The Impact of Strategic Cost Accounting on Competitive Advantages of Thai Companies Listed on the Stock Exchange of Thailand
DOI:
https://doi.org/10.14456/ajmt.2024.28Keywords:
Strategic Cost Accounting, Competitive Advantage, Thai Listed CompaniesAbstract
This research aimed to: 1) study the perception levels of strategic cost accounting and competitive advantage among companies listed on the Stock Exchange of Thailand (SET), and 2) examine the impact of strategic cost accounting on competitive advantage of SET-listed companies. Data were collected through a questionnaire from 217 SET-listed companies. Statistical analyses included mean, standard deviation, multiple correlation analysis, and multiple regression analysis. The results revealed that: 1) business executives had high levels of opinion on overall strategic cost accounting, including activity-based management, attribute costing, product life cycle costing, quality costing, target costing, and value chain costing; and had high levels of opinion on overall competitive advantage. 2) Strategic cost accounting positively affected competitive advantage in terms of activity-based management, attribute costing, quality costing, and value chain costing. Therefore, business executives should focus on strategic cost accounting to develop and improve cost management guidelines, applying them in organizational management to achieve better operational success than competitors in the long term.
References
Aaker, D. A., Kumar, V., & Day, G. S. (2001). Marketing research (7th ed.). John Wiley and Sons.
Alsoboa, S., Al-Ghazzawi, A., & Abdulhakim, J. (2015). The impact of strategic costing techniques on the performance of Jordanian listed manufacturing companies. Research Journal of Finance and Accounting, 6(10), 116 - 127.
Baharudin, N., & Jusoh, R. (2019). Implementation of target cost management in a nonjapanese environment. Qualitative Research in Accounting and Management, 16(1), 35 - 59.
Baotham, S. (2015). Accounting research (1st ed.). Triple Education.
Black, K. (2006). Business statistics for contemporary decision making (4th ed.). John Wiley & Sons.
Chaengploy, W., & Jadesalug, V. (2016). Competitive advantage strategy in coffee shop business of retail entrepreneurs in Muaeng district, Ratchaburi province. Veridian E-Journal, Silpakorn University, 9(3), 1331 - 1349.
Hair, J. F., Black, W. C., & Erson, R. E. (2006). Multivariate data analysis (6th ed.). Pearson.
Hassan, N. H. N., Muhammad, N. M. N., & Ismail, Z. (2011). Strategic management accounting practice in Malaysia: Case of manufacturing sector. Journal of Finance, Accounting and Management, 2(2), 23 - 38.
Koonpanichkij, D. (2010). Strategic management (3rd ed.). Chulalongkorn University Printing.
Knauer, T., & Möslang, K. (2018). The adoption and benefits of life cycle costing. Journal of Accounting and Organizational Change, 14(2), 188 - 215.
Laphan, K., Wangcharoendate, S., & Nilniyom, N. (2020). Effects of quality cost management on competitive advantage of electrical and electronics businesses in Thailand. Journal of Accountancy and Management Mahasarakham Business School, Mahasarakham University, 12(1), 31 - 41.
Lalitsasivimol, W. (2016). The structural equation model human capital development affecting the competitive advantage for performance success of private businesses in Songkhla Province. MUT Journal of Business Administration, 3(2), 79 - 99.
Mahdi, O. R., Nassar, I. A., & Almsafir, M. K. (2019). Knowledge management processes and sustainable competitive advantage: An empirical examination in private universities. Journal of Business Research, 94, 320 - 334.
Nakkasem, W., & Pasunon, P. (2018). Factors affecting the competitive advantage of service business entrepreneurs in Bangkok. Veridian E-Journal, Silpakorn University, 11(1), 2148 - 2167.
Oyewo, B. (2021). Do innovation attributes really drive the diffusion of management accounting innovations: Examination of factors determining usage intensity of strategic management accounting. Journal of Applied Accounting Research, 22(3), 507 - 538.
Phan, T. N., Baird, K., & Blair, B. T. (2014). The use of success of activity-based management practices at different organizational life cycle stages. International Journal of Production Research, 52(3), 787 - 803.
Phornlaphatrachakorn, K., & Na-Kalasindhu, K. (2020). Strategic management accounting and firm performance: Evidence from finance businesses in Thailand. Journal of Asian Finance, Economics and Business, 7(8), 309 - 321.
Phromket, C., & Vichasilp, K. (2021). Cost focus strategy using value chain and market planning capability affecting operational efficiency of small and medium-sized enterprises in Thailand. Parichart Journal Thaksin University, 34(1), 89 - 102.
