• Korean Journal of Labor Studies
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• v.17 no.1
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• pp.139-176
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• 2011

Non-regular workers came to the fore while working class formation was in retreat along with the democratic labor movement of regular workers. The formation of principal agents, however, is yet to occur. Then, why non-regular workers' struggles could not yield a consequence in that regard? What kind of factors are to determine the outcome of the struggles and how do they do it? It is the aim of this study to answer those questions. In contrast with regular workers' struggles, non-regular workers' struggles tend to break out in response to capitalist offensives, rely on atypical and, often, extreme measures of struggle rather than strike in the form of work stoppage, drag out for too long, and appeal for social solidarity outside when the solidarity of regular workers is not available. Non-regular workers' struggles tend to end up with failure rather than success, and with weakening rather than strengthening of their organizational strength. So as to overcome the tendency to fail, non-regular workers' struggles need regular workers' solidarity in addition to their own strong mobilization power, while social solidarity or positional power could substitute for regular workers' solidarity in some cases. So as to build up their organizational strength, non-regular workers' struggles should win victories in the struggles, while a victory could turn into a trap in the case of conversion. Both regular workers' solidarity and the internal integration of the struggles are two foremost important factors in achieving the victory of struggles and the building-up of organizational strength. Those who have got involved in struggles are from the best organized sector among all the non-regular workers. As they have gone through weakening of organizational strength, it becomes more difficult for non-regular workers to form principal agents. Without non-regular workers' struggles, however, the capitalist offensives must have carried the day. In that sense, non-regular workers' struggles did a role in at least detaining capitalist offensives, if not stopping them. The practical implication of non-regular workers' struggles is that, if non-regular workers redefine the ultimate goal of their struggles as the formation of their principal agents for working class formation, it would be a strategically rational choice to identify the strategic objective of struggles with the maintaining and strengthening of their organizational strength rather than the achievement of their immediate demands.

• Journal of Nutrition and Health
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• v.55 no.4
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• pp.462-475
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• 2022

Purpose: Allomyrina dichotoma larvae are one of the approved edible insects with nutritional value and various functional and medicinal properties. Previously we have demonstrated that the Allomyrina dichotoma larval extract (ADLE) ameliorates hepatic insulin resistance in high-fat diet (HFD)-induced diabetic mice through the activation of adenosine monophosphate-activated protein kinase (AMPK). This study investigated the effects of ADLE on insulin resistance in the skeletal muscle and explored mechanisms for enhancing the glucose uptake in palmitate (PAL)-treated C2C12 myotubes. Methods: To induce insulin resistance, the differentiated C2C12 myotubes were treated with PAL (0.5 mM) for 24 hours, and then treated with a 0.5 mg/ml concentration of ADLE, and the resultant effects were measured. The expression levels of glucose transporter-4 (GLUT4), AMPK, and the mitochondrial metabolism-related proteins were analyzed by western blotting. The mRNA expression levels of lipogenesis- related genes were determined by quantitative reverse-transcriptase PCR. Results: The exposure of C2C12 myotubes to 0.5 mg/ml of ADLE increased cell viability significantly compared to PAL-treated cells. ADLE upregulated the protein expression of GLUT4 and enhanced glucose uptake in the PAL-treated cells. ADLE increased the phosphorylated AMPK in both the PAL-treated C2C12 myotubes and HFD-treated skeletal muscle. The reduced expression levels of peroxisome-proliferator-activated receptor gamma co-activator-1 alpha (PGC1α) and uncoupling protein 3 (UCP3) due to the PAL and HFD treatment were reversed by the ADLE treatment. The citrate synthase activity was also significantly increased with the PAL and ADLE co-treatment. Moreover, the mRNA and protein expressions of fatty acid synthesis-related factors were reduced in the PAL and HFD-treated muscle cells, and this effect was significantly attenuated by the ADLE treatment. Conclusion: ADLE activates AMPK, which in turn induces mitochondrial metabolism and reduces fatty acid synthesis in C2C12 myotubes. Therefore, ADLE could be useful for preventing or treating insulin resistance of skeletal muscles in diabetes.

• Analyses & Alternatives
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• v.7 no.1
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• pp.115-145
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• 2023

The 20th National Congress of the Chinese Communist Party (hereafter referred to as "the 20th National Congress") was under the global spotlight long before it was held for seven days from 16 to 22 October 2022. People wondered whether Xi Jinping would secure a third term as China's leader or whether he would lay the foundations to be in power forever during the third term. In Korea, the press and media questioned whether the event would become the "crowning of Emperor Xi (Xi Huangdi)," whose power rivaled that of the first emperor in China, Shi Hunagdi, and featured the scene where Hu Jintao was forced to leave the venue during the Congress. On the other hand, many Korean academics focused more on how Xi would organize the Politburo and its Standing Committee and whether the outline of his heirs would appear during the event. This tendency in academia in turn worsened the media's concerns. This paper presents a quantitative analysis of the 20th National Congress Report, as opposed to an analysis of Xi's political intentions at the event. The National Congress Report outlines the Party's visions, goals, and strategies for the next five years in politics, economy, society, culture, foreign affairs, and relationship with Taiwan. The authoritative document is rich in narrative and logic and deserves academic study. This research analyzes the 18th, 19th, and 20th Reports by identifying their keywords and regular expressions and checking their frequency and percentage through text-mining methods. This approach enables the quantification and visualization of the significant changes in the Party's sovereign vision over the fifteen years of Xi's rule from 2013 to 2027.

