Sripatum Chonburi Academic Journal

FACTORS INFLUENCING THE ACCEPTANCE OF CRYPTOCURRENCY PAYMENTS IN THAILAND’S HOSPITALITY INDUSTRY: A CASE STUDY OF SERVICE INDUSTRY AIRLINES, HOTELS, AND RESTAURANTS

2026-05-02T10:29:48+07:00

This research aimed to investigate the factors influencing the acceptance of cryptocurrency payments in Thailand’s service industries, with a particular focus on the airline, hotel, and restaurant sectors. A mixed-methods research design was employed. The quantitative phase collected data from 400 department heads and managers working in service organizations through purposive sampling. A structured questionnaire was used as the research instrument, and the data were analyzed using frequency, mean, standard deviation, and multiple regression analysis employing the Enter method. The qualitative phase involved in-depth interviews with 15 executives at the managerial level or above from service businesses and 15 service users selected through purposive sampling. The qualitative data were analyzed using content analysis.
The quantitative findings for the business operators revealed that two factors—perceived risk and regulatory and legal frameworks—significantly influenced the acceptance of cryptocurrency payments, explaining 8.10% of the variance at the .05 level of significance. The qualitative findings from executive interviews confirmed that these two factors were the key determinants of cryptocurrency payment acceptance in Thailand’s service industries. For the service-user group, four factors—acceptance of cryptocurrency payments, regulatory and legal frameworks, selection of payment processing service providers, and employee competency—significantly influenced cryptocurrency payment acceptance, jointly explaining 46.70% of the variance at the .05 level of significance. These findings were further supported by the in-depth interviews with service users.
The integration of quantitative and qualitative findings identified five key factors influencing the acceptance of cryptocurrency payments in Thailand’s service industries: 1) acceptance of cryptocurrency payments, 2) perceived risk, 3) regulatory and legal frameworks, 4) selection of payment processing service providers for business operations, and 5) employee competency. Furthermore, the study found that brand modernity emerged as a key indicator of business success associated with cryptocurrency payment adoption.

THE INFLUENCE OF CAPITAL STRUCTURE, ASSET MANAGEMENT EFFICIENCY, AND OPERATING CASH FLOW ON INVESTMENT RETURNS: EVIDENCE FROM FIRMS LISTED ON THE MARKET FOR ALTERNATIVE INVESTMENT (MAI)

2026-05-22T15:33:47+07:00

This study aimed to examine the influence of financial structure, asset management efficiency, and operating cash flow on the investment returns of companies listed on the Market for Alternative Investment (mai). Investment returns were examined in two dimensions: stock market price and dividend yield. The sample consisted of 595 observations from companies listed on the Market for Alternative Investment, selected through purposive sampling. Data were analyzed using descriptive statistics, including minimum, maximum, mean, standard deviation, as well as multiple regression analysis using the enter method. The results revealed that the debt-to-asset ratio had a significant negative effect on stock market price, while operating cash flow to total assets and operating cash flow to total liabilities had significant positive effects on stock market price. In contrast, asset management efficiency variables showed no significant influence on stock market price. Regarding dividend yield, total asset turnover exhibited a significant positive relationship, whereas financial structure and operating cash flow variables showed no significant relationships. The findings indicate that financial factors play different roles across dimensions of investment returns. Financial structure and operating cash flow are associated with firm market valuation, whereas operational efficiency is related to dividend-paying capability. The findings provide useful information for managers, investors, and policymakers in making decisions in the capital market.

CORE AND LEADERSHIP COMPETENCIES OF XYZ CONSTRUCTION COMPANY

2026-06-06T20:02:48+07:00

This study aimed to: 1) examine the core and leadership competencies of XYZ Construction Company; and 2) develop an assessment tool for evaluating the organization’s core and leadership competencies. The study was conducted in three phases. Phase 1 involved examining and defining the core and leadership competencies of XYZ Construction Company, including their operational definitions. Seven key informants, comprising executives at the levels of Managing Director, Assistant Managing Director, Manager, and Director, were selected for in-depth interviews. The data were analyzed using content analysis. Phase 2 focused on developing the competency assessment tool. Five experts, including two executives from XYZ Construction Company and three specialists with knowledge, experience, and expertise in competency development, were invited to examine the consistency and content validity of the instrument developed from Phase 1. Phase 3 involved assessing the core and leadership competencies of XYZ Construction Company. The sample consisted of 30 employees at the supervisory level and above, selected through purposive sampling. The research instrument was a five-point Likert-scale questionnaire that had undergone content validity assessment and received approval from the company’s management. Data were analyzed using descriptive statistics, including mean and standard deviation.
The findings revealed that: 1) the organization’s core competencies comprised three dimensions: service mind, integrity and adherence to ethical principles, and teamwork, with the overall level rated as very high; 2) leadership competencies comprised three dimensions: self-leadership, leading others, and organizational leadership, with the overall level rated as high; and 3) the competency assessment indicated that the organization demonstrated clear strengths in ethics and teamwork. However, further development of leaders’ strategic capabilities is needed to enhance the effectiveness of human resource management and strengthen the organization’s long-term competitiveness.

