Despite the growing demand for corporate environmental, social, and governance (ESG) engagement in response to the global complex crisis, the impacts of ESG activities and market environment on firm performance have not been sufficiently investigated. This study aims to explore how ESG activities affect firm performance and how the competitive market environment moderates this relationship. The panel data regression analysis was performed to investigate the relationship between the ESG performance and firm performance (specifically, market capitalization as a measure of market‐based firm performance and profit margin and return on assets as measures of account‐based firm performance) with the data of 2115 listed companies from 53 countries over the past 5 years (2017–2021). The analysis results showed a U‐shaped relation between ESG performance and market capitalization, and a positive linear relationship was observed between ESG performance and profit margin or return on assets. Importantly, it was found that these relationships are negatively moderated by the competition (number of competitors) in the market. It can be interpreted that the greater the number of competitors in the market, the weaker the effect of ESG performance on firm performance. This study discusses plausible reasons for these observations and managerial and policy implications drawn from the results. This study not only analyzes the relationship between ESG performance and various aspects of firm performance at the global level, but also accumulates new evidence for the moderating effect of market competition.

The unprecedented outbreaks of epidemics such as the coronavirus has caused major socio-economic changes. To analyze public risk awareness and behavior in response to the outbreak of epidemic diseases, this study focuses on RSV (Relative Search Volume) provided by Google Trends. This study uses the social big data provided by Google RSV to investigate how the WHO's pandemic declaration affected public awareness and behavior. 37 OECD countries were analyzed and clustered according to the degree of reaction to the declaration, and the United States, France and Germany were selected for comparative study. The results of this study statistically confirmed that the pandemic declaration increased public awareness and had the effect of increasing searches for information on COVID-19 by more than 20%. In addition, this rapid rise in RSV also reflected interest in the COVID-19 test and had the effect of inducing individuals to be tested, which helped identify new cases. The significance of this study is that it provided the theoretical foundation for using RSV and its implications to understand and strategically utilize public awareness and behavior in situations where the WHO and governments must launch policies in response to the outbreak of new infectious diseases such as COVID-19.

Background: The purpose of this paper is to provide technology trends and information regarding market and prospects in stents used for human blood vessels in Korea and the world. A stent is a medical device in the form of a cylindrical metal net used to normalize flow when blood or other bodily fluids such as biliary fluids are obstructed in blood vessels, gastrointestinal tracts, etc. by inserting the stent into a narrowed or clogged area. Stents are classified into vascular and non-vascular stents. The coronary artery stent is avascular stent that is used for coronary atherosclerosis. The demand is increasing for stents to treat diseases such as those affecting the heart and blood vessels of elderly and middle-aged patients. Due to the current shift in the demographic structure caused by an aging society, the prospect for stents seems to be very bright. The use of a stent designed to prevent acute vascular occlusion and restenosis, which is a side effect of conventional balloon angioplasty, has rapidly become popular because it can prevent acute complications and improve clinical outcomes. Since the initial release of this stent, there have been significant developments in its design, the most notable of which has been the introduction of drug-eluting stents (DES). Bioresorbable scaffolds (BRS) have the potential to introduce a paradigm shift in interventional cardiology, a true anatomical and functional “vascular restoration” instead of an artificial stiff tube encased by a persistent metallic foreign body. Methods: Data for this research were gathered from primary and secondary sources as well as the databases of the Korea Institute of Science Technology Information (KISTI) located in Seoul, Korea like KISTI Market Report. The sources used for primary research included the databases available from the Korea Institute of Science Technology Information, past industry research services/studies, economic and demographic data, and trade and industry journals. Secondary research was used to supplement and complement the primary research. Interviews were conducted with physicians and surgeons from the key hospitals and senior sale/marketing managers from stent product suppliers in South Korea. Results: The global stent market is estimated at US $ 7.98 billion in 2016 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.8% over the next 5 years. As of 2016, the global market for vascular stents is estimated at $ 7.22 billion, with coronary artery stents accounting for 67.3% of the vascular stent market. Among the coronary artery stents, BRS is notably expected to grow at an annual average rate of 8.8% by 2020, but the global adoption rate of BRS remains low at present. In the Korean market, stents for blood vessels account for most of the market, and the market size of stents for blood vessels in Korea was estimated to be 145 billion won as of 2016. Conclusions: In comparison to the sales growth rate of other medical devices, the future stent technology market is judged to be higher in growth potential.

Research objective of our study is to find the effect of technology and market dynamism on the business performances by small- and medium-sized enterprises (SME) supporting services. Technology and market dynamism have been introduced as moderating variables, utilisation degree of information provided by SME supporting services was selected as an independent variable and contribution degree to SME business performances such as revenue, export, employment and so on were selected as dependent variables. Structural equation modeling was established to analyse moderating and mediating effects on SME business performances by SME supporting services using Smart PLS programme. The SME supporting services had a direct effect on SME business performances and also indirectly influenced SME business performances via contribution degree to decision-making of SME executives. Technology and market dynamism significantly moderated the effect of decision-making of SME executives on SME business performances. It could be seen that technology and market dynamism had a mediated-moderating effect on SME business performances.

Although there has been a lot of research on the effect of workforce diversity on innovation performance, the studies on research and development (R&D) team diversity have been scarce. Moreover, even the previous studies considered R&D performances at the firm level, which left the relationship between inputs and outputs unclear. This study aimed to investigate the relationship more precisely by examining the effect of R&D team diversity at the project level. The gender, major, and education diversities were considered and the project‐level performances were measured by four indicators: papers, patents, R&D success, and innovative sales. After analyzing 1166 R&D projects implemented by South Korean small and medium‐sized enterprises supported by government subsidies, we found inverted U‐shaped relationships between gender and major diversities and patent applications. That is, patents increased from low to moderate level of diversities (0.52 for gender diversity and 0.43 for major diversity in normalized Blau's index). However, when the diversities exceeded the moderate levels, patents decreased. Our findings provide strong empirical evidence that the ambivalence of diversity influences simultaneously and that the influences dominate differently depending on the degree of diversity. Education diversity had a linear positive correlation with paper publications and R&D success. Based on these findings, we discussed managerial implications from the perspective of R&D project managers and the funding agency.

To improve the efficiency of government-funded research and development (R&D) programs for small and medium enterprises, it is necessary to make the process of selecting beneficiary firm objective. We aimed to develop machine learning models to predict the performances of individual R&D projects in advance, and to present an objective method that can be utilized in the project selection. We trained our models on data from 1771 R&D projects conducted in South Korea between 2011 and 2015. The models predict the likelihood of R&D success, commercialization, and patent applications within 5 years of project completion. Key factors for predicting the performances include the research period and area, the ratio of subsidy to research budget, the firm’s region and venture certification, and the average debt ratio of the industry. Our models’ precisions were superior to qualitative expert evaluation, and the machine learning rules could be explained theoretically. We presented a methodology for objectively scoring new R&D projects based on their propensity scores of achieving the performances and balancing them with expert evaluation scores. Our methodology is expected to contribute to improving the efficiency of R&D investment by supplementing qualitative expert evaluation and selecting projects with a high probability of success.