This study explores differential value implications of R&D expenditure across firms, especially in terms of growth potential of small businesses. Analyzing Korean listed firms for the period from 1982 to 2014, we document the followings.
First, large firms, defined as the top quintile group based on market capitalization, have spent higher R&D expenditure compared to small (bottom quintile group) and medium (middle quintile groups) firms and the difference between groups has enlarged over time. Relatedly, the persistence of R&D spending, measured by the association between current R&D expenditure and cumulative future R&D expenditure over the next five years, is lowest in small firms. Second, R&D of large (small) firms are more (less) likely to generate operating profits over the next five years. Additional analyses suggest that the relation between R&D and gross margin is strongest in large firms, suggesting that R&D underlies their competitiveness in the product market.
Third, small firms have borne the highest uncertainty related to R&D investment proxied by the association between current R&D and volatility of future earnings.
As a result, the likelihood of R&D leading to future patents is also lowest in small firms. Fourth, the probability of moving up to the next size group within the next five years is significantly lower in small firms than others. Finally, we find that the divergence in R&D expenditure between large and small firms is positively associated with product market concentration. Overall, our findings confirm the small business growth trap in relation to R&D investment.

The youth job problem is becoming more serious due to COVID-19.
To solve this problem, a “good job platform” was proposed that allows young job seekers to easily and conveniently find excellent SMEs they want to work for. This study developed a “good job self-assessment model” that grasps the preferred jobs of young job seekers and evaluates SMEs and applied them in the platform. In this process, the characteristics of good jobs from the viewpoint of job seekers were identified through conjoint analysis from the viewpoint of salary level, performance compensation, working environment, corporate soundness, and organizational culture.
Next, the importance of 13 detailed evaluation items was reflected through AHP for industry, academia, and research experts. The self-assessment model of this study can be used as a tool to improve awareness that changes the SME environment into a job favored by young job seekers. As a result, it could provide an opportunity to change the job problem from providing cost-oriented support to a qualitative solution.

This study empirically examined how the technology innovation competence of the 4th Industrial Revolution Enterprises affects management performance. It also analyzed whether there would be any difference in business performance between the 4th Industrial Revolution Enterprises and the non-4th Industrial Revolution Enterprises. The samples for analysis were analyzed using in-situ data of 2,543 enterprises classified as technical innovation enterprises and the 4th Industrial Revolution Enterprises through Korea Technology Finance Corporation’s in-house technical evaluation. Variables for technology innovation competence were analyzed using variables such as the size of manpower of research and development, the level of research and development organizations, the number of intellectual property rights, the ratio of intangible assets, the amount of knowledge properties, the amount of research and development investment, and the intensiveness degree of research and development. In terms of the impact of the 4th Industrial Revolution Enterprises’ technology innovation competence on business performance, all factors except for the level of research and development organizations were found to affect business performance, which supported the study hypothesis. In particular, it was confirmed that the amount of knowledge properties has had a relatively greater impact on business performance. In addition, the average comparative analysis between the 4th Industrial Revolution Enterprises and the non-4th Industrial Revolution Enterprises confirmed that the 4th Industrial Revolution Enterprises conducted higher values in the business performance.

This study verified how R&D investment affects the management performance of SMEs, whether technology innovation mediates this relationship, and whether marketing competency moderates the relationship between technology innovation and management performance. A longitudinal analysis was conducted using data from the corporate panel survey performed by Daegu Technopark every year since 2013. Data from 349 companies in the Daegu-Gyeongbuk region were mainly used, and the size of 30 to 50 employees in the manufacturing industry was a major analysis target company. The results are as below. First, The results showed that R&D investment had a positive effect on management as well as technology innovation, but technology innovation did not affect management performance. Also, technological innovation did not mediate the relationship between R&D investment and management performance. This shows that in the case of small SMEs, even if technological innovation occurs through R&D investment, the technological innovation does not lead to management performance. Also, the relationship between technological innovation and management performance was not changed by marketing capabilities. This shows that technological innovation in small SMEs is not easy to lead to business performance.

Inclusive business is a social business that is promoted with the aim of supporting the economic independence and quality of life of poor people in developing countries. Inclusive business is emerging as a new development cooperation method that can lead to development effects such as income generation and economic independence by engaging the poor, traditionally recognized as 'the target of aid' in terms of development cooperation, in market-based economic activities. This study considered how this inclusive business overcomes various barriers in the market for the poor in developing countries and generates social values and economic returns.
To this end, based on previous studies, an analytical framework was established to analyze inclusive business models and business types. And based on the multiple case study method, 17 cases of inclusive business of social enterprises were ed to analyze the characteristics of their business models and the types of business.
Through this study, characteristics of value proposition mechanisms, value creation mechanisms, and value securing mechanisms of inclusive business based on public-private cooperation were derived. Also, how these inclusive businesses create social and economic values for the poor were analyzed. The findings present theoretical and practical implications for an inclusive business model.

