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An Analysis of Food Consumption Patterns of the Elderly from the Korea National Health and Nutrition Examination Survey (KNHANES Ⅴ-1) (2010년 국민건강영양조사(제5기 1차년도) 자료를 이용한 노인들의 식품섭취 패턴 분석)

  • Kim, Eun Mi;Choi, Mi-Kyung
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.42 no.5
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    • pp.818-827
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    • 2013
  • The purpose of this study was to identify food consumption patterns of the elderly and factors affecting them to improve their dietary health. Data from 1,172 elderly subjects (over 65 years old) from the fifth Korea National Health and Nutrition Examination Survey (KNHANES V-1) were used in our analysis. Validity and reliability analyses of food consumption frequency allowed the identification of seven factors: fruits, foods for Korean style meal, instant foods, alcohols, carbohydrate-rich snacks, vegetables, and legumes/mixed grains. Food consumption patterns were classified into four groups (according to the food consumption frequency) using cluster analysis. Cluster 4 showed a significantly higher food consumption frequency and Cluster 3 had a relatively high overall food consumption frequency but lower alcohol consumption frequency compared to the other clusters. Cluster 2 was characterized by a generally low food consumption frequency but a significantly higher alcohol consumption frequency. Cluster 1 showed a generally low food consumption frequency; however, the consumption frequency of legumes/mixed grains was higher than Cluster 2. Further analysis showed that the food consumption patterns of the elderly were affected by variables such as gender, age, town, economic status, education level, family type, and frequency of eating out. We conclude that a proper nutritional education program should be conducted to address specific dietary problems for each elderly segment.

Evaluation Criteria and Preferred Image of Jeans Products based on Benefit Segmentation (진 제품 구매자의 추구혜택에 따른 평가기준 및 선호 이미지)

  • Park, Na-Ri;Park, Jae-Ok
    • Journal of the Korean Society of Clothing and Textiles
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    • v.31 no.6 s.165
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    • pp.974-984
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    • 2007
  • The purpose of this study was to find differences in evaluation criteria and to find differences in preferred images based on benefits segmented groups of jeans products consumers. Male and female Korean university students participated in the study. Quota sampling method was used to collect the data based on gender and a residential area of the respondents. Data from 492 questionnaires were used in the analysis. Factor analysis, Cronbach's alpha coefficient, cluster analysis, one-way ANOVA, and post-hoc test were conducted. As a result, respondents who seek multi-benefits considered aesthetic criteria(e.g., color, style, design, fit) and quality performance criteria(e.g., durability, ease of care, contractibility, flexibility) more importantly when evaluating and purchasing jeans products. Respondents who seek brand name considered extrinsic criteria(e.g., brand reputation, status symbol, country of origin, fashionability) more importantly than respondents who seek economic efciency. Respondents who seek multi-benefits such as attractiveness, fashion, individuality, and utility tend to prefer all the images: individual image, active image, sexual image, sophisticated image, and simple image when wearing jeans products. Respondents who seek fashion are likely to prefer individual image, and respondents who seek brand name more prefer both individual image and polished image. Mean while, respondents who seek economical efficiency less prefer sexual image and polished image.

The Effect of Exercise Program for Prevention of Falling on Physical Fitness, Posture and Fall Prevention Self-Efficacy for Elderly Women (넘어짐 예방 운동이 여성노인의 체력, 자세, 낙상효능감에 미치는 영향)

  • Son, Nam Jeong;Yi, Kyung Ock;An, Ju Yeun
    • 한국노년학
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    • v.37 no.1
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    • pp.237-250
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    • 2017
  • The purpose of this study is to analyze the effects of exercise program for prevention of falling on physical fitness, posture and fall prevention self-efficacy for elderly women. 30 females above the age of 65 were subjects for this study. Over an twelve week period, 14women in the experimental group performed exercise 2 times a week for 60 minutes per session. 16women in the control group didn't participate in the exercise program. The independent variable was a exercise program for prevention of falling. Dependent variables were physical fitness, posture and fall prevention self-efficacy. Prevention of falling exercise program is consisted of an elastic band using exercise and Korean dance movement exercise. Physical fitness consisted of grip strength, upper and lower body endurance, cardiovascular endurance, flexibility, balance, coordination. The posture was measured the static posture when standing, using a high-resolution camera, body style to automatically measure the distance and angle(M-zen, Korea). Posture was measured in both the coronal and sagittal plane via reference board. Fall prevention self-efficacy was measured via questionnaire using the Korea Falls Self-Efficacy Scale (FES-K). The physical fitness, posture and fall prevention self-efficacy were measured twice with pre and post exercise, and the difference between groups with Wilcox signed rank test, and the group-specific post verification was carried out with U-validated methods (Mann Whitney U test). Statistical significance level was verified by setting the p<.05. Lower body endurance, cardiovascular endurance, flexibility, balance and coordination significantly increased in the experimental group. The control group was no significant increase in physical fitness variables. shoulder slope angle, pelvic slope angle(coronal/sagittal), leg length difference, scapular inferior angle and left/right calcaneus angle significantly decreased in the experimental group. Both the experimental group and control group were no significant increase in fall prevention self efficacy. The prevention of falling exercise program for elderly women indicated the positive changes in physical fitness(except grip strength) and posture(except upper body slope). However, there are no significant differences of falling prevention self-efficacy between the both group. Thus, the prevention of falling exercise program for the elderly has been proved that it is highly efficient on improving physical fitness and posture proofreading. However, we still need to consider supplement exercise for grip strength and upper body slope.

