• Title/Summary/Keyword: Random Effect model

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Analysis of Factors for Heating Period Changes among Greenhouse Grape Farms (시설포도 농가의 가온시기 변화에 미치는 요인 분석)

  • Choi, Don-Woo;Lim, Cheong-Ryong
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.18 no.10
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    • pp.209-214
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    • 2017
  • The purpose of this study is to identify the factors that led greenhouse grape farms to delay their heating periods after the coming into force of the Korea-Chile Free Trade Agreement (FTA). Panel data on the cropping (system) changes from 2004 through 2016 were used for the analysis. According to the panel logistic model, the estimated coefficient of the cultivation area was 0.0002, which was statistically significant at the 10% significance level, the estimated coefficient of grape imports was 1.4258, which was statistically significant at the 1% significance level, and the estimated coefficient of the regional dummy was 0.808, which was statistically significant at the 5% significance level. The results indicated that the use of wider cultivation areas, increase in grape imports, and colder climate(in the mid-northern part of Korea) increased the likelihood of delayed heating. The Korean government is offering direct payment programs and business closure support to the greenhouse grape farmers. While these actions can relieve the damage caused by the increase in grape imports, they will not provide the ultimate solution. Various support measures are needed, such as renewing the varieties to meet the changing demand of grape consumers, providing agricultural materials to reduce the heating expenses, and modernizing greenhouse facilities to improve the energy efficiency and reduce the costs.

Systematic Review : Comparative Safety and Efficacy of Mono- and Combination Therapy of Anti-hypertensive Agents Acting on the Renin-Angiotensin System (레닌-안지오텐신계에 작용하는 항고혈압 약제의 단독요법과 병용요법의 안전성 및 유효성에 대한 체계적 문헌고찰)

  • Choi, Kyung-Eob;Kim, Hyun-Kyung
    • Korean Journal of Clinical Pharmacy
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    • v.21 no.4
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    • pp.364-375
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    • 2011
  • Given that single blockade with angiotensin-converting enzyme inhibitors (ACEIs) or angiotensin receptor blockers (ARBs) can achieve only partial and undurable suppression of the Renin Angiotensin System (RAS), it has been hypothesized that dual blockage would be more beneficial in the management of blood pressure (BP) reduction and prevention of progressive chronic kidney disease (CKD) than either agent alone. Thus, it has been suggested that the combination of an ACEI and an ARB might provide renal benefits to hypertensive patients over and above BP reduction. However, this might also expose patients to additive or synergistic side effects. We attempted to conduct a systematic review to evaluate the benefits and harms of combination therapy in hypertensive patients with or without kidney diseases. MEDLINE and KoreaMed were searched for relevant randomized clinical trials in adult hypertensive patients with or without diabetes (restricted to 1997, limited to trials published in English). Results were summarized using the random-effects model, and between-studies heterogeneity was estimated with $I^2$. A final analysis of ten trials (23,928 patients) revealed that the combination of an ACEI and an ARB reduced blood pressure (SBP/DBP) by 3.95/2.02 mmHg (95% confidence interval [CI], -4.38 to -3.53/-2.33 to -1.71) compared with ACEI monotherapy, and 2.83/2.64 mmHg (95% CI, -3.25 to -2.41/-4.95 to -0.33) compared with ARB monotherapy. Eight trials (391 patients) demonstrated a significant reduction in 24h-proteinuria (weighted mean difference, 0.16 g/day, 95% CI, -0.26-0.05), but they did not translate into an improvement in GFR. Tests for heterogeneity showed no difference in effect among the studies. The combination therapy reduced proteinuria by 30% (95% CI, 23% to 37%) and 39% (95% CI, 31% to 48%) compared with ACEI monotherapy and ARB monotherapy, respectively. However, in patients who had proteinuria more than 0.5 g/day, the combination therapy failed to show significant reduction in urinary protein excretion. The current cumulative evidence suggests that diabetic patients with proteinuria on dual RAS blockade have an increase risk of adverse events such as hyperkalemia, hypotension, and so on, compared with ACEI or ARB alone. It is, therefore, proposed that the combination therapy should not be routinely used for the treatment of hypertension with or without compelling indications.

