Suranaree Journal of Social Science

Capital Structure Determination in the Service Industry under COVID-19

2021-10-01T09:40:22+07:00

Background and Objectives: Designing a capital structure that is appropriate to the nature of a business is an important issue for corporate financial management. Previous research has not provided conclusive evidence on the implications of capital structure decisions, as it has been studied both in favor of the trade-off theory and in studies supporting the pecking order theory. The objectives of this study were to analyze the impacts of: (1) firm characteristics on the capital structure in the service industry from the Stock Exchange of Thailand, and (2) capital structure on profitability in the service industry from Stock Exchange of Thailand.

Methodology: The sample for this study consisted of 99 companies in the service industry from the Stock Exchange of Thailand. The study collected data before and during the COVID-19 pandemic period. After collection, the data were analyzed using the following: (1) descriptive statistics including minimum values, maximum values, and averages, (2) analyses were performed to check for preliminary statistical agreement to measure the amount of multicollinearity in a set of multiple regression variables, including the variance inflation factor (VIF), and (3) data were analyzed by inferential statistics to answer the hypotheses using multiple regression analysis.

Main results: Before the COVID-19 pandemic, growth rate and firm size had a positive impact on capital structure in the service industry according to the Stock Exchange of Thailand. During the COVID-19 pandemic, it was found that tangible assets, growth rate, and firm size had a positive impact on capital structure in the service industry. In addition, the capital structure was found to have a negative impact on profitability in the service industry, both before and during the COVID-19 pandemic.

Discussion: Businesses in the service industry listed on the Stock Exchange of Thailand that had high amounts of tangible assets, high growth rates, and a large firm size, resulted in higher leverage. Both periods (before and during the COVID-19 pandemic) have shown that businesses with a high growth rate often have to rely on external sources of funding, because internal sources of funds may not be sufficient to carry out their operations. Moreover, larger firms are able to take on a large amount of debt and therefore have a higher chance of incurring debt. However, businesses with a lower amount of debt result in higher profitability by emphasizing the use of internal funding sources, such as retained earnings.

Conclusion: The results of this study concluded that before and during the COVID-19 pandemic, companies under the Stock Exchange of Thailand were cautious about leveraging debt and emphasized maintaining the ownership structure in the corporate capital structure. This is consistent with the use of the pecking order theory in determining the capital structure, which encourages businesses to have a low amount of debt and increase capital with retained earnings. Emphasis is placed on maintaining the ownership structure in the capital structure.

Communication Models of New Normal Lifestyles in Mueang Nakhon Ratchasima

2021-08-31T13:50:35+07:00

Background and Objectives: The aftereffect of the Covid-19 pandemic sees humans adapting and changing their lifestyles and behaviors in regard to airborne disease transmission in ways that have never been seen before. These extraordinary lifestyle changes are also creating new forms of communication and social connection, along with the rapid changes in technological advancement. This qualitative research herein, aimed at studying the development of communication patterns and lifestyles changes amongst the people of Nakhon Ratchasima.

Methodology: In this qualitative research study, there were 75 main participants selected according to the inclusion criteria. They were divided into three groups as follows: (1) a group of government organizations, (e.g., chief executives or assigned persons), (2) a group of private organizations, (e.g., executives in charge of communications or assigned personnel), and (3) a group of citizens, which consisted of community leaders, (e.g., community leaders, sub-district headmen, and village health volunteers, including people in the area of local government organizations in Mueang, Nakhon Ratchasima). The research instrument was an interview which focused on the following four aspects: (1) message senders, (2) messages, (3) communication channels, and (4) message receivers. The interview form consisted of 62 items which were selected from the results of the Index of Item Objective Congruence (IOC) with an average of 0.50 or higher. The methods of data collection were group interviews and individual in-depth interviews. The data were analyzed, classified, interpreted, synthesized, and presented with an analytical description.

Main results: The research findings revealed that the group of senders sent messages regarding knowledge, understanding, symptoms and means of self-protection from Covid-19, which led to new normal lifestyles. The messages were sent to citizens, or receivers, through various communication channels. These include television media, newspapers, print media, radio broadcasting media, local audio media, internet media, social media, and personal media. The messages delivered ways to behave and reduce risk, including ways of thinking, learning, communicating, and best practices. In addition, new ways of managing one’s life emerged. these included, for example, small group meetings via online systems, working from home, ordering consumables through online services, online banking transactions, and utilizing online teaching and learning systems.