• Journal of the Korean Society of Marine Environment & Safety
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• v.29 no.5
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• pp.417-426
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• 2023

Rapid climate change has resulted in glacial retreat and increased meltwater inputs in the Antarctic Peninsula, including King George Island where Marian Cove is located. Consequently, these phenomena are expected to induce changes in the water column light properties, which in turn will affect phytoplankton communities. To comprehend the effects of glacial retreat on the marine ecosystem in Marian Cove, we investigated on phytoplankton biomass (chlorophyll-a, chl-a) and various environment parameters in this area in December 2021 and January 2022. The average temperature at the euphotic depth in January 2022 (1.41 ± 0.13 ℃) was higher than that in December 2021 (0.87 ± 0.17 ℃). Contrastingly, the average salinity was lower in January 2022 (33.9 ± 0.10 psu) than in December 2021 (34.1 ± 0.12 psu). Major nutrients, including dissolved inorganic nitrogen, phosphate, and silicate, were sufficiently high, and thus, did not act as limiting factors for phytoplankton biomass. In December 2021 and January 2022, the mean chl-a concentrations were 1.03 ± 0.64 and 0.66 ± 0.15㎍ L^-1, respectively. The mean concentration of suspended particulate matter (SPM) was 24.9 ± 3.54 mgL^-1 during the study period, with elevated values observed in the vicinity of the inner glacier. However, relative lower chl-a concentrations were observed near the inner glacier, possibly due to high SPM load from the glacier, resulting in reduced light attenuation by SPM shading. Furthermore, the proportion of nanophytoplankton exceeded 70% in the inner cove, contributing to elevated mean fractions of nanophytoplankton in the glacier retreat marine ecosystem. Overall, our study indicated that freshwater and SPM inputs from glacial meltwater may possibly act as main factors controlling the dynamics of phytoplankton communities in glacier retreat areas. The findings may also serve as fundamental data for better understanding the carbon cycle in Marian Cove.

• (The) Research of the performance art and culture
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• no.40
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• pp.111-136
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• 2020

Agricultural high schools are undergoing a change their name from the mid-1950s to the 2000s. Although it varies slightly depending on the case, it has been changed from 'rural forests' to 'agricultural farms' or 'agricultural industries' and 'life sciences high schools' in turn. In several aricultural high schools had managed Nongak Department(class), it's guarantees the continuity of Korea's traditional folk art. Examples include entertainment and farming in Honam region of Jeonju aricultural high School in North Jeolla Province, Geumsan aricultural high School in South Chungcheong Province, Gimcheon aricultural high School in North Gyeongsang Province. Therefore, the interpretation and significance of studies should follow. This method of Nongak education in modern school institutions is a new phenomenon in the history of Nongak after modern time, the emergence of a whole new pattern of professional entertainment Nongak after paving and Female-Nongak, as well as local traditional folk music. Education here was conducted in such a way that the best performers of the time were invited as guidance teachers among traditional folk artists. Thus, various local and professional music and entertainment were able to be promoted Apart from the social relations of delay, social progress, and economy, the education of farming and music, which consists of teachers and students in public schools, has provided an environment where unlimited freedom is allowed for art forms. In other words, the conditions for a new performance style experiment and creative fusion were met, and the foundation for the development of professional musical performers who had acquired individualized talents from previous generations was laid down in the context of the phenomenon of active stage music and theater performance of outstanding in the culture of Nongak. In other words, the Department of Agriculture and aricultural high school was a very free space compared to other communities' and economic community's agricultural music in social relationships bound by traditional cultural customs. This is why they have created a new style of performance through a new experiment and a different traditional performance repertoire, and their activities have led to a more stylistic expansion from traditional farming. More importantly, the figures who came across Agricultural Nongak department became the main experts of traditional Korean folk music nowdays. Thus, Nongak Department, operated by the Agriculture and Forestry High School, was a space where would give a very important meaning in terms of Nongak history.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.17-32
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• 2023

