The Effects of the Sufficiency Economy on Community Business Management
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Abstract
The objectives of this research were: (1) to analyze the components involved in community business management and the components of the philosophy of sufficiency economy, (2) to analyze the components of the sufficiency economy philosophy which were factors affecting community business management, and (3) to investigate the characteristics of professional groups which affected community business management, i.e. the average monthly income, length of time in business, and participation for
training in community business management of group members. The study focused on the professional groups in the northeast of Thailand, covering 4 provinces: Khon Kaen, Surin, Udonthani, and Chaiyaphum. Stratified random sampling and simple random sampling methods were used to obtain 230 samples. Questionnaires were administered in data collection. Quantitative data analysis was conducted using descriptive statistics to report percentages, means, and standard deviations. In addition,
confirmatory factor analysis and multiple regression analysis were performed. The results of the study showed that production management, human resource management, marketing management, and financial management were crucial in
community business management. Regarding the sufficiency economy philosophy, moderation, reasonableness, self-immunity, knowledge, and ethics were found to be critical components. The values of KMO, Bartlett’s test of Sphericity, and chi-square
distribution were statistically significant. Total Initial Eigenvalues were greater than 1 and could explain as much as 75% of variability in the data, with all factor loadings approaching 1. In terms of the application of the sufficiency economy philosophy,
the self-immunity and reasonableness criteria had the greatest direct impact on community business management in production management, with coefficients of 0.490 and 0.315, respectively. It was also found that professional groups made greater use of knowledge than ethics in production management, with coefficients of 0.518 and 0.289, respectively. The groups’ higher average monthly income, long period of time in business, and participation in training in community business management of group members resulted in a higher degree of success in business operations.
training in community business management of group members. The study focused on the professional groups in the northeast of Thailand, covering 4 provinces: Khon Kaen, Surin, Udonthani, and Chaiyaphum. Stratified random sampling and simple random sampling methods were used to obtain 230 samples. Questionnaires were administered in data collection. Quantitative data analysis was conducted using descriptive statistics to report percentages, means, and standard deviations. In addition,
confirmatory factor analysis and multiple regression analysis were performed. The results of the study showed that production management, human resource management, marketing management, and financial management were crucial in
community business management. Regarding the sufficiency economy philosophy, moderation, reasonableness, self-immunity, knowledge, and ethics were found to be critical components. The values of KMO, Bartlett’s test of Sphericity, and chi-square
distribution were statistically significant. Total Initial Eigenvalues were greater than 1 and could explain as much as 75% of variability in the data, with all factor loadings approaching 1. In terms of the application of the sufficiency economy philosophy,
the self-immunity and reasonableness criteria had the greatest direct impact on community business management in production management, with coefficients of 0.490 and 0.315, respectively. It was also found that professional groups made greater use of knowledge than ethics in production management, with coefficients of 0.518 and 0.289, respectively. The groups’ higher average monthly income, long period of time in business, and participation in training in community business management of group members resulted in a higher degree of success in business operations.
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