RMUTT Global Business and Economics Review

RESEARCH AND STATISTICAL DATA ANALYSIS WITH SPSS AND AMOS

Sunee Wattanakomol — 2026-06-24

This book is a highly valuable academic textbook on research methodology. Its content is comprehensively structured, covering everything from fundamental research concepts to advanced statistical analysis using statistical software. It explains the use of both SPSS and AMOS within a single volume. The content is presented in a clear and accessible manner, with a logical progression from basic to advanced topics. It systematically integrates research methodology knowledge with the application of statistical tools.

PRESERVING THE INTANGIBLE, ENHANCING THE EXPERIENCE: A CONCEPTUAL FRAMEWORK FOR SUSTAINABLE DIGITAL HERITAGE TOURISM IN SOUTHEAST ASIA

Jessada Kwamkhunkoei — 2026-06-24

Digital technologies are reshaping intangible cultural heritage (ICH) tourism in Southeast Asia by expanding opportunities for cultural interpretation, enhancing visitor engagement, and supporting destination competitiveness. However, their use may also intensify commodification, weaken community control, and decontextualize living traditions when cultural safeguards and governance arrangements are inadequate. This article addresses the absence of an integrative framework for examining how digital strategies influence the sustainability of ICH tourism in the region. Drawing on an integrative conceptual review, it synthesizes scholarly and policy literature together with published case evidence on ICH safeguarding, sustainable tourism, smart tourism, co-creation, experience management, immersive technologies, digital storytelling, AI-assisted visitor management, and heritage governance. The analysis identifies five recurring digital strategy typologies: immersive AR/VR, Smart Tourism Technologies, dedicated ICH digital platforms, digital storytelling, and AI-assisted visitor management. The findings indicate that these strategies contribute to sustainable tourism and business value when they preserve cultural meaning, support community participation, align with local technological capacity, and operate within accountable governance. The article therefore proposes the Digital Cultural Heritage Sustainability (DCHS) Model, comprising Cultural Integrity, Community Agency, Technological Responsiveness, and Governance Alignment, as an integrative framework for assessing culturally grounded and sustainably competitive digital heritage tourism in Southeast Asia.

DECODING THE STRATEGIC ROLE OF INTERNAL CONTROL QUALITY IN MARKET VALUATION: EVIDENCE FROM REAL ESTATE FIRMS LISTED ON THE STOCK EXCHANGE OF THAILAND

Parisa Jindaluang — 2026-05-04

This research aims to explore the impact of internal control quality on the market value of real estate companies listed on the Stock Exchange of Thailand using secondary data of 110 companies over a 3-year period from 2021 to 2023. The price-to-sales ratio (P/S) is set as the dependent variable, while internal control quality (CG) is converted into a categorical variable based on the corporate governance score. In addition, the variables of operating profit to revenue (OPM), business size (Log Total Assets), business age, and financial risk (Debt-to-Equity) are controlled. The data are analyzed by using multiple regression.The model test results indicate that the model is appropriate, as shown by a statistically significant F-statistic. Internal control quality exhibits a significantly negative relationship, suggesting that companies with higher governance scores may be undervalued within the Thai real estate industry. Operating profit has a positive influence on the price-to-sales ratio, while both firm size and financial risk also show significant effects positive for firm size and negative for financial risk. The effect of firm age is not statistically significant. An examination of multicollinearity reveals acceptable variance inflation factor values, and the Durbin-Watson statistic confirms the absence of autocorrelation issues. The findings suggest that operating efficiency, capital structure, and firm size remain key drivers of market valuation, whereas internal control quality may exert a short-term negative impact under Thailand's regulatory conditions. These results have implications for executives in shaping governance policies that balance strict oversight with operational flexibility. From a theoretical perspective, the study contributes to the understanding of internal control’s role inthe real estate sector of developing economies and recommends future research to incorporate ESG disclosure variables and long-term dynamic analysis to validate the observed relationships.

THE EFFECT OF INTANGIBLE ASSETS VALUE AND TRANSFER PRICING ON TAX AVOIDANCE WITH ESG PERFORMANCE AS A MODERATOR: EVIDENCE FROM THAILAND

Piyanat Thunputtadom — 2026-05-13

This study examines the relationship between intangible assets, transfer pricing, and corporate tax avoidance, with ESG performance as a moderating variable. Using panel data from 133 firms listed on the Stock Exchange of Thailand during 2020–2024 (665 firm-year observations), multiple regression analysis was employed. Tax avoidance was measured by the effective tax rate (ETR), the ratio of tax expense to operating cash flows (TAX/CFO), and the ratio of tax expense to total assets (TAX/ASSETS). The results reveal that intangible assets are positively associated with TAX/CFO and TAX/ASSETS, indicating lower levels of tax avoidance. ESG performance weakens the relationship between intangible assets and TAX/ASSETS, suggesting reduced tax avoidance in high-ESG firms. Transfer pricing is positively related to TAX/ASSETS, and ESG performance strengthens the relationship between transfer pricing and ETR, thereby enhancing tax compliance. These findings support Stakeholder Theory by highlighting the role of ESG in promoting ethical tax practices. These findings suggest that ESG serves as an effective governance mechanism for mitigating tax avoidance and enhancing tax transparency. Therefore, regulators and tax authorities should incorporate ESG as a central criterion in assessing and managing tax risks.

