RMUTT Global Business and Economics Review

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, Arunee Yodbutr, Sutawan Satjasomboon, Yuanyuan Wang — Mon, 04 May 2026 00:00:00 +0700

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, Pannarai Lata — Wed, 13 May 2026 00:00:00 +0700

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 — Thu, 14 May 2026 00:00:00 +0700

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, Prin Weerapong, Varunya Kaewchueaknang — Fri, 15 May 2026 00:00:00 +0700

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.