The Effect of Auricular Acupuncture for Obesity: A Systematic Review and Meta-analysis (비만치료에 대한 이침요법의 효과에 대한 고찰: 체계적 문헌고찰 및 메타분석)

  • Park, Seohyun;An, Sunjoo;Choi, Sunghwan;Kang, Shinwoo;Keum, Dongho
    • Journal of Korean Medicine for Obesity Research
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    • v.20 no.1
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    • pp.52-68
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    • 2020
  • Objectives: The purpose of this study is to investigate the weight loss effects of auricular acupuncture in obese patients. Methods: Six databases (Research Information Sharing Service [RISS], Korean studies Information Service System [KISS], Oriental Medicine Advanced Searching Integrated System [OASIS], PubMed, The Cochrane Library, China National Knowledge Infrastructure [CNKI]) were searched up to May 20, 2020. Eight eligible randomized controlled trials were included the present study. The quality of included studies was assessed by the Cochrane risk of bias tool and a meta-analysis was performed by Review Manager software. A meta-analysis was conducted using a random-effects model and a subgroup analysis was performed to detect the sources of heterogeneity, identify the selection of acupuncture methods and explore its contributions to the weight loss effects. Results: Among 8 trials, 5 trials used auricular acupuncture and 2 trials used auricular acupressure, 1 trial used both types of intervention. Most commonly selected acupoints were Shenmen (TF4) and stomach (CO4). Treatment duration was six to twelve weeks, and total treatment session was six to twelve. Compared to the control groups, auricular acupuncture significantly decreased body weight, body mass index (BMI), high density lipoprotein-cholesterol (HDL) and ghrelin. For the selection of acupuncture methods, both methods performed similarly in most outcome except waist circumference (WC), body fat percentage (BFP), and triglycerides (TG). Conclusions: We found that auricular acupuncture can be effective for weight loss and controlling appetite. However, the findings should be interpreted with caution due to heterogeneity. So further vigorous and well-designed studies should be conducted to strengthen the evidence of the use of auricular acupuncture for obesity.

A Systematic Review of Acupuncture for Allergic Rhinitis (알레르기 비염의 침 치료에 대한 체계적 고찰)

  • Mun, Byeong-gwon;Lee, Yu-ri;Cho, Na-kyung;Kim, Kyung-soon;Choi, Hong-sik;Kim, Seung-mo
    • The Journal of Internal Korean Medicine
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    • v.41 no.6
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    • pp.1100-1118
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    • 2020
  • Objectives: The purpose of this study was to assess the effects of acupuncture as a treatment for allergic rhinitis (AR). We used a meta-analysis and systematic review to analyze the results of randomized controlled trials (RCTs) that applied acupuncture to AR patients. Methods: The key question assessed the effects of acupuncture on patients with AR, and we included only RCTs. We searched the KoreaMed, NDSL, KMBASE, Koreantk, OASIS, PubMed, EMBASE, and Cochrane databases, with no language restriction. We assessed risk of bias with the Cochrane Risk of Bias tool. The random effects model was used to adjust for the heterogeneity of the included studies, and the effect sizes between two groups were reported as mean differences (MD) and risk ratios (RR). Results: Twelve RCTs were analyzed, with a total of 1788 participants; 824 participants were in the treatment group (i.e., acupuncture) and 964 were in the control group (sham acupuncture, western medicine, or waitlist). The meta-analysis results of 7 RCTs comparing the therapeutic efficacy of acupuncture with that of sham acupuncture showed a statistically significant difference (p<0.05) in the Rhinoconjunctivitis Quality of Life Questionnaire (RQLQ) and the Change of Total Nasal Symptom Score (TNSS). The meta-analysis of 4 RCTs comparing the therapeutic efficacy of acupuncture with western medicine showed statistically significant differences (p<0.05) in the RQLQ but not in the changes in effective rate (p>0.05). Conclusions: Acupuncture can be an effective treatment for AR, but more studies are required to enhance the level of evidence and to confirm safety.

