nano-TiO2 particles in a WWTP.

Study on health anxiety issues, health-promoting behavior, and quality of life of middle-aged women in Jeonbuk area (전북지역 중년여성의 건강염려, 건강증진행동 및 삶의 질에 대한 연구)

  • Jeon, Sun Young;Chung, Sung Suk;Rho, Jeong Ok
    • Journal of Nutrition and Health
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    • v.53 no.6
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    • pp.613-628
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    • 2020
  • Purpose: The purpose of the study was to identify the health anxiety issues of middle-aged women, their health-promoting behavior, and quality of life as well as to examine the relationship between these variables. Methods: The participants were 334 women in Jeonbuk area. Demographic characteristics, the status of health anxiety, health-promoting behavior, and life quality was assessed using a self-administered questionnaire. The data were analyzed using a t-test, analysis of variance, Duncan test, and hierarchical regression analysis with SPSS ver. 24.0. Results: The score for health anxiety was 37.64 points out of a possible score of 60, and the score for health-promoting behavior was 79.18 points out of a possible score of 115. The score for the quality of life was 101.18 points out of a possible score of 150. The health anxiety scores showed significant differences, varying as per body mass index (BMI) (p < 0.05), income (p < 0.05), occupation (p < 0.05), disease (p < 0.05), satisfaction with weight (p < 0.05), and interest in weight control (p < 0.05). The health-promoting behavior showed significant differences according to age (p < 0.01), BMI (p < 0.01), income (p < 0.05), menses (p < 0.05), intake of dietary supplements (p < 0.05), perception of body image (p < 0.05), and satisfaction with weight (p < 0.05). The quality of life showed significant differences according to BMI (p < 0.05), income (p < 0.01), education level (p < 0.05), occupation (p < 0.05), disease (p < 0.05), and satisfaction with weight (p < 0.05). Regression analysis showed that health-promoting behavior was the most influential variable on the quality of life, followed by disease and health anxiety. Conclusion: Based on these results, we conclude that it is necessary to consider educational programs on improving the quality of life of middle-aged women according to the health anxiety levels and health-promoting behavior.

Effect of Corn Silage and Soybean Silage Mixture on Rumen Fermentation Characteristics In Vitro, and Growth Performance and Meat Grade of Hanwoo Steers (옥수수 사일리지와 대두 사일리지의 혼합급여가 In Vitro 반추위 발효성상 및 거세한우의 성장과 육질등급에 미치는 영향)

  • Kang, Juhui;Lee, Kihwan;Marbun, Tabita Dameria;Song, Jaeyong;Kwon, Chan Ho;Yoon, Duhak;Seo, Jin-Dong;Jo, Young Min;Kim, Jin Yeoul;Kim, Eun Joong
    • Journal of The Korean Society of Grassland and Forage Science
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    • v.42 no.2
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    • pp.61-72
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    • 2022
  • The present study was conducted to examine the effect of soybean silage as a crude protein supplement for corn silage in the diet of Hanwoo steers. The first experiment was conducted to evaluate the effect of replacing corn silage with soybean silage at different levels on rumen fermentation characteristics in vitro. Commercially-purchased corn silage was replaced with 0, 4, 8, or 12% of soybean silage. Half gram of the substrate was added to 50 mL of buffer and rumen fluid from Hanwoo cows, and then incubated at 39℃ for 0, 3, 6, 12, 24, and 48 h. At 24 h, the pH of the control (corn silage only) was lower (p<0.05) than that of soybean-supplemented silages, and the pH numerically increased along with increasing proportions of soybean silage. Other rumen parameters, including gas production, ammonia nitrogen, and total volatile fatty acids, were variable. However, they tended to increase with increasing proportions of soybean silage. In the second experiment, 60 Hanwoo steers were allocated to one of three dietary treatments, namely, CON (concentrate with Italian ryegrass), CS (concentrate with corn silage), CS4% (concentrate with corn silage and 4% of soybean silage). Animals were offered experimental diets for 110 days during the growing period and then finished with typified beef diets that were commercially available to evaluate the effect of soybean silage on animal performance and meat quality. With the soybean silage, the weight gain and feed efficiency of the animal were more significant than those of the other treatments during the growing period (p<0.05). However, the dietary treatments had little effect on meat quality except for meat color. In conclusion, corn silage mixed with soybean silage even at a lower level provided a greater ruminal environment and animal performances, particularly with increased carcass weight and feed efficiency during growing period.

