This research explores the critical influence of corporate culture on small and medium-sized enterprises’ (SMEs) crisis response abilities under varied cross-cultural environments. Amid the disruptive backdrop of the COVID-19 pandemic, SMEs globally have faced unprecedented challenges. This study addresses a gap in the existing literature by conducting a cross-cultural analysis of SMEs in China, Thailand, and Germany to understand how corporate culture affects crisis management. Utilizing a competitive cultural value model, the research categorizes corporate culture into four dimensions: group culture, development culture, hierarchy culture, and rational culture. These cultural dimensions are investigated in relation to their impact on crisis response abilities. Additionally, national cultural dimensions such as individualism and uncertainty avoidance are examined as moderating variables. The findings reveal that group and development cultures positively influence crisis response abilities, enhancing organizational resilience and adaptability. Conversely, hierarchy culture negatively affects crisis management, hindering flexible response strategies. Rational culture supports structured crisis response through goal-oriented practices. National culture significantly moderates these relationships, with individualism and high uncertainty avoidance impacting the effectiveness of organizational cultural dimensions in crisis scenarios. This study offers theoretical advancements by integrating cultural dimensions with crisis response strategies and provides practical implications for SMEs striving to enhance their resilience and adaptability in a globalized business environment.

Sustainable development has emerged as a global imperative, with the rapid adoption of the Environmental, Social, and Governance (ESG) framework reflecting this trend. In the context of digital transformation, this study aims to investigate the impact of ESG performance on corporate value, while also examining the moderating and mediating roles of digital transformation and green innovation within this relationship. Utilizing annual data from A-share listed companies on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) spanning the years 2018 to 2022, this research encompasses a total of 17,940 observations. Given China’s commitment to sustainable, high-quality development, this study underscores the critical importance of advancing ESG principles alongside corporate digital transformation. Empirical analysis reveals that ESG performance significantly enhances firm value, with digital transformation serving as a positive moderator that amplifies the impact of ESG performance on firm value primarily through the enhancement of firms’ green technology innovation capabilities. These findings contribute to a deeper understanding of the interaction between ESG initiatives and firm value, particularly amidst ongoing digital advancements. Consequently, this paper recommends that governments enhance corporate ESG performance through a combination of incentive and penalty mechanisms, establish a comprehensive ESG rating system, and optimize the policy framework for digital transformation. Moreover, enterprises should foster awareness of green innovation, refine their governance structures, accelerate digital transformation efforts, and promote the application of digital technologies and information sharing across various domains to achieve sustainable development and enhance competitiveness.

This study aims to empirically analyze the impact of budget allocation by the Korea Institute of Science and Technology Information (KISTI) on national research competitiveness, thereby reassessing the value of investing in research infrastructure within a knowledge-based society. In the 21st century, research and development (R&D) have emerged as a pivotal element of national competitiveness, underlining the increasing importance of investments aimed at constructing and enhancing research infrastructure. However, empirical studies examining the causal relationship between research infrastructure investment and national research competitiveness are still notably scarce. Accordingly, this research endeavors to systematically delineate the effect of research infrastructure investment, with a focus on KISTI’s budget allocation, on enhancing national R&D outcomes. To achieve this, the structural relationship between KISTI’s budget, national R&D budget, and various academic and industrial performance indicators was analyzed using multiple regression and simple regression analysis. In particular, by demonstrating the mechanism through which the budget management of research support organizations like KISTI contributes to strengthening national research competitiveness, this study aims to shed new light on the strategic value of research infrastructure investment in a knowledge-based society. Furthermore, these findings are expected to provide valuable evidence for the formulation of national R&D policies in Korea and the strategic planning of budget operations for research support organizations. Through strategic investment of limited budgets, this could enhance the efficiency of national R&D investments and contribute to strengthening the capacity for scientific and technological innovation required in a knowledge-based society.

Professional judgments in business valuation should be based on persuasive comparative data and conclusive empirical studies. However, these judgments are frequently made without these conditions, causing professional skepticism. An appraiser should explain in detail what was done to get the market value because valuation is the initial crucial step in the investment decision process. In socially responsible investment schemes, an appraiser has a fiduciary duty and a vital role in protecting the public from fraud and the risk of asset value destruction. Professional skepticism is essential to direct the appraiser’s judgment towards independent valuation for the public interest, assisting in evaluating the relevance and reliability of information, especially relating to social, environmental, and ethical issues. This paper studies the business valuation process from a behavioral finance perspective in the United States and Indonesia, aiming to tweak business valuation practices, identify biases, and mitigate them to ensure the market value does not shift far from fairness opinion. The case study explores experiences from the professional role-learning process. The results highlight the need for an appraisal protocol in business valuation, improvements in the discount for lack of marketability application, and these findings are pertinent to business appraisers and regulators. Recommendations include enhancing the clarity of professional judgments and the integration of recent empirical studies into practice.