This study examines the relationship of financial risk and earnings management in firms undertaking initial public offerings (IPOs) in Thailand and Singapore between 2010 and 2019, a period spanning between the H1N1 and COVID-19 pandemics. Financial risk is categorized into three types: credit risk, liquidity risk, and operational risk. The analysis utilizes structural equation modeling, comprising 622 firm-year observations across four periods: one year before the IPO (T-1), the IPO year (T), one year after the IPO (T+1), and two years after the IPO (T+2). The findings indicate that IPOs have no direct effect on earnings management in any period for either country. However, an indirect effect is observed for Singapore at T-1, where IPOs are associated with increased accrual-based earnings management mediated by credit risk. No indirect effect is found for Thailand across the four periods.
This study explores the dynamics in understanding among local communities concerning corporate social responsibility (CSR) between 2019 and 2023. The primary objective of this study is to assess the extent to which communities understand the meaning of CSR and how this understanding affects their level of satisfaction with CSR activities conducted by companies operating within the Map Ta Phut Industrial Estate Area, Rayong province. The study sample comprises community residents within the Map Ta Phut Industrial Estate Area, living close to 20 companies. Each year, approximately 1,120 samples were collected. This resulted in a total of5,590 samples over a five-year period from 2019 to 2023. Descriptive statistics and one-way ANOVA were used to analyze the data. The findings demonstrate that community members are likely to exhibit changes in their understanding of CSR. Furthermore, their understanding of CSR correlates with the level of satisfaction expressed within the community toward CSR.
This study employed a mixed-methods research design that integrated quantitative and qualitative data collection in order to capture, in a comprehensive manner, the dynamic relationship between gender roles and the developmental trajectory of local communities. The quantitative component was conducted through a questionnaire constructed on the basis of conceptual frameworks concerning institutional roles, gender, and development, with respondents drawn from residents of Naton Subdistrict, Thailand who had participated in local development activities or projects. The reliability of the research instrument was examined using Cronbach’s alpha coefficients, together with tests for multicollinearity to confirm the stability of the independent variables in the quantitative model. The qualitative component consisted of in-depth interviews with key informants, including local council members, community leaders, and women who play significant roles in community development initiatives. The qualitative informants and the quantitative respondents were not drawn from an identical pool, a design intended to enhance the diversity of perspectives and reduce potential data bias. Qualitative analysis drew on inductive thematic extraction, institutional interpretation, and triangulation with the quantitative results so as to generate findings that are both analytically rich and coherently linked.
Despite the establishment of multiple anti-corruption agencies, Thailand continues to experience persistent corruption, particularly in the public sector, raising critical concerns about the institutional effectiveness of its anti-corruption framework. This study employs a qualitative comparative analysis of anti-corruption agencies in Thailand, Singapore, and Hong Kong, aiming to identify institutional factors that account for their differential success in combating corruption. The research utilizes data sourced from official reports addressing legal mandates, institutional autonomy, and resource allocation to systematically assess key determinants of agency effectiveness. Findings reveal that Singapore’s CPIB and Hong Kong’s ICAC consistently outperform Thailand’s NACC and PACC, as reflected by superior rankings in international anticorruption indices and lower corruption prevalence. The superior institutional effectiveness of CPIB and ICAC is attributed to three principal factors. First, the CPIB and ICAC operate under broad legal mandates encompassing public and private sectors, reinforced by stringent penalties, whereas the NACC and PACC maintain narrower mandates focused predominantly on publicsector corruption and impose comparatively lenient sanctions. Second, the CPIB and ICAC benefit from greater institutional independence, enabling operational autonomy with minimal political interference, while Thailand’s agencies encounter significant constraints. Third, the CPIB and ICAC exhibit enhanced operational capacity characterized by sufficient resource allocation and manageable caseloads, in contrast to the resource shortages and excessive workloads facing the NACC. To strengthen Thailand’s anti-corruption institutions, this study recommends expanding agency jurisdiction, intensifying legal penalties, reinforcing institutional independence, and addressing resource deficiencies.