The entrepreneurial activities of college students play a significant role in modern economic and social development, particularly as a solution to the changing economic landscape and youth unemployment issues. Introducing innovative ideas and technologies into the market through entrepreneurship can contribute to sustainable economic growth and social value. Additionally, the entrepreneurial intentions of college students are shaped by various factors, making it crucial to deeply understand and appropriately support these elements. To this end, this study systematically explores the importance and impact of role models through a multiple serial mediation analysis. Through a survey of 300 college students, the study analyzed how two psychological variables, growth mindset and entrepreneurial self-efficacy, mediate the influence of role models on entrepreneurial intentions. The presence and success stories of role models were found to enhance the growth mindset of college students, which in turn boosts their entrepreneurial self-efficacy and ultimately strengthens their entrepreneurial intentions. The analysis revealed that exposure to role models significantly influences the formation of a growth mindset among college students. This mindset fosters a positive attitude towards viewing challenges and failures in entrepreneurship as learning opportunities. Such a mindset further enhances entrepreneurial self-efficacy, thereby strengthening the intention to engage in entrepreneurial activities. This research offers insights by integrating various theories, such as mindset theory and social learning theory, to deeply understand the complex process of forming entrepreneurial intentions. Practically, this study provides important guidelines for the design and implementation of college entrepreneurship education. Utilizing role models can significantly enhance students' entrepreneurial intentions, and educational programs can strengthen students' growth mindset and entrepreneurial self-efficacy by sharing entrepreneurial experiences and knowledge through role models. In conclusion, this study provides a systematic and empirical analysis of the various factors and their complex interactions that impact the entrepreneurial intentions of college students. It confirms that psychological factors like growth mindset and entrepreneurial self-efficacy play a significant role in shaping entrepreneurial intentions, beyond mere information or technical education. This research emphasizes that these psychological factors should be comprehensively considered when developing and implementing policies and programs related to college entrepreneurship education.

• Journal of Service Research and Studies
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• v.14 no.2
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• pp.37-47
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• 2024

Currently, social interest in post-cremation funerals is growing due to the establishment of cremation culture. In addition, as awareness of nature-friendly funeral methods spreads in modern times, the demand for tree burial grounds and tree groves, which are representative natural burial methods, is increasing. However, if the current method of relying on trees is used, the forest burial may damage the forest and turn it into another cemetery. The tree decoration is a funeral method that contains the temporal meaning of humans returning to the space of nature that we have, and the philosophical meaning that humans return in compliance with nature. Like this, there are quite a few concerns. Even though tree burials are not the traditional burial facilities we are familiar with, many of the facilities and operating systems adopt the standards of park cemeteries and have stricter standards and restrictions than natural burials under the law. This rigidity is intended to preserve the forest, but the reality is that it limits the expansion and operation of tree plantations. To this end, this study seeks to find specific improvement measures for sustainable tree plantation operation. To this end, we look at the types of natural fields in foreign countries and find directions for tree planting that can be effectively applied and established in accordance with the sentiments of the people. Specific improvement measures include an enshrinement method that does not rely on memorial trees, the operation of anonymous or anonymous tree planting, a change in the method of visiting and commemorating, and various mountaineering methods, thereby suggesting alternatives to sustainable tree planting in Korea. The place where tree planting is implemented is the forest, that is, the forest itself. I should be a place where the spirit of natural return, which is the essence of the deceased, can be celebrated through the forest, not a funeral facility. By doing so, it will be possible to provide the public value of the forest, that is, the social function of the forest, in the name of an eco-friendly funeral service.

• Journal of the Daesoon Academy of Sciences
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• v.47
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• pp.1-37
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• 2023

This essay seeks to answer the question of how best to understand Korean new religious movements (KNRMs). KNRMs have the characteristics of folk religion, ethno-religion, or popular religion. KNRMs are products of the national consciousness promoted by Korean society during the Late Joseon Dynasty at the turning point of modern Yi-Jing Studies. From the perspective of social evolutionary theory of developmental history, during that period, Joseon (Korea), like China, was faced with a double-edged sword consisting of the strength of tradition and the upheaval of modernity. If the strength of tradition depended on the Yi-Jing Studies to promote national enlightenment toward anti-imperialist aims, then it was equally the case that modernity depended on the sense of urgency to guide the people to secure livelihoods and edification regarding anti-feudalism. In this essay, the KNRMs that appeared during this transition period of Yi-Jing Studies will be a significant focus, and the worldview of Daesoon Thought will be the main focus. As one of the central topics, intensive discussion will be dedicated to the issue of the nature of pre-experientialism (先驗主義) which characterized the Great Opening (開闢). The principles of Daesoon Thought have a religious dimension of realistic awareness that guides the people's lives and edifies them. The process of the Great Opening aims to secure an ontological clock that tracks the Great Itineration of the world toward Daesoon Truth. This in turn as a process establishes the epistemological world of the Reordering Works of Heaven and Earth (天地公事) and reaches the axiological boundary of the future world. The links among the Three Realms is characterized by a pre-experientialist line that experiences the space-time nature of the universe as the Great Opening of the Later World (後天) within the framework of Heaven and Earth. Throughout this course, humans look to enjoy the infinite vitality of the universe from within their own finite vitality. Therefore, Daesoon Thought can overcome perceived reality through pre-experientialist channels such as the Great Opening of the Later World and aim for a state of self-awareness such as the Earthly Paradise. This is an attempt to participate and practice in the actual world rather than pursuing a world of transcendental ideas, and therefore, it tends to be proactive in the world rather than exhibit a passive tendency to be worldliness. In conclusion, the truth of Daesoon Thought, which is characterized by the Great Opening of the Later World, contains a future-oriented outlook that longs for a Nextopia full of hope and promise rather than idealistic fancy towards a Utopia or well-founded dread and disdain towards Dystopia.