Discussion: The sender, message, channel, receiver (SMCR) model allowed people to relate to one another and link roles in an integrated communication cycle, where there was an awareness of and consideration for differences in adapting to the new normal lifestyle. In addition, this communication model also emphasized working together to disseminate important information to relevant sectors at all levels so that they could prepare, protect, care for, follow up, and maintain both their health and public health in unison.

Conclusion: The use of social media platforms as a two-way communication channel for sending and receiving information is a response to the need for assistance. It also helps to appropriately increase interpersonal interactions during times when the population faces health and social problems.

Problems of Active Learning Implementation for French Language Teaching and Learning in Secondary Schools in the South of Thailand

2021-09-21T10:14:38+07:00

Background and Objectives: Active learning is considered an effective pedagogy for supporting and uplifting the quality of both teaching and learning. There are several advantages linked to foreign language learning. These include the development of students’ linguistic understanding, in addition to memorization of grammatical functions and vocabulary, improved language skills (including listening, speaking, reading, and writing), and the development of proper pronunciation. However, a review of the literature in related studies found that the use of active learning in teaching French at the secondary level in Thailand, particularly in the South, is still moderate. This study aimed to explore the problems of active learning implementation for French language teaching and learning in secondary schools in the south of Thailand.

Methodology: A mixed-methods approach was applied, using three research instruments: a questionnaire, classroom observations, and interviews. The questionnaire was sent out to a population of 28 French teachers and a sample of 655 students in 20 secondary schools in 14 southern provinces of Thailand. A sample of 15 of these teachers were selected on a voluntary basis to have their classrooms observed in order to gain a better understanding of their teaching practices. In addition, a sample of 60 students were selected for an interview. A total of 8.25% of questionnaires were not completed, mainly because some schools had fewer students than expected in some grades. The remaining 601 questionnaires, which accounted for 91.75% of the sample, were completed and received by the researchers.

Main results: The results showed that the problems the respondents experienced in using active learning for teaching and learning French could be divided into three main groups, which included problems with teachers, problems with students, and teaching media and equipment.

Discussion: Firstly, the most common problems teachers encountered included those related to the following: high teaching workload, lack of course preparation time, lack of expertise and experience in active learning, insufficient French language knowledge, lack of knowledge in using some teaching materials, and a lack of native teachers. Secondly, learners experienced problems such as shyness and insufficient courage to speak, express themselves, or give comments. Furthermore, students lacked learning skills, basic logical skills, responsibility, a sense of unity within the group, motivation to study, in addition to having poor knowledge of French. Lastly, problems related to teaching facilities included insufficient IT materials and equipment, an unstable and slow internet network, and a lack of classrooms ready for setting up active learning.

Conclusion: The problems of active learning implementation for French language teaching and learning in secondary schools can be viewed in terms of teachers, students, and materials. Therefore, teachers, as one of the most important components, must always be aware that if they desire to use active learning in the classroom, they must change their roles to be that of a “guide,” a “mentor,” and a “learning facilitator.” Their roles are to guide, give advice, help, motivate, and engage learners to take ownership of their learning. This takes place through students’ participation in learning activities and interactions with teachers and other students. Furthermore, teachers should also provide support, feedback, and encouragement, while creating an environment that enables their learners to construct knowledge on their own in a meaningful way.

Packed Organic Rice: Purchasing Behavior and Determinants of Expenditure in Phatthalung Province

2021-08-10T09:58:09+07:00

Background and Objectives: Consumer health concerns, as well as an organic agriculture policy, have recently led to an increased demand for packed organic rice. However, farmers who produce packed organic rice face many constraints, especially related to marketing knowledge. The objectives of this research were to: (1) describe consumers’ demographic and socio-economic characteristics, and their buying behavior in purchasing packed organic rice, (2) investigate consumer opinions on the marketing mix of packed organic rice, and 3) examine the factors that are important in determining the differences in expenditures on packed organic rice. Phatthalung province was selected as the study area.

Methodology: Primary data were collected using structured questionnaires from a total sample of 440 consumers who bought packaged organic rice in Phatthalung province. These samples were selected using the accidental sampling technique. In the data analysis, descriptive statistics such as frequency, percentage, average, and standard deviation were used, and hierarchical regression analysis with five models.

Main Results: The findings revealed that more than half of the consumers were female with an average age of 49.40 years. Their average income was 14,920.00 baht per month. The consumers bought packed organic rice from traditional retail stores, spending an average of 478.33 baht per visit. The marketing mix of packed organic rice in terms of product, price, place, and promotion were important factors. The quality of goods was the subject with the highest average and was thus the most important level. Other subjects were of high importance as well. Model 5 was the best model. Age was the only statistically significant negative variable in determining expenditure on packed organic rice. On the contrary, statistically significant positive variables in determining the expenditure on packed organic rice were mainly occupation, income, health problems, reference group, and quantity of packed organic rice bought.