The Impact of Intellectual Properties on Foreign Direct Investment (지적재산권이 해외직접투자에 미치는 영향)

  • Kim, Seok-Chin;Yim, Jeong-Dae;Kang, Sang-Il
    • Korea Trade Review
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    • v.42 no.1
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    • pp.165-188
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    • 2017
  • Foreign direct investment is the means for companies to enter the overseas market and strengthen their competitiveness. The holding of intellectual properties, representing advantages of firms, may affect foreign direct investment. By expanding previous studies, we define intellectual properties as including trademarks and design as well as patents. Using a random-effect panel data model, we examine the effects of both intellectual properties of Korea and host countries on Korea's foreign direct investment in 128 countries from 1981 to 2014. The results are as follow. First, the coefficients of Korea's intellectual properties, patent, trademark, and design are significantly positive. This implies that Korean firms may invest abroad to take their advantages of technologies, brand value, and the capability of product differentiation. Second, except for patents, intellectual properties of host countries have a positive impact on foreign direct investment. In other words, foreign direct investment to acquire the ability of branding or product design from host countries may occur. Third, the coefficients of Korea's intellectual properties are significantly greater than those of host countries' properties. Foreign direct investment to take advantages of the firms' capabilities overseas is greater than one to acquire knowledge of host countries. Finally, Korea's intellectual properties have a greater positive impact on foreign direct investment in high growth countries than in low growth countries. It is interpreted that Korean firms are more motivated to exploit their intellectual properties in developing countries with a high growth than developed countries. Overall, it is confirmed that Korea's foreign direct investment not only to utilize some advantages but also to seek the brand value or product differentiation ability from host countries can occur. Our findings provide the contribution that some innovative activities in firms and R&D investments policies which encourage the possession of intellectual properties can improve foreign direct investment.

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Inelastic Dynamic Analysis of Structure Subjected to Across-Wind Load (풍직각방향 풍하중이 작용하는 구조물의 비탄성 동적 해석)

  • Ju-Won Kim
    • Journal of the Computational Structural Engineering Institute of Korea
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    • v.36 no.3
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    • pp.185-192
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    • 2023
  • In this study, fluctuating wind velocity for time history analysis is simulated by a single variate, single-dimensional random process using the KBC2022 spectrum about across-wind direction. This study analyzed and obtained the inelastic dynamic response for structures modeled as a single-degree-of-freedom system. It is assumed that the wind response is excellent in the primary mode, the change in vibration owing to plasticization is minor, along-wind vibration and across-wind vibration are independent, and the effect of torsional vibration is small. The numerical results, obtained by the Newmark-𝛽 method, shows the time-history responses and trends of maximum displacements. As a result of analyzing the inelastic dynamic response of the structure with the second stiffness ratio(𝛼) and yield displacement ratio (𝛽) as variables, it is identified that as the yield displacement ratio (𝛽) increases when the second stiffness ratio is constant, the maximum displacement ratio decreases, then reaches a minimum value, and then increases. When the stiffness ratio is greater than 0.5, there is a yield point ratio at which the maximum displacement ratio is less than 1, indicating that the maximum deformation is reduced compared to the elastically designed building even if the inelastic behavior is permitted in the inelastic wind design.