In a world shaped by rapid scientific and technological advancements, cultivating mindfulness, wisdom, and virtue is essential for navigating societal changes effectively. T his study utilized a mixed-method research design, with 3 objectives, namely: 1. to collect, analyze, and synthesize the knowledge on mindfulness, wisdom, and virtue according to Buddhist Principles and Modern Science, 2. to develop mindfulness, wisdom, and virtue indicators according to Buddhist-based principles, and 3. to evaluate the quality of mindfulness, wisdom, and virtue indicators according to Buddhist-based principles. The qualitative design included a documentary study, in-depth interviews with 7 key informants, and a focus group discussion with 8 education specialists. The quantitative component surveyed 375 Buddhist students from Mahachulalongkornrajavidyalaya University (MCU) and Mahamakut Buddhist University (MBU). The 5 Content Validity Index (CVI) and Item Objective Congruence (IOC) experts examined interview forms and questionnaires. Data analysis utilized descriptive and inferential statistics to ensure accuracy and reliability. The findings highlighted that mindfulness (sati) helped people stay present and emotionally balanced, wisdom (paññā) improved problem-solving and adaptability, and virtue (sīla or guṇa-dhamma) encouraged ethical behavior and responsibility. A total of 39 key indicators were developed under three main components: mindfulness, wisdom, and virtue rooted in the Threefold Training (tisikkha), with thirteen sub-components, aligning with Buddhist teachings and modern science. The students strongly agreed on the importance of these qualities in daily life. Experts emphasized that measuring these traits should focus on real-life actions rather than self-reported opinions.
This research aims to analyse the simultaneous hedging patterns employed by a state and regional institution with differing alignment positions. South Korea is a traditional ally of the US while ASEAN is a non-aligned institution. Utilizing a qualitative approach, the study employs the Causal Process Tracing (CPT) method to explain the behaviour of South Korea and ASEAN.This article identifies a kind of hedging pattern, termed “co-hedging” that can be executed concurrently by a regional institution and an extra-regional middle power amid great powers competition. This co-hedging behavior affirms the structural realist postulate that systemic pressures shape state behavior, while simultaneously integrating the constructivist perspective on the role of shared norms within multilateral platform. Despite originating from distinct alignment positions and not primarily intending to co-hedge, both South Korea and ASEAN exhibit a relatively similar pattern of power acceptance and rejection towards great powers through their shared membership in multilateral forums. While South Korea operates within a narrower hedging spectrum compared to ASEAN, they optimize their partnerships by supporting each other’s initiatives, such as the Korea–ASEAN Solidarity Initiative (KASI) and the ASEAN Outlook on the Indo-Pacific (AOIP).
According to democracy rankings, half of the 20 highest-ranked democracies are monarchies, while 50 of 59 authoritarian regimes are republics. This suggests that a constitutional monarchy – a system that combines democratic governance with a monarch who holds no executive power – can sustain a high level of democracy. In such systems, the prime minister and cabinet govern, while the monarch remains immune from prosecution, with accountability resting on those who act in the monarch’s name. Thailand, which has experienced 13 coups and adopted 20 constitutions, illustrates how instability arises when coup leaders seek royal consent and the judiciary legitimizes their actions. The image of royal neutrality was weakened after the coups of 2006 and 2014, particularly under the new monarch, largely because the coup makers repeatedly invoked royal authority to justify their actions. For democracy to succeed in Thailand, strict adherence to the principle of “The King Can Do No Wrong” by all institutions is essential. The judiciary must cease legitimizing coups, the Constitutional Court must uphold the rule of law to safeguard both the monarchy and democracy, and the 2017 Constitution – with its undemocratic mechanisms, such as the Senate and the excessive power of the Constitutional Court – must be rewritten.
This article examines whether the Xijiang model (Xijiang 1000 Household Miao Village) of ethnic tourism–based poverty alleviation in Guizhou Province, China, can inform development strategies in Chiang Rai, Thailand. Drawing on policy analysis and institutional comparison, the study analyzes how administrative coordination, fiscal capacity, regulatory enforcement, and community organization shaped outcomes in Xijiang and contrasts these conditions with those in Chiang Rai. The findings show that Xijiang’s success depended on vertically integrated governance, centralized fiscal support, and enforceable spatial planning embedded within China’s Targeted Poverty Alleviation campaign. In contrast, Chiang Rai operates within a fragmented administrative structure characterized by dispersed tourism authority, limited provincial fiscal autonomy, uneven land-use enforcement, and market-driven revenue concentration. These institutional differences constrain direct policy transfer. Nevertheless, elements of the model can be recalibrated to Chiang Rai’s institutional setting, particularly through enforceable revenue-sharing arrangements, coherent spatial planning, and strengthened community-based organizational structures.
