A Multiple Regression Analysis of Policy Factors and Foreign Investment Influencing the Behavior of Stakeholders in Thailand's Real Estate Sector

Supaporn Siriphueng; Adisai   Suttikeeree

doi:10.60027/iarj.2026.e291352

Authors

Supaporn Siriphueng Independent scholar in human resource development and organizational performance improvement, Thailand https://orcid.org/0009-0001-3441-2228
Adisai Suttikeeree Faculty of Sports Science and Health, National Sports University, Thailand https://orcid.org/0009-0004-7039-5252

DOI:

https://doi.org/10.60027/iarj.2026.e291352

Keywords:

Public Policy, Real Estate Business, Foreign Investment, Investor Decision-Making Process

Abstract

Background and Aims: This research is quantitative research with the following objectives: 1. To study the effects of government policy factors on the behavior of stakeholders in the Thai real estate business. 2. To analyze the multiple regression between policy factors and foreign investment and the behavior of stakeholders in the real estate business. The research population is economic data and business operations of the real estate sector in Thailand between 2020 and 2024, covering variables related to government policies, foreign investment, and the performance of the real estate business, namely

Methodology: a, sample of 400 people, consisting of stakeholders in the real estate business, including real estate company executives, investors, and employees in the real estate sector. The structured sampling method, or purposive sampling, was used to prepare for the multiple regression analysis. The completeness and consistency of the data set were checked before analysis. The analysis was performed using ready-made statistical programs.

Results: Government policy factors, such as transfer and mortgage fee reduction measures, relaxation of credit criteria such as Loan-to-Value (LTV) measures, real estate-related tax policies, and government housing support programs, have a statistically significant positive influence on the behavior of real estate business stakeholders (P-value < 0.01). The regression model shows that when the government policy variable increases by one unit, the behavior of stakeholders, such as investment decisions, real estate trading, or project development, tends to increase accordingly. The regression equation obtained from the analysis is: Y = 1.102 + 0.744 (X₁), indicating that government policy factors (X₁) play an important role in stimulating the behavior of real estate business stakeholders, such as investors, entrepreneurs, consumers, and other supporting agencies. The results of this research reflect that clear and effective government policies can be a mechanism to drive the Thai real estate market to grow steadily and stimulate decision-making of stakeholders in line with economic trends and opportunities, which is consistent with Objective 1. From objective 2, the results of the multiple regression analysis between government policy factors and foreign investment, and the behavior of stakeholders in the Thai real estate business, found that both variables had a positive influence on the behavior of stakeholders at a statistically significant level of 0.01. The model can explain the variance of behavior by 74.2 percent (R² = 0.742), indicating the ability of the independent variables to predict the behavior of the target group effectively. The variable foreign investment (X₂) has the highest coefficient (B = 0.671), followed by government policy factors (X₁) (B = 0.551). The regression equation obtained from the analysis is: Y = 0.891 + 0.551(X₁) + 0.671(X₂). It shows that when both factors increase by one unit, the behavior of stakeholders in the real estate business tends to increase significantly as well.

Conclusion: The research results indicate that government policy formulation related to the real estate sector plays an important role in effectively promoting and stimulating decision-making of entrepreneurs, investors, and consumers in the Thai real estate market.

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