Strategies for Managing Dementia Patients through Improving Oral Health and Occlusal Rehabilitation: A Review and Meta-analysis

  • Yeon-Hee Lee;Sung-Woo Lee;Hak Young Rhee;Min Kyu Sim;Su-Jin Jeong;Chang Won Won
    • Journal of Korean Dental Science
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    • v.16 no.2
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    • pp.128-148
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    • 2023
  • Dementia is an umbrella term that describes the loss of thinking, memory, attention, logical reasoning, and other mental abilities to the extent that it interferes with the activities of daily living. More than 50 million individuals worldwide live with dementia, which is expected to increase to 131 million by 2050. Recent research has shown that poor oral health increases the risk of dementia, while oral health declines with cognitive decline. In this narrative review, the literature was based on the "hypothesis" that dementia and oral health have a close relationship, and appropriate oral health and occlusal rehabilitation treatment can improve the quality of life of patients with dementia and prevent progression. We conducted a literature search in PubMed and Google Scholar databases, using the search terms "dementia," "major neurocognitive disorder," "dentition," "occlusion," "tooth loss," "dental prosthesis," "dental implant," and "occlusal rehabilitation" in the title field over the past 30 years. A total of 131 studies that scientifically addressed dementia, oral health, and/or oral rehabilitation were included. In a meta-analysis, the random effect model demonstrated significant tooth loss increasing the dementia risk 3.64-fold (pooled odds ratio=3.64, 95% confidence interval [2.50~5.32], P-value=0.0348). Tooth loss can be an important indicator of cognitive function decline. As the number of missing teeth increases, the risk of dementia increases. Loss of teeth can lead to a decrease in the ascending information to the brain and reduced masticatory ability, cerebral blood flow, and psychological atrophy. Oral microbiome dysbiosis and migration of key bacterial species to the brain can also cause dementia. Additionally, inflammation in the oral cavity affects the inflammatory response of the brain and the complete body. Conversely, proper oral hygiene management, the placement of dental implants or prostheses to replace lost teeth, and the restoration of masticatory function can inhibit symptom progression in patients with dementia. Therefore, improving oral health can prevent dementia progression and improve the quality of life of patients.

A hybrid algorithm for the synthesis of computer-generated holograms

  • Nguyen The Anh;An Jun Won;Choe Jae Gwang;Kim Nam
    • Proceedings of the Optical Society of Korea Conference
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    • 2003.07a
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    • pp.60-61
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    • 2003
  • A new approach to reduce the computation time of genetic algorithm (GA) for making binary phase holograms is described. Synthesized holograms having diffraction efficiency of 75.8% and uniformity of 5.8% are proven in computer simulation and experimentally demonstrated. Recently, computer-generated holograms (CGHs) having high diffraction efficiency and flexibility of design have been widely developed in many applications such as optical information processing, optical computing, optical interconnection, etc. Among proposed optimization methods, GA has become popular due to its capability of reaching nearly global. However, there exits a drawback to consider when we use the genetic algorithm. It is the large amount of computation time to construct desired holograms. One of the major reasons that the GA' s operation may be time intensive results from the expense of computing the cost function that must Fourier transform the parameters encoded on the hologram into the fitness value. In trying to remedy this drawback, Artificial Neural Network (ANN) has been put forward, allowing CGHs to be created easily and quickly (1), but the quality of reconstructed images is not high enough to use in applications of high preciseness. For that, we are in attempt to find a new approach of combiningthe good properties and performance of both the GA and ANN to make CGHs of high diffraction efficiency in a short time. The optimization of CGH using the genetic algorithm is merely a process of iteration, including selection, crossover, and mutation operators [2]. It is worth noting that the evaluation of the cost function with the aim of selecting better holograms plays an important role in the implementation of the GA. However, this evaluation process wastes much time for Fourier transforming the encoded parameters on the hologram into the value to be solved. Depending on the speed of computer, this process can even last up to ten minutes. It will be more effective if instead of merely generating random holograms in the initial process, a set of approximately desired holograms is employed. By doing so, the initial population will contain less trial holograms equivalent to the reduction of the computation time of GA's. Accordingly, a hybrid algorithm that utilizes a trained neural network to initiate the GA's procedure is proposed. Consequently, the initial population contains less random holograms and is compensated by approximately desired holograms. Figure 1 is the flowchart of the hybrid algorithm in comparison with the classical GA. The procedure of synthesizing a hologram on computer is divided into two steps. First the simulation of holograms based on ANN method [1] to acquire approximately desired holograms is carried. With a teaching data set of 9 characters obtained from the classical GA, the number of layer is 3, the number of hidden node is 100, learning rate is 0.3, and momentum is 0.5, the artificial neural network trained enables us to attain the approximately desired holograms, which are fairly good agreement with what we suggested in the theory. The second step, effect of several parameters on the operation of the hybrid algorithm is investigated. In principle, the operation of the hybrid algorithm and GA are the same except the modification of the initial step. Hence, the verified results in Ref [2] of the parameters such as the probability of crossover and mutation, the tournament size, and the crossover block size are remained unchanged, beside of the reduced population size. The reconstructed image of 76.4% diffraction efficiency and 5.4% uniformity is achieved when the population size is 30, the iteration number is 2000, the probability of crossover is 0.75, and the probability of mutation is 0.001. A comparison between the hybrid algorithm and GA in term of diffraction efficiency and computation time is also evaluated as shown in Fig. 2. With a 66.7% reduction in computation time and a 2% increase in diffraction efficiency compared to the GA method, the hybrid algorithm demonstrates its efficient performance. In the optical experiment, the phase holograms were displayed on a programmable phase modulator (model XGA). Figures 3 are pictures of diffracted patterns of the letter "0" from the holograms generated using the hybrid algorithm. Diffraction efficiency of 75.8% and uniformity of 5.8% are measured. We see that the simulation and experiment results are fairly good agreement with each other. In this paper, Genetic Algorithm and Neural Network have been successfully combined in designing CGHs. This method gives a significant reduction in computation time compared to the GA method while still allowing holograms of high diffraction efficiency and uniformity to be achieved. This work was supported by No.mOl-2001-000-00324-0 (2002)) from the Korea Science & Engineering Foundation.