'Dual Transformation' of Freedom of Information Movements and Civic Participation (정보공개운동의 '이중적 전환'과 시민참여 : <참여연대 정보공개사업단>과 <투명사회를 위한 정보공개센터> 비교를 중심으로)

  • Hong, Il-Pyo
    • The Korean Journal of Archival Studies
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    • no.22
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    • pp.37-76
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    • 2009
  • This paper aims-through comparative research on two organizations and use of political process theory-to analyze the historical development of, current issues related to and the characteristics of the new transformation of the Freedom of Information Movements (FOIMs) in South Korea. In the ten years since the Freedom of Information Act (FOIA) took effect in 1998, Korean FOIMs have developed along the following course: 'emergence' (1998), 'expansion and extension' (1999-2004), 'institutionalization and retro-institutionalization-' (2005-2008). Specifically, in the early stage of FOIMs, the Freedom of Information (FOI) department of the People's Solidarity for Participatory Democracy, established in 1998, had led the FOI movement by initiating reform of the FOI institution and advocating an end to old practices. Paradoxically, however, following the institutional progress of FOI under the Roh Moo Hyun government, the vitality of FOIMs seemed to be weakening. And under the Lee Myung Bak government, which is showing regression in both the FOI institution and practices, the 'dual transformation' of the FOIMs is being led not by old groups but by new ones. The Center for Freedom of Information and Transparent Society(CFOI), which was founded in 2008, has journalists, researchers of archival studies, citizens, lawyers and nongovernmental activists as members. Through its blog style Homepage, countless reports are becoming "open to the public" and "share with the public." And its various civic education programs are interactive bridges which enable mutual communication between the Center and citizens. CFOI is expanding the FOI movement in different ways than the traditional activists such as the FOI department of the PSPD department, which worked through methods such as policy proposals, disclosing information litigation, comments and public statements, and hosting forums. CFOI is leading the 'dual process of transformation' of FOIMs, namely the transformation from an 'advocacy' movement to an 'empowerment' movement and transformation of the FOI movement's framework from "open to the public" to "share with the public."

Modern Form of Absolute Monarchy and Lèse-Majesté Law: Thai Political Regime Reconsidered (근대적 절대군주제와 국왕모독죄: 타이 정치체제 재검토)

  • PARK, Eun Hong
    • The Southeast Asian review
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    • v.27 no.1
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    • pp.53-94
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    • 2017
  • Thai political regime is said to have returned to bureaucratic polity or semi-democracy. However this kind of perspective do not find the political interference of Privy Council which is a body of Monarch of Thailand. Therefore this paper tries to discover the unique traits of Thai way of constitutional monarchy which can be defined as the modern form of absolute monarchy. In short Thai way of constitutional monarchy based on network politics is contradictary to the normal constitutional monarchy whose norm is "the king reigns, but does not rule." This means Thai king is in politics not above politics in reality. Thai monarchy has interfered in diversive way in terms of mediating political conflicts and protecting the monarchy as a institution. In this process the king has been worshiped as demigod who practises the Buddhist doctrine and the centre of national integration. Even after the 6 Ocober 1976 massacre which the palace involved King Bhumibol Adulyadej's sacred position was not challenged. Rather $l{\grave{e}}se-majest{\acute{e}}$ law became more draconian for status quo. Since then $l{\grave{e}}se-majest{\acute{e}}$ was cited as one of the major rationale for the military coup. The 2006 coup which was triggered by the clash between network Monarchy and bourgeois polity based on Thakin network marked a surge of the $l{\grave{e}}se-majest{\acute{e}}$ cases. The 2014 coup had consecutively increased the number of $l{\grave{e}}se-majest{\acute{e}}$ prisoners. It can be said that the modern form of absolute monarchy in Thailand including bureaucratic polity, semi-democracy and democracy is bounded by $l{\grave{e}}se-majest{\acute{e}}$ law which network monarchy players such as military, intellectuals, Democrat Party and even some civil society groups support.

