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

Supranee Vanarun — 2026-07-06

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)

Lamida Kongkadvanich — 2026-08-15

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

Rio Khundeeklai — 2026-08-28

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.