This study aims to diagnose research trends and to deduct implications from meta analysis of entrepreneurship studies in the Asia Pacific Journal of Small Business (APJSB), one of the most well-known academic journals in management and entrepreneurship field in Korea. Frequency and crossover analysis are uted in multi-dimensions by time period, topic, author, research level, data, and methodology by complete enumeration of every published paper for 40 years in APJSB which included core terms of entrepreneurship in its title, abstract, or keywords. From objective and quantitative schematization of research trends and characteristics of entrepreneurship studies, novel improvement plans which are highly applicable in research fields are suggested such as diversification of studies from ecosystem perspective, identification of authors, and standardized system of extended abstract of research papers. Implications and suggestions derived from the results propose future research directions and tasks when entrepreneurship studies have been rapidly increased. Furthermore, the innovation plans of management system of journals and papers are expected to contribute promotion of entire studies by significantly reducing trial and error, and inefficiency in research process.

This study focuses on succession in a family business which is the crucial factor affecting future and survival of a family business. Especially, the study concentrate a successor's view which is regarded as a key-player during the succession. In this study, we used AHP (Analytic Hierarchy Process) methodology to identify priorities of factors influencing succession. We divided into two-tier level. The first-tier is defined as 1) the relationship with an incumbent CEO, 2) a successor 's management ability, 3) a successor' s self-efficacy and 4) succession plan. For the second-tier of each first-tier have 3 sub-factors ; 1) the relationship with an incumbent CEO is set as level of mutual trust, sharing the vision of a company, and level of communication each other.
2) A successor 's management ability is based on business competence, education and training and interpersonal management ability, 3) a successor 's self-efficacy was set as successor' s willingness of succession, confidence of overcoming crisis and confidence of achieving objectives. Lastly, 4) a succession plan is set as finance plan, leadership transformation plan and human-organization management plan. A total of 93 questionnaires is distributed and retrieved, and 88 questionnaires are used for the study, excluding those with missing data. As a result of this study, successors ed 1) the relationship with an incumbent C.E.O. as the most important priority in the first-tier. The second is 2) a successor 's management ability, the third is 3) a successor' s self-efficacy, and the last priority is 4) a succession plan. In particular, 3 sub-factors that make up the relationship with an incumbent are the most important factors. These factors rank the first to the third in the final result.

Startups are undergoing a change throughout the growth process of startups that appear in existing studies as they move away from the existing B2B or B2C frame and expand their target customer groups to O2O, C2C. In this regard, a new type of startup known as unicorns, a unicorn which has grown rapidly in a short period of time, is being created by successfully attracting government support and external investment in recognition of the potential value of the startup. This study examined the relationship between investment attraction and growth after founding for five representative unicorns in the U.S. and Korea. As a result, it was found that private investment in Korea is passive and defensive, and is attracted after the Series A stage, compared to the U.S., where the growth potential of the startup ecosystem is positively evaluated. In addition, it found that government’s support policy throughout the startup's growth process is an abstract and comprehensive policy focusing on initial funding for startups. Therefore, it was suggested that the scope of government policies should be expanded to forster startups as unicorns, and that it is necessary to establish and implement differentiated support policies for each growth of the scale-up of startups. This study is significant in that it presented the criteria for the growth stage and support of startups as well as policy support for scale-up through practical case analysis of unicorns.

Startup accelerators, a new type of investment entity, have emerged as a way to solve the difficulties of early startups and existing investment methods with high risk. With the visible performances of these startup accelerators on the success of startups, medium and large accelerator companies have emerged, along with the increasing size of seed money they invest in. In addition, differences between small and medium&large accelerator companies are emerging. Therefore, startups need informations on what factors to prepare for attracting startup accelerators’ investment. Accelerators also need determinant criteria to startups as the amount of investment grows. However, the study on this subject is not currently being conducted.
Therefore, we conducted the study through dividing the average amount of seed money into small and medium & large-sized investment groups and examined the differences in major investment determinants, investment purposes, and major accelerating programs. As the results of this study, small investment groups could be subdivided into 'consulting-oriented accelerators' and medium- and large-sized investment groups into 'investment-oriented accelerators'. In addition, major services and investment purposes and investment decision criteria vary depending on the size of the investment. I think these findings will be good standards for accelerator companies, startups in need of their help, and follow-up researchers.