The Structural Equation Modeling of Applying Sufficiency Economy Philosophy to Sustain SMEs in the Upper North of Thailand โมเดลสมการเชิงโครงสร้างการประยุกต์ใช้ปรัชญาเศรษฐกิจพอเพียงเพื่อสร้างความยั่งยืนแก่วิสาหกิจขนาดกลางและขนาดย่อมในเขตภาคเหนือตอนบน ประเทศไทย
Article Sidebar
Main Article Content
Abstract
The research was aimed to investigate the application of Sufficiency Economy Philosophy to sustain SMEs in the upper north of Thailand.
The methodology used in this study was a mixed method approach, qualitative and quantitative research. The first phase was qualitative research which used a semi-structured interview to gather data from the SMEs. There were five participants from SMEs in the service sector providing information. Data obtained from the interview was used to construct a questionnaire in the second phase which was quantitative research. The questionnaire composed of four parts; 1) demographic data 2) application of Sufficiency Economy Philosophy 3) business strategy of SMEs in the upper north of Thailand and 4) business sustainability of SMEs in the upper north of Thailand. The 850 questionnaires were distributed both by E-mail and by post. The number of 518 questionnaires were returned and structural equation modeling was used to generate the model, it showed a good fit with the value of χ2/df = 2.874, p = 0.54, CFI = .981, TLI = .967, RMSEA = .060 and HOELTER = 262.
The findings of the study showed the Structural Equation Modeling of applying Sufficiency Economy Philosophy to sustain SMEs in the upper north of Thailand indicated that both SEP and business strategy had a direct effect on business sustainability, but business strategy had a stronger direct effect than SEP. Firms that applied Sufficiency Economy Philosophy practices in the business and used it as part of business strategy formulation would lead to business sustainability better than applying SEP itself.
Article Details
รายละเอียดของลิขสิทธ์
References
Carlson, M., & Mulaik, S. A. (1993). Trait ratings from descriptions of behavior as mediated by components of meaning. Multivariate Behavioral Research, 28(1), 111-159.
Comrey, A. L., & Lee, H. B. (1992). A First Course in Factor Analysis (2nd ed.). Lawrence Earlbaum Associates. Publishers: Hillsdale, New Jersey.
Grant, R. M. (1996). Toward a knowledge‐based theory of the firm. Strategic management journal, 17(S2), 109-122.
Hoelter, JW. (1983). 'The analysis of covariance structures: Goodness-of-fit indices', Sociological Methods & Research, 11 (3), pp. 325-44.
Hu, L. T., & Bentler, P. M. (1998). Fit indices in covariance structure modeling: Sensitivity to underparameterized model misspecification. Psychological methods, 3(4), 424.
Jeffcoate, J., Chappell, C., & Feindt, S. (2002). Best practice in SME adoption of e-commerce. Benchmarking: An international journal, 9(2), 122-132.
National Economic and Social Development Board (NESDB). (2004). What is Sufficiency Economy?. Bangkok, Thailand : NESDB.
Nidumolu, S. R., Subramani, M., & Aldrich, A. (2001). Situated learning and the situated knowledge web: Exploring the ground beneath knowledge management. Journal of management information systems, 18(1), 115-150.
Office of Small and Medium Enterprises Promotion (OSMEP). (2017). “SMES situation”. From http://203.154.140.77/sme/Report/View/1188. Retrieved 25th July 2018.
Office of Small and Medium Enterprises Promotion (OSMEP). (2018). SME master plan 2017-2021. From http://www.sme.go.th/upload/mod_download/แผนแม่บทฯ%20ฉบับที่%204.pdf. Retrieved 24th December 2018.
Oxford business Group. (2016). Thailand applied sufficiency economy philosophy to promote sustainable development. From https://oxfordbusinessgroup.com/overview/middle-way-applying-king’s-philosophy-sufficiency-economy-long-term-sustainable-development. Retrieved 15th November 2018.
Pruetipibultham, O. (2010). The sufficiency economy philosophy and strategic HRD: A sustainable development for Thailand. Human Resource Development International, 13(1), 99-110.
Puntasen, A., Premchuen, S., & Keitdejpunya, P. (2003). Application of the royal thought about the Sufficiency Economy in SMEs. Bangkok: Thailand Research Fund.
Sasin (Sasin Graduate Institute of Business Administration of Chulalongkorn University). (2010). Corporate Sustainability under the Sufficiency Economy Philosophy. .From http://social.nesdb.go.th. Retrieved on 15 November 2018.
Taylor, M. P. (1999). Survival of the fittest? An analysis of self‐employment duration in Britain. The Economic Journal, 109(454), 140-155.
Thongpoon, S. (2012). Sustainable Performance of Thai SMEs: Investigating the Entrepreneurial Competencies and Sufficiency Economy Philosophy. Asia Pacific Journal of Management & Entrepreneurship Research, 1(2), 5.
Ullman, JB. (2001). “Structural equation modelling”, in BG Tabachnick & LS Fidell (eds), Using multivariate statistics (4th ed.). Allyn & Bacon, pp. 635-771.
U-tantada, S., Mujtaba, Bahaudin G. & Yolles, M. and Shoosanuk, A. (2016). Sufficiency economy and sustainability, proceedings of the 2nd multidisciplinary research and innovation for globally sustainable development (MRIGSD), extra issue, p 84-94.
United Nations. (2016). The Ten Principles of the UN Global Compact. From www.unglobalcompact.org. Retrieved 25th July 2016.
Wiboonchutikula, P. (2002). “Small and medium enterprises in Thailand: Recent trends”. Small Business Economics, vol, no.1, pp.211-224.
Yu, C. (2002). 'Evaluating Cutoff Criteria of Model Fit Indices for Latent Variable Models with Binary and Continuous Outcomes', Doctor of Philosophy in Education, thesis, University of California.