The Sustainable Blue Economy has emerged as a transformative paradigm emphasizing the responsible use of marine resources while maintaining ecological integrity. However, its role in fostering grassroots social innovation within coastal communities remains underexplored. This study examines how community-led social innovation emerges, evolves, and generates socioeconomicand environmental impacts through the Social Innovation Spiral, drawing on a case study of a community enterprise on Ko Si Chang in Eastern Thailand. A mixed-method approach was employed, combining in-depth interviews with 25 key informants and survey data from 100 tourist consumers. The findings reveal that the Social Innovation Spiral operates as a dynamic and iterative mechanism enabling continuous learning, adaptive experimentation, and participatory development. The blue crab ice cream initiative demonstrates how seasonal oversupply and lowvalue marine resources can be transformed into value-added products through local knowledge, fair-trade sourcing, and circular waste management. Results indicate improved livelihood stability, more equitable income distribution, reduced waste, and stronger engagement with communitybased tourism. Survey findings confirm high consumer satisfaction, particularly in product uniqueness, engagement, and perceived social impact. This study contributes the Social Innovation Spiral to micro-level coastal contexts and empirically by demonstrating how Sustainable Blue Economy principles can be operationalized through community enterprises. It offers actionable insights for developing scalable, resilient, community-driven innovation models.
Proactive safety reporting is crucial for high-reliability organizations (HROs) to prevent accidents by identifying and addressing potential hazards before they escalate. In the aviation sector, employees face multiple barriers that impede reporting safety incidents. These barriers include fear of punitive actions, favoritism, and lack of support within groups, discouraging transparency and leaving latent threats unresolved. Additionally, a lack of trust in management fosters a perception that reporting is disruptive. At the same time, fear of consequences deters employees from reporting incidents, especially in hierarchical workplaces. Furthermore, the complex and inefficient reporting systems hinder participation, particularly in high-pressure environments. This study investigates the decision-making behind reporting safety concerns or remaining silent in the aviation industry. Utilizing a grounded theory approach, participants were selected through purposeful and theoretical sampling. In-depth interviews were conducted with 21 aviation professionals, including pilots, air traffic controllers, dispatchers, airport staff,management, quality assurance personnel, and aircraft mechanics. The Aviation-Voluntary Safety Reporting Behavior (A-VSRB) model was developed through qualitative data analysis involving extraction and coding. This model identifies six themes influencing voluntary safety reporting decision-making in HROs, providing a comprehensive framework for understanding and improving safety reporting practices within the aviation industry. The A-VSRB model enhances safety reporting practices by identifying key factors that encourage or impede voluntary reporting, thereby supporting the development of more effective safety management policies in aviation HROs.
This study investigated the role of environmental perceptions and cognitions and green advertising on the purchase intentions of Thai consumers, using the stimulus-organism-response approach. Green risk perception (the perceived risk of environmental damage and climate change) and green advertising were positioned as stimuli, with environmental concern (awareness of and concern for environmental issues) and green attitude (willingness to act on environmental concern) as organism processes and purchase intention for green goods as response. Data was collected using an online survey of Thai consumers (n = 450) and analyzed using descriptive statistics and ordinary least squares regression. Results showed significant positive effects of environmental risk perception and green advertising on environmental concern and green attitude. Environmental concern and green attitude had significant positive effect on purchase intention for green goods. The research addressed a gap in understanding of external stimuli like environmental risk perception and green advertising on consumer cognitions and behavior. The study’s findings suggest these external stimuli may be more important than previously thought in influencing purchase intentions, which has implications for both theory and for marketing practice.