THE DEVELOPMENT OF LAW ON THE CONSIDERATION OF APPLICATIONS FOR RELEASING ON BAIL

2026-05-02T11:13:38+07:00

This research aims to study the concepts, theories, and legal provisions related to the standards for considering applications for bail in the criminal justice process, which constitute an important mechanism for protecting the rights and liberty of accused persons or defendants. It also aims to develop legal guidelines and criteria for considering applications for bail in courts of first instance, appellate courts, and the Supreme Court, including the composition of the judicial panel authorized to consider such applications. The study employed documentary research by examining and analyzing information from books, academic articles, research studies, and relevant legal provisions. A comparative study was also conducted based on the principles of international law, foreign laws, and Thai law. The data were then analyzed and synthesized to draw conclusions and propose guidelines and measures for addressing the identified problems in accordance with the research objectives.
The findings revealed that the law does not specify the required number of judges constituting the judicial panel for considering applications for bail, resulting in such applications being considered at the discretion of a single judge. In addition, the law does not prescribe a specific timeframe for the consideration of applications for bail by the court of first instance, the appellate court, and the Supreme Court. This may result in delays that adversely affect the rights and liberty of accused persons or defendants.
The research therefore proposes amendments to the provisions of Title 5 of the Code of Criminal Procedure by requiring a panel of judges to consider applications for bail in cases carrying severe penalties under Section 107, and by establishing clear timeframes for the consideration of applications for bail by the court of first instance under Section 109, as well as by the appellate court and the Supreme Court under Section 119 bis. These measures are intended to enhance the standards of the bail process by making it clear, transparent, and fair, while ensuring consistency with the principles of equality and human rights in the criminal justice process.

CRIMINAL PENALTIES FOR CHARGING EXCESSIVE INTEREST LEGAL ISSUES CONCERNING RATES

2026-06-20T13:29:45+07:00

This research aims to examine the legal issues concerning the imposition of criminal penalties for charging excessive interest under the Act on Prohibition of Charging Excessive Interest Rates, B.E.2560 (2017). The study analyzes the appropriateness of criminal sanctions and the legal consequences arising from charging excessive interest. It also conducts a comparative study of the laws of Singapore, Malaysia, Japan, and the United States of America to identify approaches for developing Thai law to more effectively protect debtors and prevent exploitation by creditors who have greater economic power. The study collects and analyzes information from textbooks, books, academic articles, research studies, journals, theses, print and electronic media, as well as Thai and foreign court judgments. Content analysis is employed to categorize the information, identify key issues, and synthesize the findings in order to draw conclusions and conduct a comparative discussion in accordance with the research objectives.
The findings reveal three significant limitations in the current Thai legal framework. First, the law does not provide for recidivism or engaging in moneylending as a regular business for profit as aggravating circumstances warranting enhanced criminal penalties. Second, there are no provisions addressing offenses committed by groups or networks. Third, the Act on Prohibition of Charging Excessive Interest Rates, B.E.2560 (2017), does not clearly prescribe the civil consequences of charging excessive interest. Consequently, determining such consequences requires reliance on interpretations of the Civil and Commercial Code and Supreme Court precedents, resulting in ineffective protection of debtors.
The researcher proposes amending the Act on Prohibition of Charging Excessive Interest Rates, B.E.2560 (2017), by stipulating that recidivism, engaging in moneylending as a regular business for profit, and committing offenses as part of a network or group of persons constitute aggravating circumstances warranting enhanced criminal penalties. In addition, the civil consequences of charging excessive interest should be expressly prescribed in the Act. Specifically, the portion of interest exceeding the legal limit should be declared void, and any amount paid by the debtor in excess of the legal limit should be automatically applied toward the principal. These measures would provide debtors with more effective protection and ensure greater fairness.

SATISFACTION WITH THE MARKETING MIX OF VENDING MACHINES AMONG STUDENTS AT BURAPHA UNIVERSITY, SA KAEO CAMPUS

2026-05-21T11:20:18+07:00

This research aimed to: 1) examine students’ satisfaction with the marketing mix of vending machines at Burapha University, Sa Kaeo Campus; and 2) compare students’ satisfaction with the marketing mix of vending machines based on demographic factors, including gender, age, year of study, faculty affiliation, and average monthly income. The sample consisted of 200 students at Burapha University, Sa Kaeo Campus, selected using accidental sampling. A questionnaire was used as the research instrument for data collection. The data were analyzed using frequency, percentage, mean, standard deviation, an independent-samples t test, F test and one-way analysis of variance (ANOVA). When statistically significant differences were found, pairwise mean comparisons were conducted using the Least Significant Difference (LSD) test.
The results revealed that the majority of students reported a high level of satisfaction with the marketing mix of vending machines. When considered by individual dimension, the distribution channel dimension had the highest mean score, followed by promotion, price, and product, respectively. The hypothesis testing results showed that there were no statistically significant differences in students’ satisfaction with the marketing mix of vending machines based on gender and average monthly income. In contrast, statistically significant differences were found based on faculty affiliation, age, and year of study at the .05 significance level. Students in the Faculty of Science and Social Sciences reported higher satisfaction with the marketing mix of vending machines than students in the Faculty of Agricultural Technology. Students aged 20 years or younger reported lower satisfaction than those aged 21–22 and 23–24 years. In addition, first-year students reported lower satisfaction than third- and fourth-year students.
The findings of this research can serve as guidelines for improving the management of vending machines in educational institutions and public areas to better meet consumer needs. Such improvements should emphasize convenient placement and accessibility of vending machines, appropriate pricing, and the enhancement of product quality and promotional activities to improve service efficiency.