Journal of Management Science Chiangrai Rajabhat University

The Indirect Effects of Firm Size and Financial Structure on Firm Performance through Investments in Human Capital Development

2025-09-18T16:29:24+07:00

This research aims to examine the indirect relationship between firm size and financial structure on business performance through investments in human capital development. The study utilized data from companies listed on the Stock Exchange of Thailand for the years 2021-2022, sourced from financial statements and the “56-1 One Report” within the SETSMART database. Companies with incomplete financial statement data and those in the rehabilitation group were excluded, resulting in a total sample size of 892 observations. Path analysis was employed to test the relationships. The results revealed that larger firms exhibited a positive indirect relationship with firm performance through investments in human capital development. Similarly, companies with a financial structure characterized by debt-to-equity demonstrated a positive indirect relationship with firm performance via investments in human capital development. Furthermore, the findings indicated that debt-to-equity had a direct relationship with firm performance, whereas no direct relationship was found between firm size and firm performance.

The Influence of Entrepreneurial Characteristics, Entrepreneurial Orientation and Entrepreneurial Marketing on Organizational Effectiveness After the COVID-19 Crisis: A Study of Micro, Small, and Medium Enterprises (MSMEs) in the Catering Business in the Central Metropolitan Region

2025-09-23T11:41:13+07:00

This study aimed to (1) examine the general information of local catering business entrepreneurs in Nonthaburi, Pathum Thani, Samut Prakan, and Nakhon Pathom provinces, and (2) investigate the factors influencing the organizational effectiveness of local catering businesses in the Central Perimeter Region of Thailand, specifically in the provinces of Nonthaburi, Pathum Thani, Samut Prakan, and Nakhon Pathom, in the aftermath of the COVID-19 pandemic. A quantitative research approach was employed, utilizing a sample of 330 local catering entrepreneurs. Data were collected using a structured questionnaire, which had been validated for content accuracy by experts and tested for reliability using Cronbach’s alpha coefficient was found between 0.83.

The research findings indicate that entrepreneurial characteristics encompassing both psychological and practical aspects—such as self-control, perseverance, autonomy in decision-making, and learning ability—along with management skills, networking, proactive marketing, and opportunity orientation, are critical factors directly influencing the sustainability and success of businesses in highly uncertain environments. Furthermore, both entrepreneurial traits and marketing entrepreneurship have a statistically significant impact on the organizational performance of catering businesses at the 0.05 significance level. This study emphasizes that the integration of personal entrepreneurial traits with strategic management practices plays a pivotal role in enabling local catering businesses to grow and recover effectively in the post-COVID-19 era. It underscores the necessity of combining psychological insight with organizational management to enhance long-term business resilience and performance.

Cost and Return Analysis of Krajood Handicraft Products for Decision-Making in the Khokphayom Community Enterprise, Narathiwat Province

2025-10-02T12:25:20+07:00

This study explores the production process and cost-return structure of Krajood (Lepironia articulata) handicrafts produced by a local community enterprise in Narathiwat Province, Thailand. The research aims to understand both the traditional methods used in making Krajood products and the financial aspects related to cost, return, and pricing strategies. The study focuses on understanding production process of Krajood products, cost calculation methods (both direct and indirect costs), and rationale for pricing strategies, particularly cost-plus pricing, using purposive sampling, 25 participants were selected, an in-depth interview guide was used as the main research instrument. The production process was found to involve six main stages, showing the importance of traditional skills and community-based knowledge. A detailed cost analysis was conducted for ten product types, highlighting the variation in profitability. The 2-in-1 handbag and Shopping Bag emerged as the most financially viable, while some products returned minimal profit due to high production costs. Breakeven analysis and cost-plus pricing models were used to recommend suitable pricing levels. The findings suggest that combining traditional craft practices with basic financial tools can help local producers achieve both cultural and economic sustainability.

Cost-Benefit Analysis of Biodiesel Production from Spent Coffee Grounds

2025-08-22T11:37:34+07:00

The world’s demand for coffee beans has been continuously increased, leading to more available spent coffee grounds. The spent coffee grounds can be used as a raw material for biodiesel. Apart from avoiding fossil resource consumption in conventional diesel production, spent coffee ground biodiesel can reduce the use of food product, i.e. palm oil, in producing biodiesel. This study analyzed the cost-benefit of spent coffee ground biodiesel production. 15-year project period and 92 million Thai baht (THB) investment were considered in this study. The results showed that payback period of the project was 14 years, net present value was 96.56 million THB, internal rate of return was 23 and benefit to cost ratio was 1.54. It can be concluded that the spent coffee ground biodiesel project is financially possible. The results of this study can support the decision-making of instant coffee production companies on the investment of spent coffee ground biodiesel project which has implications to sustainable alternative energy development of the country.