A Study on the in Improvement of Elder Abuse through Analysis the Causes and the Type of Elder Abuse the Super-aged Society (초고령사회 노인학대의 발생원인 및 유형 분석을 통한 개선방안 연구)

  • Park, Hyun-Seung
    • Industry Promotion Research
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    • v.7 no.1
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    • pp.35-42
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    • 2022
  • The purpose of this study was to establish an Improvement Plan to determine the cause of the abuse occurred for the elderly who live in urban areas, and analyzed by type. This study was conducted to survey targeted the more than 65-year-old man as the center of Seoul Mapo area. The independent variables in the research model is elder abuse causes, the sociological characteristics as control variables population was the dependent variable in the elderly abuse. As a result; First, investigate the differences in the cause and the cause of elder abuse according to demographic characteristics. The causes of elder abuse, age of the higher age group showed high levels of elder abuse causes. Showed that less than a high school education than graduate school. Second, investigate the factors influencing the occurrence of elder abuse experiences of the subjects. Personal factors of elder abuse causes of those surveyed, family environmental factors, social, and refers to the result that the higher the level of cultural factors increase the occurrence of elder abuse experience. Third, investigate the differences in the cause and the cause of elder abuse according to demographic characteristics. The causes of elder abuse, age of the higher age group showed that the level of elder abuse occurs and causes high experience. Fourth, investigate the factors influencing the occurrence of elder abuse experiences of the subj ects. This personal factors of elder abuse causes of those surveyed, family environmental factors, social, and refers to the results of the higher levels of cultural factors that increase the occurrence of elder abuse experience. In conclusion, elder abuse is personal factors, environmental factors, family, social and cultural factors, the higher the level can be seen that type of elder abuse Elder abuse occurs, formed by many, accordingly. Therefore, in order to improve elder abuse should be healing the cause according to the type of elder abuse appears essentially as a result from this research.

The Effects of Relational Behaviors on Supply Chain Leadership and Financial Performance: The Role of Leader Ethicality (공급체인 리더의 관계적 행동이 리더의 리더십과 팔로워의 재무성과에 미치는 영향: 리더 윤리성의 역할)

  • Kim, Sang Deok
    • Asia Marketing Journal
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    • v.13 no.3
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    • pp.183-208
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    • 2011
  • After more than 25 years of accumulated research evidence, there is little doubt that leadership behavior is related to a wide variety of positive individual and organizational outcomes. Indeed, leadership behavior has been empirically linked to increased employee satisfaction, organizational commitment, extra effort, turnover intention, organizational citizenship behavior, and overall employee performance. However, it is important to point out that although leadership behavior has been linked to a number of positive organizational outcomes, research regarding the antecedents of such behavior is limited. Especially there is little research dealing with the antecedents of inter-organizational leadership behavior. Supply chain leadership can be defined as the activities undertaken by the supply chain leader to influence the management programs and strategies of supply chain members. Supply chain performance is influenced by leadership of supply chain leader. Although research on supply chain leadership can be broadly categorized, many researchers have been preoccupied with analyzing supply chain leadership by the power-influence approach measuring such as control, power, and power bases. Also they have not examined the relationship between leadership and financial performance. This study has started to overcome those research gaps. The purpose of this study is to investigate the effect of relational behaviors on supply chain leadership, and the effect of such leadership behavior on financial performance of supply chain followers. In addition, this study also try to find out moderating variable existing in the relationship. To be concrete, First, this study develops a model of the antecedents of four conceptually distinct forms of relational behaviors such as training, fair reward, offering vision, and inter-organizational communication, and tests the hypothesized differential effects of relational behavior forms on supply chain leadership. Second, this study tests the effect of supply chain leadership on financial performance. Third, this study investigates the extent to which this leadership-performance relationship is moderated by leader ethicality. The reason why this study deals with convenience store supply chain is that there is very strong inter-dependence between a franchisor and its suppliers. Their strong inter-dependence makes their relationship as the relationship between a superior and subordinates and creates an atmosphere that leadership occur without difficulty. For the purpose of empirical testing, 217 respondents of suppliers of convenience store supply chain in Korea were surveyed and the analysis utilizing partial least square model indicated that training, fair reward, inter-organizational communication had positive effects on supply chain leadership, and such leadership had positive effect on financial performance of followers. On the other hand, offering vision had no effect on supply chain leadership. In addition, leader ethicality had moderating effect on the relationship between supply chain leadership and financial performance.