DRIVING THAILAND’S JEWELRY EXPORTS IN THE GLOBAL ERA: STRATEGIES FOR INNOVATION, DIGITALIZATION, AND SUSTAINABILITY

Kietchai Veerayannon — 2026-05-14

This research aims to analyze the situation and trends of Thai gem export businesses in order to 1) study the differences in business competitiveness and organizational forms, 2) analyze management factors affecting business competitiveness, and 3) promote business development approaches to develop the potential of Thai gem export businesses. Mixed-method research was used to collect qualitative data through interviews with 17 experts and quantitative data from 403 entrepreneurs using descriptive statistics, inferential statistics, and TOWS Matrix. The results of the research found that Thai gem export businesses continue to grow, with strengths in craftsmanship and production, but challenges in technology and competition from low-cost countries. Business competitiveness depends on the size of the business and the types of products offered. The main management factors are brand strategy (β = 672), product quality (β = 350), and marketing and pricing strategies (β = 300 and 594). These include recommendations in 8 areas: improving product standards, expanding digital markets, and developing supply chains, which will help increase the competitiveness of Thai gem export businesses on the international stage.

SUSTAINABILITY VERSUS REGENERATIVE SUPPLY CHAIN MANAGEMENT: A PRISMA-BASED SYSTEMATIC REVIEW OF THEORETICAL EVOLUTION AND CONCEPTUAL BOUNDARIES (2010-2025)

Kittinun Makprang — 2026-05-15

Supply chain management has shifted from a focus on cost efficiency toward sustainability and, more recently, regeneration. Yet the boundaries between sustainable supply chain management, the circular economy, and regenerative supply chains remain unclear. This study conducts a systematic review following PRISMA 2020, covering literature from 2010–2025 across four databases. From 255 initial records, only nine studies met the inclusion criteria. Findings show that sustainability and the circular economy (CE) are well-developed, grounded in frameworks such as Stakeholder Theory, the Resource-Based View (RBV), and Network Theory, supported by measurable indicators. In contrast, regenerative supply chain management (RSCM) lacks clear definition, frameworks, and metrics. Current discussions are mostly normative, emphasizing ecosystem restoration, community well-being, and net-positive outcomes. The study concludes that RSCM requires new frameworks and indicators, including biodiversity gains, soil carbon sequestration, and social equity indices. Integrating regenerative principles into policies and strategies, particularly within ASEAN and Thailand, can help shift supply chains from minimizing harm to creating verifiable net-positive impacts.

THE IMPACT OF PERCEIVED ORGANIZATIONAL SUPPORT ON ORGANIZATIONAL PERFORMANCE THOUGH MEDIATING ROLES OF ORGANIZATIONAL LEARNING CAPABILITY AND TECHNOLOGY CAPABILITY

Umawasee Sriboonlue — 2026-05-19

In the rapidly digitalizing economy, information technology has become vital for businesses to build competitive advantage and survive in increasingly competitive environments. Export businesses must coordinate their planning and operations to meet customer needs effectively. This research examined the impact of perceived organizational support (POS) on organizational performance (OPerf) through the mediating roles of organizational learning capability (OLC) and technology capability (TC) in export enterprises. Using quantitative methodology, data were collected via questionnaires from 385 food manufacturing exporters in the Bangkok Metropolitan Region. Statistical analysis included descriptive statistics (frequency, percentage, mean, standard deviation) and Partial Least Squares-Structural Equation Modeling (PLS-SEM) for hypothesis testing. PLS-SEM was used to analyze complex relationships involving latent variables and estimate cause-effect models with mediators. The findings revealed that POS had positive and significant direct effects on OPerf (p < .001), with OLC and TC serving as significant mediators. Both OLC and TC also showed positive and significant effects on OPerf (p < .001). Theoretically, the research extends Social Exchange Theory by demonstrating that perceived organizational support enhances learning and technology capabilities that drive organizational performance. Practically, it suggests fostering a supportive organizational climate helps sustain competitiveness through learning and technology adoption.

THE POWER OF GOVERNANCE: DO DEMOCRACY AND CORRUPTION MATTER FOR STOCK MARKET DEVELOPMENT IN EMERGING MARKETS?

