The Impact of Training Investment on Labor Productivity and Financial Performance: Evidence from Listed Companies in Thailand
Keywords:
training investment, labor productivity, financial performanceAbstract
Human capital development is a crucial strategy for achieving sustainable competitive advantage, particularly in Thailand, where labor productivity remains relatively low compared with other ASEAN countries. Investment in employee training therefore plays a vital role as a mechanism for enhancing workforce capabilities and generating economic value for organizations. However, empirical studies in Thailand that examine the causal relationships among training investment, labor productivity, and financial performance remain limited.
Therefore, this study aims to analyze the impact of training investment on labor productivity and financial performance among companies listed on the Stock Exchange of Thailand. The conceptual framework is grounded in Human Capital Theory and the Resource-Based View (RBV) to explain the underlying causal mechanisms. A quantitative research design was employed, using secondary data obtained from annual reports, sustainability reports, and Form 56-1 One Reports of listed companies from 2020–2024, yielding a total of 2,782 firm-year observations. The data were analyzed using the Structural Equation Modeling (SEM) technique.
The results reveal that training investment has a significant positive effect on labor productivity, and that labor productivity partially mediates the relationship between training investment and financial performance. These findings highlight that training represents a strategic investment capable of creating tangible economic value. The study emphasizes the importance of allocating budgets and systematically evaluating the returns on training programs, as well as supporting public policies aimed at enhancing workforce skills to strengthen the nation’s sustainable competitiveness.
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ข้อความ ข้อคิดเห็น ข้อมูล เนื้อหา รูปภาพ แผนภูมิ แผนผัง เป็นต้น ที่ปรากฏและแสดงในบทความต่างๆ ในวารสารบริหารธุรกิจเทคโนโลยีมหานคร ถือเป็นความรับผิดชอบโดยตรงของผู้เขียนบทความนั้นๆ มิใช่เป็นความรับผิดชอบใดๆ ของวารสารบริหารธุรกิจเทคโนโลยีมหานคร และมหาวิทยาลัยเทคโนโลยีมหานคร
บทความที่ตีพิมพ์ในวารสารบริหารธุรกิจเทคโนโลยีมหานคร ถือเป็นลิขสิทธิ์เฉพาะของคณะบริหารธุรกิจ มหาวิทยาลัยเทคโนโลยีมหานคร หากบุคคลหรือหน่วยงานใดต้องการนำทั้งหมดหรือส่วนใดส่วนหนึ่งไปเผยแพร่ต่อหรือเพื่อกระทำการใดๆ จะต้องได้รับการอนุญาตเป็นลายลักษณ์อักษรจากคณะบริหารธุรกิจ มหาวิทยาลัยเทคโนโลยีมหานครก่อนเท่านั้น