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Effects of Increasing Air Temperatures and CO2 Concentrations on Herbicide Efficacy of Acalypha australis and Phytotoxicity of Soybean Crops (대기온도와 CO2 농도 증가에 따른 우점잡초 깨풀의 제초제 약효 및 콩 약해 변화)

  • Hyo-Jin Lee;Hyun-Hwa Park;Ye-Geon Kim;Do-Jin Lee;Yong-In Kuk
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.68 no.3
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    • pp.121-133
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    • 2023
  • The purpose of this study was to improve weed management systems under varying carbon dioxide concentrations and temperatures by evaluating the growth of Acalypha australis and observing the efficacy of four foliar and four soil herbicides, as well as measuring phytotoxicity in soybean crops treated with these herbicides. In both growth chamber and greenhouse conditions, plant height and shoot fresh weight of Acalypha australis increased as temperature increased. The variable to maximum fluorescence ratio (Fv/Fm), relative electron transport rate (ETR), plant height, leaf area, and shoot fresh weight of Acalypha australis were higher at carbon dioxide concentrations of 800 ppm than at 400 ppm. The efficacy of a foliar herbicide, glufosinate, on Acalypha australis was lower at 30℃ than at 20℃ and 25℃ in the growth chamber condition and was also lower at 29℃ than at 21℃ and 25℃ in greenhouse conditions. In contrast, mecoprop efficacy on Acalypha australis was lower at 20℃ and 25℃ than at 30℃ in growth chamber conditions and lower at 21℃ and 25℃ than at 29℃ in greenhouse conditions. Glyphosate efficacy was lower at 21℃ than at 25℃ and 29℃ under greenhouse conditions. With soil herbicides, metolachlor and ethalfluraline, efficacies were higher at relatively high temperatures under both growth chamber and greenhouse conditions. However, in the case of linuron, the difference in efficacy was not observed under varying temperatures in both growth chamber and greenhouse conditions. When ¼ of the recommended glyphosate rates were applied to Acalypha australis, efficacy was lower under 800 ppm carbon dioxide concentrations than under 400 ppm. In contrast, when ¼ of the recommended rate of bentazone was applied to Acalypha australis, efficacy was higher under 800 ppm carbon dioxide concentrations than under 400 ppm. Despite application rates, glufosinate efficacy differed insignificantly under different carbon dioxide concentrations. When applied at ¼ of the recommended rate, the efficacy of ethalfuralin was higher under 800 ppm carbon dioxide concentrations than under 400 ppm. However, efficacies of other herbicides were not different despite varying carbon dioxide concentrations. Soybean phytotoxicity in crops treated with the recommended rate and twice the recommended rate of soil herbicides was not significantly different regardless of temperature and carbon dioxide concentrations. Overall, weed efficacy of some herbicides decreased in response to different temperatures and carbon dioxide concentrations. Therefore, new weed management methods are required to ensure high rates of weed control in conditions affected by climate change.

A Study on the Effect of Healing Experience Program on Satisfaction: Focused on Experience Cost and Experience Time (치유체험프로그램이 만족도에 미치는 영향에 관한 연구: 체험비용과 체험시간을 중심으로)

  • An, Hye-Jung;Kan, Soon-Ah
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.3
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    • pp.183-200
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    • 2022
  • This study is a study on the effect of a healing experience program on satisfaction in the field of healing agriculture. In the development of a rural experience program, what factors constituting the healing experience program affect satisfaction, and how much time and participation cost affect the satisfaction of the healing experience program from the marketing point of view of the healing experience program. I want to analyze By researching the effect of experience cost and experience time on satisfaction of the healing experience program, I would like to suggest the development direction of the healing experience program. To this end, by empirically analyzing the effect of a healing experience program using experience cost and experience time as parameters on satisfaction, we present a theoretical basis for priority considerations when developing a rural experience program. There are entertainment experience, educational experience, deviant experience, and aesthetic experience as sub-factors of the experience program, experience time and experience cost as parameters, and satisfaction as a dependent variable. In addition, the reliability of the research results was secured by setting the demographic variables of the survey subjects as control variables. The empirical analysis was conducted on 314 valid questionnaires from the unspecified majority who were interested in or aware of the healing experience program. SPSS v22.0 was used, and to test the mediating effect, the three-step verification method of Baron & Kenny(1986) and the SPSS PROCESS Macro Model No. of Andrew F. Hayes(2018). 4 The reliability of the mediating effect was secured by applying the verification method and comparing the analysis resul. As a result of the study, it was found that educational experience (𝛽=.134, t=1.759*) had a positive (+) effect on experience cost, and aesthetic experience (𝛽=.144 t=1.684*) had a positive (+) effect on experience time. +) was found to have an effect. Also, educational experience (𝛽=.239, t=4.112***) was found to have a positive (+) effect on satisfaction, and aesthetic experience (𝛽=.330 t=4.921***) had a positive effect on satisfaction. It has been shown to have a (+) effect. Experience time was found to have a negative (-) inconsistent mediating effect between aesthetic experience and satisfaction. That is, it is the total effect (𝛽=.330 t=4.921***), and the direct effect (𝛽=.349 t=5.241***) increased by 𝛽=.019 compared to the total effect when the experience time was input, while the indirect effect (𝛽=-.019), which was shown to exert a negative (-) mediating effect.