Discussion: The consumers ate organic rice directly. As a result, the quality of the goods, including texture, cleanliness, and scent, were important factors that influenced the consumers to repurchase. Packed organic rice is a health-promoting product. It contains no chemical residue and can lower the risk of foodborne illness. Therefore, the consumers from Generation X and newer generations, including those whose main occupation was not in the agriculture sector, bought packaged organic rice. In addition, increased income boosts consumers' ability to pay for and demand high-quality goods. Moreover, these consumers search for information, which can be obtained by word of mouth from individuals close to them.

Conclusion: Based on the findings, it is suggested that packed organic rice farmers should use the “QIC” strategy. It consists of quality, image, and convenience to generate health value and convenience for consumers.

Effects of Student Entrepreneurs’ Perceptions on Environmental Factors and Internal Factors on Entrepreneurial Commitment

2023-08-30T10:12:14+07:00

Background and Objectives: Recently, there has been a notable increase in the number of student entrepreneurs in Thailand's entrepreneurial landscape. Understanding the factors that influence their commitment to entrepreneurship is crucial for fostering a thriving entrepreneurial ecosystem. The objective of this study is to investigate the influence of environmental and internal factors on the level of entrepreneurial commitment exhibited by student entrepreneurs in Thailand.

Methodology: This study employed a quantitative approach to investigate perceived educational support, structural support, informal network support, and formal network support as primary environmental factors. Additionally, internal factors such as attitude towards failure, perceived capability, and need for achievement were considered. The sample comprised 157 student entrepreneurs from various universities in Thailand, invited to participate via a tailored online questionnaire. The analysis was conducted using the data that was gathered from the participants. Descriptive and inferential statistics were utilized in order to derive significant insights from the data. Descriptive statistics were utilized to summarize the distribution of responses and the characteristics of the participants. To enhance comprehension of the interconnections among the variables and entrepreneurial commitment, a multiple regression analysis was performed.

Main Results: The investigation produced strong conclusions on how environmental and internal factors affect student entrepreneurs' dedication to their businesses. Perceived informal and formal network support were shown to be substantially (p < 0.05) linked with entrepreneurial commitment among the environmental factors. This demonstrates how crucial social and networking factors are in determining students' inclination toward entrepreneurship. Two internal factors showed a significant link (p < 0.05) with entrepreneurial commitment: the attitude toward failure and the need for achievement. These findings suggest that the psychological components of each individual student entrepreneur are a major determinant of their level of commitment.

Discussions: The results imply that student entrepreneurs' support networks play a critical role in determining how committed they are to their business ventures. Students are more likely to be committed to their businesses if they feel that their formal and informal networks encourage them strongly. These networks may offer guidance, materials, and accessibility to worthwhile opportunities, boosting their confidence and perseverance. Furthermore, an individual's mindset regarding failure and need for achievement are internal characteristics that significantly influence their level of entrepreneurial engagement. Students who have a strong drive for success and a positive outlook on failure are more likely to stick with their business ventures through obstacles and disappointments.

Conclusions: The study identifies key factors influencing Thai student entrepreneurs' commitment to entrepreneurship, emphasizing internal and environmental variables. It underscores the importance of enhancing cooperation networks and mentoring opportunities for student entrepreneurs. Policymakers and educational institutions should prioritize initiatives such as tailored entrepreneurial education programs that address psychological aspects like resilience to failure and the drive for achievement. Recognizing and addressing these factors could foster a more robust entrepreneurial ecosystem in Thailand, supporting the growth of student-led businesses. Further research exploring diverse variables is recommended to refine strategies for nurturing an entrepreneurial culture in the region.

The Causal Effects of Leader-Member Exchange on Job Embeddedness towards Enhancing Creative Performance in the Hotel Industry

2024-01-08T08:14:34+07:00

Background and Objectives: The hotel industry in Thailand is highly competitive and hotel employees play important roles in achieving business success. Creativity has therefore become one of the most widely used tools to satisfy customers, and employees’ creative performance is crucial to achieving customer satisfaction. To establish creative performance, it is necessary to investigate its antecedences and causal effects. Thus, this research examines the causal effects of leader-member exchange, which characterizes the relationship between leaders and employees on job embeddedness, which refers to the employee’s devotion to their job role towards enhancing the creative performance of frontline employees in five-star hotels in Bangkok, Thailand.