The Study of Characteristics of Consumer Purchasing Private Brand Products at Large-Scale Mart (국내 대형마트의 유통업체 브랜드 상품 구매 소비자의 특성 분석에 관한 연구)

  • Hwang, Seong-Huyk;Lee, Jung-Hee;Roh, Eun-Jung
    • Journal of Distribution Research
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    • v.15 no.4
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    • pp.1-19
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    • 2010
  • As having the movement of developing private brand (PB) goods, domestic big retailers are facing up with new problems. Thus, it is required studies of PB products, and how consumers recognize PB products as a consideration commodity set. Also, it is worthy in order that it gives us the important meaning on the marketing strategy with focusing on evaluating the differences between customers buying PB grocery goods with respect to demographic characteristics and purchasing behaviors. PB has some advantages for customers and retailers. However, according to AC Nielson's report (2005), Asian and emerging market has 1/5 sales relatively to Western countries. But we can assume that the emerging market has the most potential growth through this result. As a result from several other studies, it becomes necessary to not only increase the rate of selling composition of PB product temporarily, but also analyze the characteristics of customers using big retailers and segmenting customer groups to make PB product as a consideration commodity set for them. In addition, it is needed to have a variety of acts of marketing. From studies related to PB, there is a prejudice - cheap products have low quality - but, evaluation by customers who have used those products shows neutral stand, and there is a study representing that it is the most important to accumulate the belief between the retailers selling PB products and consumers using those for the accurate evaluation and intention on purchasing. Also, by the result from analyzing the characteristics of customers buying PB products, we could assume that higher income and higher education level, more preference on PB products. Especially, according to TNS's research, the primary targets of PB product are 30's who seeks value for money and planned spending habits, and 40's who have teenager children, and are interested in encouraging themselves. This paper used Probit model to analyze the characteristics of consumers. This model helps us to analyze with the variables representing the demographic characteristics of consumers (gender, age, educational level, occupation, income level, living area), and variables related to purchasing behavior (visiting frequency on big retailers, the average amount that they pay for goods in there, and check-up which brand made those goods). The method we used in this study is by man to man interview and survey on-line with the rate of 89% and 11% in Seoul and Gyunggi Province, respectively, for about one month from the beginning of February, 2008. As a result of this, under the assumption that people buy PB products more as long as they go shopping more, it was not meaningful for target groups which we pointed out as frequently visiting customers to be. Although, we have expected women buy more PB products than men do, gender doesn't mean anything for the result. And, it has inferred that married people buy more PB goods than singles do. It was also meaningless with variables related to occupation. Because housewives are often exposed to any kind of supermarket than workers are, we could not get any relatives. Moreover, we couldn't proof that younger generation prefer big retailers more than older people who 50~60's. Education levels doesn't affect on the purchase of PB product as well. Related to living area, the result is statistically not similar as we expected whether living in Seoul or not. It shows there is no relationship with the preference on retail brands and PB products, and it is similar with the study researched by TNS(2008) that customers tend to buy PB product impulsively no matter which brand it is and where they are even though their shopping place is the big market where customers are often using. Variables on which we had meaningful results are income level and living place. That is, customers who have 3,000,000~6,000,000 WON every month on average are more willing to buy PB products than other customers whose income is over 6,000,000 WON, and residents not living in Seoul prefer PB goods than those who are living in Seoul. To explain more about what we got, if there is only one condition about customer's visiting frequency on big retails, we could come up with this result that more exposed to PB products, more purchasing frequency. Consequently, it brings the important insight that large retailers have to prepare something to make customers visit them often to increase selling rate of PB products. To demonstrate the result of analyzing more, what is more efficient variables are demographically including marital status, income level, and residential area to buy items that affect the PB products and could include the frequency of visiting large markets by the purchase habits. Specifically, then, married couples rather than singles, middle-income customers than high-income customers, and local residents not living in Seoul than customers in Seoul are more likely to purchase PB goods. In addition, as long as a customer visits two times more, then the purchasing rate of PB products is to increase over 5.3%. Therefore, it seems that retailers are better to make a shopping place as fun and comfortable places. With overwhelming the idea that PB products are just cheap, one-time purchase goods, it is needed to increase the loyalty on those goods like NB products, try to make PB products as a consideration products set, and occur to sustainable sales. Especially, as suggested by this paper, it seems like it strongly needs to identify the characteristics of customers who prefer PB, to segment those customers, and to select the main target, and to do positioning with well-planned marketing strategies. Then, it is able to give us a meaningful point on marketing strategy by developing the field of PB study, identifying the difference of life style and shopping habits of customers.