Changes in the Behavior of Healthcare Organizations Following the Introduction of Drug Utilization Review Evaluation Indicators in the Healthcare Quality Evaluation Grant Initiative (의료질평가지원금 제도의 의약품안전사용서비스 평가지표 도입에 따른 의료기관의 행태 변화)

  • Hyeon-Jeong Kim;Ki-Bong Yoo;Young-Joo Won;Han-Sol Jang;Kwang-Soo Lee
    • Health Policy and Management
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    • v.34 no.2
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    • pp.178-184
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    • 2024
  • Background: This study aimed to determine the effectiveness of drug utilization review (DUR) evaluation indicators on safe drug use by comparing the changes in DUR inspection rates and drug duplication prescription prevention rates between the pre- and post-implementation of the DUR evaluation indicators of the Healthcare Quality Evaluation Grant Initiative. Methods: This study used DUR data from the Health Insurance Review and Assessment Service in 2018 (pre-implementation) and the evaluation results of the Healthcare Quality Evaluation Grant Initiative in 2023 (post-implementation). The dependent variables were the DUR evaluation indicators, including DUR inspection rate and drug duplicate prescription prevention rate. The independent variable was the implementation of the DUR evaluation indicators, and the control variables included medical institution characteristics such as type, establishment classification, location, DUR billing software company, and number of beds. Results: The results of the analysis of the difference in the prevention rate of drug duplicate prescriptions between the pre- and post-implementation of the DUR evaluation indicators of the Healthcare Quality Evaluation Grant Initiative showed that the prevention rate of drug duplicate prescriptions increased statistically significantly after the implementation of the DUR evaluation indicators. Conclusion: The policy implications of this study are as follows: First, ongoing evaluation of DUR systems is needed. Second, it is necessary to establish a collaborative partnership between healthcare organizations that utilize DUR system information and the organizations that manage it.

Why Is the Rate of Poor Subjective Health Notably High in South Korea? The Importance of Managing Healthcare Needs (한국인은 왜 주관적 건강상태가 매우 나쁠까? 의료필요 관리의 중요성)

  • Woojin Chung
    • Health Policy and Management
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    • v.34 no.3
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    • pp.334-346
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    • 2024
  • Background: Research on the link between subjective health and unmet healthcare needs is limited. This study examines whether experiences of subjective healthcare needs and unmet needs are related to subjective health in South Korea, where the rate of poor subjective health is notably high. Methods: This analysis utilized data from the Korea Health Panel (2014-2018), incorporating 68,930 observations from 16,535 adults aged 19 or older. The dependent variable, subjective health, was dichotomized into poor (bad or very bad) and non-poor (fair, good, or very good) categories. The primary variables of interest were the experiences of subjective healthcare needs and unmet needs, while control variables included 14 socio-demographic, health, and functional characteristics. The study employed population proportion analysis and multivariable two-level binary logistic regression analysis for each gender, accounting for the complex sampling design. Results: In 2018, the rate of reporting poor health was 8.7% (95% confidence interval [CI], 8.0%-9.5%) for men and 14.7% (95% CI, 13.8%-15.6%) for women. For both genders, compared to individuals whose healthcare needs were met, those without healthcare needs were less likely to report poor subjective health (adjusted odds ratio [AOR], 0.58; 95% CI, 0.39-0.86 for men; AOR, 0.59; 95% CI, 0.37-0.93 for women). Conversely, individuals whose healthcare needs were not met were more likely to report poor subjective health (AOR, 2.31; 95% CI, 2.01-2.65 for men; AOR, 2.19; 95% CI, 1.98-2.43 for women). A policy simulation indicated that reducing the experience of subjective healthcare needs would be approximately 5 times more effective in reducing poor subjective health than a policy focused on reducing the experience of unmet needs. Conclusion: South Korea must make significant efforts to reduce the deterioration of subjective health and promote appropriate healthcare utilization. To achieve this, a set of policies is recommended to address subjective healthcare needs. These policies should include (1) prompting individuals to proactively manage their own health, (2) providing primary healthcare similar to that in advanced countries, (3) ensuring the healthcare delivery system operates effectively, (4) decentralizing the healthcare management system, and (5) reducing the likelihood of people being misled into thinking they have a healthcare need.

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.