Polinhom, C. (2020). The impact of using strategic cost management tools on competitive advantage and performance of companies in business in industrial estates in Thailand. UMT Poly Journal, 17(1), 317 - 335.
Porter, M. E. (1985). Competitive advantage : Creating and sustaining superior performance. Free Press.
Porter, M. E. (1990). The competitive advantage of nations. Free Press.
Prachuabsuk, J., Sirisom, J., & Phonnikomkij, N. (2014). Effect of strategic cost management on operational efficiency of packaged production business in Thailand. Journal of Humanities and Social Sciences Mahasarakham University, 33(1), 26 - 35.
Sangkatat, S. (2019). Strategic cost management of the product organization in COVID-19. Journal of Humanities and Social Sciences, Rajapruk University, 7(1), 1 - 13.
Srisaard, B. (2011). Basic research (7th ed.). Children's Club.
Sriwichien, T. (2017). Effects of target cost management on competitive advantage and performance of foods industry in Thailand. Journal of Humanities and Social Sciences Mahasarakham University, 36(6), 204 - 217.
Supa, C. (2018). The effects of employee knowledge and skill development on competitive advantage of private hospital in Thailand. Journal of Accountancy and Management Mahasarakham Business School, Mahasarakham University, 10(2), 125 - 137.
Suriyasarn, T. (2017). Effects of cost of quality management on improving services and customer satisfaction of hotel business in Thailand. Journal of Modern Management Science, 10(1), 138 - 151.
Suphatranon, S., Phornlaphatrachakorn, K., & Partook, K. (2019). Affecting factors on value chain costing capability : An empirical evidence of electronic and electrical appliance businesses in Thailand. The Golden Teak: Humanity and Social Science Journal, 25(3), 114 - 130.
Swatdikun, T., & Phonikornkij, N. (2019). The impact of strategic cost management techniques on firm performance. Kasetsart Applied Business Journal, 13(19), 43 - 58.
Takodom, A. (2017). Relationships between new product development strategy and the competitive advantage of information technology businesses in Thailand. Mahasarakham University.
Thanarungcharoenkit, P., Somsophin, S., Klamchana, T., Chaebua, W., & Jadesadalug, V. (2017). Business strategies for creating competitive advantage of mr. ice cream restaurant, Nakhon Pathom Province. Veridian E-Journal, Silpakorn University, 10(1), 1152 - 1167.
The Securities and Exchange Commission. (2023). Thai listed companies of operators. Retrieved February 16, 2023, from https://www.set.or.th/th/education-research/research/article-paper/main
The Securities and Exchange Commission. (2023). Industry group and sector. Retrieved February 16, 2023, from https://www.set.or.th/th/listing/equities/industry-sector-classification
The Securities and Exchange Commission. (2020). SET CEO survey (Special issue : COVID-19). The Securities and Exchange.
Ussahawanitchakit, P. (2018). Strategic costing and business growth : Evidence from beverage businesses in Thailand. Journal of Accounting Profession, 14(42), 52 - 68.
Ussahawanitchakit, P. (2017a). Life cycle costing as a strategic approach for achieving firm performance: Evidence from software businesses in Thailand. Journal of Management Sciences, 34(2), 1 - 27.
Ussahawanitchakit, P. (2017b). Quality costing and marketing performance: Empirical evidence from ISO 9000 businesses in Thailand. Journal of Graduate School of Commerce-Burapha Review, 12(1), 145 - 157.
Wangcharoendate, S. (2014). Strategic cost management in the globalization. Executive Journal, 34(1), 60 - 68.
Worakham, P. (2018). Educational research (9th ed.). Takkasila Printing.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Faculty of Management Technology, Rajamangala University of Technology Isan Surin Campus
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของคณะเทคโนโลยีการจัดการ มหาวิทยาลัยเทคโนโลยีราชมงคลอีสาน วิทยาเขตสุรินทร์
ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้ เป็นความคิดเห็นส่วนตัวของผู้เขียนแต่ละท่านไม่เกี่ยวข้องกับคณะเทคโนโลยีการจัดการ มหาวิทยาลัยเทคโนโลยีราชมงคลอีสาน วิทยาเขตสุรินทร์ และคณาจารย์ท่านอื่นๆในมหาวิทยาลัยฯ แต่อย่างใด ความรับผิดชอบองค์ประกอบทั้งหมดของบทความแต่ละเรื่องเป็นของผู้เขียนแต่ละท่าน หากมีความผิดพลาดใดๆ ผู้เขียนแต่ละท่านจะรับผิดชอบบทความของตนเองแต่ผู้เดียว