Since 2011, a more holistic approach to development has been adopted by the UN which introduced the concept of “happiness”, and subsequent claims have been made to loosen the link between material wealth, particularly money, and “happiness”. This study explores the dynamic effect of the role of money in generating happiness using Gallup World Pool (GWP) survey data. The sample size includes a total of 78 countries consists of 17 higher income economies, 25 upper-middle income economies, 14 lower-middle income economies and 22 lower income economies from 2006 to 2023. First, we determined important covariates influencing happiness in addition to income and GDP growth by using Bayesian additive regression trees and Bayesian variable selection with shrinking and diffusing prior models. Second, we used a Bayesian dynamic nonlinear multivariate panel model to estimate the time-variant and time-varying effects of income and growth on happiness. Our main results show (1) freedom to make life choices, generosity and perception of corruption in higher income countries, generosity and healthy life expectancy at birth in upper middle-income countries, freedom to make life choices and generosity in lower middle-income countries, and healthy life expectancy at birth and freedom to make life choices in lower income countries are found to be important factors on happiness or subjective well-being (SWB), (2) income and real GDP growth have mixed and small effects on SWB across countries with varying income levels, and (3) generosity and freedom to make life choices were found to have the highest positive and significant effects on SWB. These results reveal that happiness is heavily affected by multidimensional factors beyond money. This study adds to the existing empirical literature on the role of money in generating happiness across nations with varying income levels.
Sports events are increasingly used to shape city branding and image, yet their role in secondary cities—especially in Southeast Asia—remains underexplored. This qualitative study employs a self-narrative inquiry approach to examine how sports events have contributed to the branding of Chiang Mai, Thailand, between 2015 and 2025. Eleven key informants were purposively selected from stakeholder groups including event organizers, business owners, sports officials, and government representatives. By analyzing narratives, the research uncovers strategies that have positioned Chiang Mai as an active, culturally rich, and globally connected city. Key factors include integrating local heritage, utilizing natural landscapes, and encouraging community engagement. The findings highlight the importance of cross-sector collaboration, grassroots participation, and authentic storytelling. Sports events have not only enhanced civic pride but also increased international visibility. The study provides transferable lessons for similar urban contexts,emphasizing the use of culturally embedded sports events as tools for soft power and sustainable city branding.
The contemporary spiritual landscape of Thailand exhibits a trend of hybrid religiosity, wherein traditional beliefs coexist with new spiritual symbols derived from folklore, media, and material culture. This study investigates the emergence of Khru Kai Kaeo as a modern spiritual figure and contrasts it with the grotesque gargoyles of European Gothic architecture to evaluate how these symbols serve as cultural “shock absorbers” during periods of societal instability. The study applies a qualitative comparative methodology, including content analysis of media discourse, academic opinion, and public reactions to three current cultural phenomena: the Khru Kai Kaeo debate, the Buddha-Ultraman artworks, and the Optimus Prime monument. The results indicate that grotesque or hybrid spiritual forms are more prevalent in contexts marked by economic instability, heightened social competition, and the quest for emotional comfort. The study demonstrates that digital media platforms serve as new sacred spaces that facilitate the rapid transmission, commercialization, and recontextualization of spiritual practices. These observations enrich broader discussions on hybrid religiosity and the development of spiritual manifestations in modern Thailand.
The implementation of self-service automation technology is acknowledged as an essential strategy to enhance service quality and profitability in the fast-food industry. This study, informed by Cognitive Appraisal Theory, examines the factors influencing the continuing intention to use smart self-service automated kiosks among Thai young adults. Based on Partial Least Squares-Structural Equation Modeling, the study found substantial empirical evidence linking perceived responsiveness, customization, convenience, and innovativeness with attitudes toward smart self-service technologies, which then affect continuous usage intentions. Interestingly, perceived functionality, interface design, and payment security did not significantly influence attitudes toward smart self-service technologies. The current study enhances both theoretical and practical comprehension of the elements influencing prolonged technology utilization in the digital service domain. Theoretically, the findings highlight the essential importance of smart self-service technology (SST) features in maintaining user engagement with smart kiosks. This study offers significant implications for fast-food companies, highlighting the necessity to improve customer sentiment through dependable and intuitive kiosk interfaces. Subsequent study ought to investigate these links within diverse demographic contexts and employ longitudinal methodologies to track the progression of user behaviors.