• Journal of Global Scholars of Marketing Science
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• v.18 no.1
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• pp.59-80
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• 2008

Recently, e-sports are growing with potentiality as a new industry with conspicuous profit model. But studies that dealing with e-sports are not enough. Hence, proposes of this paper are both to establish basic model that is for the design of e-sport marketing strategy and to contribute toward future studies which are related to e-sports. Recently, the researches to explain sports-sponsorship through the identification theory have been discovered. Many researches say that somewhat proper identification is a requirement for most sponsors to improve the their images which is essential to sponsorship activity. Consequently, the research for sponsorship associated with identification in the e-sports, not in the physical sports is the core sector of this study. We extracted the variables from online's major characteristics and existing sport sponsorship researches. First, because e-sports mean the tournaments or leagues in the use of online game, the main event of the game is likely to call it online game. Online media's attributes are distinguished from those of offline. Especially, interactivity, anonymity, and expandibility as a e-sport game attributes are able to be mentioned. So, these inherent online attributes are examined on the relationship with flow. Second, in physical sports games, Fisher(1998) revealed that team similarity and team attractivity were positively related to team identification. Wann(1996) said that the result of former game influenced the evaluation of the next game, then in turn has an effect on the identification of team supporters. Considering these results in the e-sports side, e-sports gamer' attractivity, similarity, and match result seem to be important precedent variables of the identification with a gamer. So, these e-sport gamer attributes are examined on the relationship with both flow and identification with a gamer. Csikszentmihalyi(1988) defined the term flow as feeling status for him to be making current positive experience optimally. Hoffman and Novak(1996) also said that if a user experienced the flow he would visit a website without any reward. Therefore flow might be positively associated with user's identification with a gamer. And, Swanson(2003) disclosed that team identification influenced the positive results of sponsorship, which included attitude toward sponsors, sponsor patronage, and satisfaction with sponsors. That is, identification with a gamer expect to be connected with corporation identification significantly. According to the above, we can design the following research model. All variables used in this study(interactivity, anonymity, expandibility, attractivity, similarity, match result, flow, identification with a gamer, and identification with a sponsor) definitely were defined operationally underlying precedent researches. Sample collection was carried out to the person who has an experience to have enjoyed e-sports during June 2006. Much portion of samples is men because much more men than women enjoy e-sports in general. Two-step approach was used to test the hypotheses. First, confirmatory factor analysis was committed to guarantee the validity and reliability of variables. The results showed that all variables had not only intensive and discriminant validity, but also reliability. Then, research model was examined with fully structural equation using LISREL 8.3 version. The fitness of the suggested model mostly was at the acceptable level. Shortly speaking about the results, first of all, in e-sports game attributes, only interactivity which is called a basic feature in online situation affected flow positively. Secondly, in e-sports gamer's attributes, similarity with a gamer and match result influenced flow positively, but there was no significant effect in the relationship between the attractivity of a gamer and flow. And as expected, similarity had an effect on identification with a gamer significantly. But unexpectedly attractivity and match result did not influence identification with a gamer significantly. Just the same as the fact verified in the many precedent researches, flow greatly influenced identification with a gamer, and identification with a gamer continually had an influence on the identification with a sponsor significantly. There are some implications in these results. If the sponsor of e-sports supports the pro-game player who absolutely should have the superior ability to others and is similar to the user enjoying e-sports, many amateur gamers will feel much of the flow and identification with a pro-gamer, and then after all, feel the identification with a sponsor. Such identification with a sponsor leads people enjoying e-sports to have purchasing intention for products produced by the sponsor and to make a positive word-of-mouth for those products or the sponsor. For the future studies, we recommend a few ideas. Based on the results of this study, it is necessary to find new variables relating to the e-sports, which is not mentioned in this study. For this work to be possible, qualitative research seems to be needed to consider the inherent e-sport attributes. Finally, to generalize the results related to e-sports, a wide range of generations not a specific generation should be researched.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

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