Anucha Tilokwattanothai — 2026-05-22

This study examines how the Democracy Index and Corruption Perceptions Index, affects stock market capitalization in 24 emerging countries from 2006 to 2022. Using panel data regression, it investigates both the individual and combined impacts of democracy and corruption on market capitalization. The findings suggest that democracy is positively associated with stock market capitalization; however, this relationship is only weakly significant at the 10% level. In contrast, corruption does not exhibit a statistically significant direct effect. When considered jointly, democracy remains marginally significant, while corruption and its interaction with democracy are not statistically significant. Additionally, in high-income emerging markets, democracy play a crucial role in shaping market capitalization, whereas in other markets, neither exerts a meaningful effect. These results underscore the importance of democracy in driving financial market growth, particularly in wealthier economies.

FACTORS ASSOCIATING DIGITAL WALLET ADOPTION AMONG THAI SHOPPERS: AN INTEGRATION OF UTAUT AND PERCEIVED RISK THEORY

Chaichana Wongjunya — 2026-06-12

This study examines the factors influencing Thai shoppers' behavioural intention to adopt digital wallet services, drawing on the UTAUT model and perceived risk theory. A quantitative survey method was employed in this study, conducted in Bangkok, Thailand and involved 347 respondents. Structural equation modelling (SEM) was utilized to analyze and test hypotheses. The empirical research revealed that performance expectancy, effort expectancy, and social influence significantly positively impacted Thai shoppers' behavioural intention to use a digital wallet. Additionally, perceived risk significantly negatively impacted Thai shoppers' behavioural intention to use a digital wallet.

A STRUCTURAL MODEL OF THE INFLUENCE OF SHAREHOLDING STRUCTURE AND BOARD CHARACTERISTICS ON EARNINGS MANAGEMENT OF LISTED COMPANIES IN THE STOCK EXCHANGE OF THAILAND: A MULTILEVEL AND INDUSTRY-LEVEL ANALYSIS

Suppakrit Boonchan — 2026-06-24

This study investigates the effects of ownership structure and board characteristics on earnings management among firms listed on the Stock Exchange of Thailand (SET) during 2019–2023. Secondary data was collected from annual reports and Form 56-1 of 447 companies (2,235 firm-year observations). The analysis employed multiple regression and multilevel structural equation modelling (SEM) to examine both direct and moderating effects. Research results reveal that institutional and foreign ownership significantly reduces earnings management, while managerial ownership increases it. CEO non-duality was found to mitigate earnings manipulation, whereas the proportion of independent directors and moderating interactions were not statistically significant. These findings suggest that robust governance mechanisms can restrain opportunistic managerial behavior, enhance financial transparency, and strengthen corporate accountability. The study provides theoretical contributions by integrating agency and resource-dependence perspectives and practical implications for regulators and investors seeking to improve financial reporting quality and sustainability in emerging capital markets.

STUDYING THE ELEMENTS AND FACTORS THAT CONTRIBUTED TO THE SUCCESS OF SOUTH KOREA'S HALLYU WAVE

Dhanakron Srisooksai — 2026-06-24

This research is a documentary study aiming to examine the elements and the interrelationships of factors influencing the success of the Hallyu wave's spread to other countries, from the perspective of political economy and international political economy. The research findings revealed that the success of the Hallyu wave comprised seven components, ranked from most to least impactful, as follows: 1) Culture, 2) Stability, 3) Communication, 4) Public and Private Investment, 5) Finance and Banking, 6) Beliefs, and 7) Knowledge and Technology. This research will be used to provide concrete recommendations for promoting Thailand's soft power internationally.

HUMAN AND SOCIAL CAPITAL IN PLATFORM-BASED FREELANCING: THE MEDIATING ROLE OF DIGITAL ENGAGEMENT IN FREELANCE SUCCESS

Mahachai Sattayathamrongthian — 2026-06-24

The rapid expansion of global digital labor platforms has increased opportunities for Thai freelancers to access cross-border work. However, success in algorithmically governed labor markets depends on more than technical competence alone. It involves the interplay of individual capabilities, relational networks, and platform-based engagement behaviors. This quantitative study develops and tests a structural model examining the effects of human capital, social capital, and digital engagement on freelance success. Data were collected from 459 Thai freelancers with verified cross-border experience and analyzed using Structural Equation Modeling (SEM). Research results indicate that human capital has significant direct effects on social capital, digital engagement, and freelance success. Social capital emerges as the strongest predictor of freelance success and positively influences digital engagement. Bootstrap mediation analysis confirms that both social capital and digital engagement transmit the effects of human capital to career outcomes. Research findings suggest that freelance success in platform economies is shaped by the interaction between competence, network embeddedness, and digital engagement behaviors. These results provide empirical evidence from an emerging economy context and offer implications for strengthening workforce capability development in global digital labor markets.