The objective of this paper is to identify business cycles in Thailand using a simplified methodology which has never been tested empirically. The paper attempted to establish an appropriate proxy and model specification for business cycle identification. Among others, the results show that three competing proxies; GDP, MPI, and CEI could be used as a proxy for business cycle identification. However, the conventional GDP is more appropriate according to its most correlation with equity market return on peak and through also with the rationale of being a representative of aggregated output in service-based economy. Next, we use positive and negative changes of real GDP over the study period to describe Thai business cycle. We also test two regression models using steady zero-growth line which is a proposed contribution of this study and conventional long-run average trend line in defining stages of business cycle with dummy variables. The results show that the model using steady zero-growth line has better model specifications comparing to a model using long-run average trend line in defining business cycle stages. The results confirm the applicability of using real GDP growth (YoY, seasonally adjusted) together with its cyclical fluctuation along the steady zero-growth line as a simplified method for assessment of equity return along the different stages of business cycle in Thailand.
The development of a country makes a difference in people’s perception of country-of-origin image (COI). As a result, consumers make different evaluations on services from different countries. For developing countries, it is more difficult to promote the dental tourism industry than developed countries. This experimental study demonstrates the comparison of COI between trust dimension and purchase intension in dental tourism. 65 participants were randomized and separated into three groups: Singapore, Thailand and India. Independent samples t-tests were performed in order to gain more understanding in the trust dimension and customers’ purchase intension. The findings indicate that human factor has the highest impaction on respondents’ trust in the quality of services in a country followed by process, facilities, and brand of organization. For developing countries with a low COI, if we create a strategy to increase trust in professional service quality by giving service providers’ information such as human factor, processes, facilities, branding of organization, we can increase customers’ purchase intention in dental tourism industry.
The December 2018 amendment of the Labor Protection Act in Thailand caused different accounting practices for reporting the effect of the amendment among listed companies in the country. Some of them recognized the effect in 2018 while some of them delayed the recognition to 2019. Their different accounting practices call for an investigation into the role of accounting conservatism in Thailand. By using data of 580 listed companies, we found that clients were more likely to opt to delay the recognition and only disclosed the effect in 2018 when there was the official guideline that allowed them to opt to recognize or delay recognizing the effect of the amendment to the later year. With Thailand’s unique culture, clients behave more accounting conservative by recognizing/disclosing the greater estimated amounts of the effect of the amendment in 2018 whilst the auditors might at least challenge their clients to disclose the effect in 2018. However, there was doubt as to whether auditor conservatism was undermined by Thailand’s Krengjai norm and smooth interpersonal relationship orientation. We then suggest that a clear guideline for the different accounting practices is necessary to reduce the divergence of accounting practices as well as promoting accounting conservatism.
Many scholars have focused on absorptive capacity in recent years, mainly around the technology spillover effect of investment from developed countries to developing countries. However, there is a lack of theoretical exploration and guidance on the use of absorptive capacity by emerging economies firms (EEFs). This study aims to explore the mechanism and the effect of absorptive capacity on sustainable competitive advantage, noting the mediating roles of strategic flexibility and innovation performance, as well as the moderating roles of environmental uncertainty. Applying the structural equation model using SPSS Amos 23, 404 Chinese overseas firms as a sample, the study found that potential absorptive capacity has a significant and positive effect on sustainable competitive advantage, however, realized absorptive capacity does not; as mediators, strategic flexibility and innovation performance can influence the impact of absorptive capacity on sustainable competitive advantage; as a moderator, environmental uncertainty play a significant but negative effect in the casual model; in six control variables, only “industry” and “R&D intensity” have significant effects on sustainable competitive advantage. The results verify the mechanism of absorptive capacity on sustainable competitive advantages, providing new theoretical basis for EEFs, expanding the application areas of absorptive capacity while enriching the connotation of internationalization theory.
In this paper we examine the effect of professional skepticism on auditor judgments on planning materiality. An experimental design was conducted with sixty-two auditors from a large public accounting firm in Thailand.Based on measuring the professional skepticism score of Hurtt (2010), results from our study indicate that when faced with structured materiality guidance, audit managers who have less professional skepticism make inappropriate planning materiality assessments but there is no effect of structured guidance on those who have more professional skepticism. Our results contribute to the literature on materiality judgments and professional skepticism by providing evidence of the dysfunctionality of structured guidance in audit planning materiality and by shedding light on the benefit of using professional skepticism to reduce the detrimental effects of structured guidance. This study also provides important insights for standard setters regarding the enhancing the effectiveness of audit process from raising individual skepticism during the process of determining both overall materiality and performance materiality levels.