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The Characteristic of Laws on the Kind of Urban Green Spaces and the Legal Requirements for the Green Spaces of Urban Habitat in China (중국의 도시녹지 종류와 도시거주구 녹지의 설치 기준에 관한 법제도의 현황과 특성)

  • Shin, Ick-Soon
    • Journal of the Korean Institute of Landscape Architecture
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    • v.41 no.3
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    • pp.1-11
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    • 2013
  • This study investigated Chinese Laws on the kind of urban green spaces and the legal requirements for the green spaces of urban habitat and analyzed the specificities of them intending to provide basic data to suggest bringing in or not the relevant Chinese Laws to Korea. This study can be summarized as follows: First, the concept of Chinese urban green spaces(g.s.) classified by 5 kinds(park g.s., production g.s., protection g.s., attachment g.s., the others g.s.) placed the park and green spaces in the same category unlike the Korean urban green spaces that only distinguishes between park and green spaces. The Chinese Urban Park is classified by 4 kinds(composite park, community park, special park, linear park) at the 'Standard for urban green spaces classification' which is below in rank of the legal system. Second, in case of calculation for green spaces ratio of urban green spaces in China, the green rooftop landscaping area should not be included as a green spaces area except the rooftop of a basement or semi basement building to which residents have easy access. The green spaces requirements and compulsory secure ratio by 3 habitat kinds(habitat, small habit, minimum habitat) of when to act as a residential plan is regulated. Third, the green spaces system is obligated to establish at habitat green spaces plan and is specified to conserve and improve existing trees and green spaces. The green spaces ratio on reconstruction for old habitat is relaxed to be lower than for new habitat and a gradient of green spaces is peculiarly clarified. The details and requirements for establishment and the minimum area intending for each classes of the central green spaces(habitat park, children park, minimum habitat's green spaces) are regulated. Especially at a garden style of minimum habitat's green spaces, intervals between the south and north houses and a compulsory security for green spaces area classifying into two groups(closing type green spaces and open type green spaces) by a middle-rise or high-rise building are clarified. System of calculation for green spaces area is presented at a special regulation. Fourth, a general index(area/person) of public green spaces within habitat to achieve by 3 habitat kinds is determined, in this case, the index on reconstruction for a deterioration zone can be relaxed to be lower to the extent of a specified quantity. A location and scale, minimum width and minimum area per place of public green spaces are regulated. A space plot principle including adjacent to a road, greening area ratio against total area, security of open space and the shadow line boundary of sunshine are also regulated to intend for public green spaces. Fifth, the minimum horizontal distance between the underground cables and the surrounding greening trees are regulated as the considerable items for green spaces when setting up the underground cables. The principle to establish green spaces within public service facilities is regulated according to the kind of service contents. It shall be examined in order to import or not the special regulations that only exist in Chinese Laws but not in Korean Laws. The result of this study will contribute to gain the domestic landscape architect's' sympathy of the research related to Chinese urban green spaces laws requiring immediate attention and will be a good chance to advance into the internationalization of Korean Landscape Architectural Laws.

Effect of Mulberry Leaf Extract Supplement on Blood Glucose, Glycated Hemoglobin and Serum Lipids in Type II Diabetic Patients (상엽추출물이 제2형 당뇨병 환자의 혈당, 당화혈색소 및 혈청지질에 미치는 영향)

  • Yang, Jung-Hwa;Han, Ji-Sook
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.35 no.5
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    • pp.549-556
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    • 2006
  • The purpose of this study was to assess the effects of mulberry leaf extract supplement on blood glucose, glycated hemoglobin ($HbA_{1C}$) and serum lipids in type II diabetic patients, and also to assess safety in liver function after mulberry leaf extract supplement. The study was a randomized placebo-controlled trial and total 23 type II diabetic patients were divided into a MLE group taking 1,000 mg mulberry leaf extract supplement per day as experimental group and a placebo group taking 1,000 mg cellulose Powder supplement per day for 12 weeks. After 2 weeks of wash-out period, fasting blood glucose, $HbA_{1C}$, serum lipid levels and liver function test were analyzed before and after treatment of 12 weeks. The general baseline characteristics, nutrient intake and life style factors of study subjects were similar between two groups during intervention. The concentrations of fasting blood glucose and $HbA_{1C}$ (p<0.05) decreased significantly after mulberry leaf extract supplement in MLE group, while there were no changes found in placebo group. We also found it showed that mulberry leaf extract supplement for 12 weeks decreased significantly (p<0.05) the fasting blood glucose in poor fasting blood glucose group and $HbA_{1C}$ concentration in poor $HbA_{1C}$ group. The concentrations of LDL-cholesterol (p<0.05) and triglyceride (p<0.01) decreased significantly in MLE group after 12 weeks of taking the supplement, while there were no changes found in placebo group. The mulberry leaf extract supplement for 12 weeks didn't show hepatotoxicity. These results suggested that mulberry leaf extract supplement could be effective in improving fasting blood glucose and $HbA_{1C}$ levels in the diabetic patients, specially having high concentrations of fasting blood glucose and $HbA_{1C}$ among type II diabetic patients.

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.