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A Meta-analysis of Ambient Air Pollution in Relation to Daily Mortality in Seoul, $1991\sim1995$ (메타분석 방법을 적용한 서울시 대기오염과 조기사망의 상관성 연구 (1991년$\sim$1995년))

  • Dockery, Douglas W.;Kim, Chun-Bae;Jee, Sun-Ha;Chung, Yong;Lee, Jong-Tae
    • Journal of Preventive Medicine and Public Health
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    • v.32 no.2
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    • pp.177-182
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    • 1999
  • Objectives: To reexamine the association between air pollution and daily mortality in Seoul, Korea using a method of meta-analysis with the data filed for 1991 through 1995. Methods: A separate Poisson regression analysis on each district within the metropolitan area of Seoul was conducted to regress daily death counts on levels of each ambient air pollutant, such as total suspended particulates (TSP), sulfur dioxide $(SO_2)$, and ozone $(O_3)$, controlling for variability in the weather condition. We calculated a weighted mean as a meta-analysis summary of the estimates and its standard error. Results: We found that the p value from each pollutant model to test the homogeneity assumption was small (p<0.01) because of the large disparity among district-specific estimates. Therefore, all results reported here were estimated from the random effect model. Using the weighted mean that we calculated, the mortality at a $100{\mu}g/m^3$ increment in a 3-day moving average of TSP levels was 1.034 (95% Cl 1.009-1.059). The mortality was estimated to increase 6% (95% Cl 3-10%) and 3% (95% Cl 0-6%) with each 50 ppb increase for 9-day moving average of SO2 and 1-hr maximum O3, respectively. Conclusions: Like most of air pollution epidemiologic studies, this meta-analysis cannot avoid fleeing from measurement misclassification since no personal measurement was taken. However, we can expect that a measurement bias be reduced in a district-specific estimate since a monitoring station is hefter representative cf air quality of the matched district. The similar results to those from the previous studios indicated existence of health effect of air pollution at current levels in many industrialized countries, including Korea.

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

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