Methodology: A total of 559 hotel employees participated in this quantitative research study, which utilized a survey questionnaire as the research tool. The responses were analyzed with descriptive and inferential methods, including exploratory factor analysis (EFA) and confirmatory factor analysis (CFA). Structural equation modeling (SEM) analysis was used to test the goodness of fit of the data.

Main results: The results revealed the positive effects of the mediator role that job embeddedness plays between leader-member exchange and creative performance, with structural model test results showing model fit indices having good fit with /df = 1.133, GFI = 0.924, AGFI = 0.905, CFI = 0.993, TLI = 0.992, RMSEA = 0.015, RMR = 0.014.

Discussion: The results indicate that the leader-member exchange factor positively influences the creative performance of frontline employees in the hotel industry and aligns with the principles of the social exchange theory between constructs. It underlines the importance of leader-member exchange in shaping positive attitudes among hotel employees, which translates into enhanced creative performance. Specifically, when frontline hotel employees feel positive emotional connections and loyalty to their supervisors, they are more inclined to contribute high-quality work. Furthermore, the findings suggest that job embeddedness is a valuable tool for fostering increased creativity and support the notion that hotel frontline employees who are deeply embedded in their jobs are more likely to exhibit creative performance. Those who achieve job embeddedness, characterized by a good fit within the job, strong connections with colleagues, and a reluctance to leave, are more likely to generate creative ideas.

Conclusion: The findings have implications regarding the importance of human resources and hotel management in establishing leader-member exchange and promoting job embeddedness in frontline employees for enhancing creative performance to achieve a competitive advantage in the hotel business. Job embeddedness is recognized as crucial for overall work performance. However, these concepts have received limited attention within the tourism and hospitality sector. Consequently, this research addresses this gap, introducing a novel theoretical framework that integrates three key components: leader-member exchange, job embeddedness, and creative performance. Hence, this study makes a substantial contribution to the literature by establishing a new framework for future research on employee motivation related to job embeddedness that encompasses creative performance, applicable across various sectors and segments. Moreover, the findings highlight the need for human resource management and executives to prioritize the establishment of leader-member exchange in their practices. Ultimately, the cultivation of leader-member exchange relationships serves to enhance hotel employee job embeddedness and foster increased creative performance.

Improving Customer Service Efficiency Using Demand Forecasting with Leagile and Lean Six Sigma Concepts: A Case Study

2023-09-21T16:28:35+07:00

Background and Objectives: The coffee industry is a highly competitive business, especially for coffee shops that providing fresh coffee. Prolonged service times in such establishments can significantly impact activity-based costing. Although previous research has addressed issues related to extended waiting times, there is a gap in understanding how demand forecasting, combined with Leagile and Lean Six Sigma methodologies, can improve service processes in small coffee shops. This study seeks to identify the maximum increase in beverage demand periods through demand forecasting and implement Leagile and Lean Six Sigma strategies to enhance customer service, decrease activity-based costs, and improve overall efficiency.

Methodology: The data on product sales throughout the year 2022 during operating hours was collected from January 1st to December 31st. Python and Autoregressive Integrated Moving Average (ARIMA) were employed for sales forecasting to find the maximum increasing period of demand, and the accuracy of predictions was evaluated using metrics such as Mean Absolute Percentage Error (MAPE), Mean Square Error (MSE), Mean Absolute Error (MAE). The in-depth interviews were conducted with key informants. The application of Leagile and Lean Six Sigma concepts, with various tools such as service blueprint, process flow chart, activity value analysis, and Cause-and-effect diagram, took place over the period from March 1st to April 31st, 2023 to improve the customer service process.

Results: The main findings of the study revealed that peak demand occurred during two specific periods: 07:45-08:00 a.m. and 12:45-01:00 p.m., with increases of 73.2% and 76.8%, respectively. The research identified and addressed five non-value-added activities in the service process which are queuing for ordering, writing down the order on paper, asking for the customer’s name and writing it down on the receipt, folding the tissue paper onto the cup, and choosing the proper straw. Decreasing those processes resulted in a notable 20.71% reduction in lead time (equivalent to 87 seconds per cup). Additionally, four out of five activities (80%) that cause idle time, consist of writing down the order on paper, asking for the customer’s name and writing it down on the receipt, folding the tissue paper onto the cup, and choosing the proper straw, were successfully eliminated. These improvements contributed to an estimated daily reduction of 2,350 baht in activity-based costs, translating to a monthly saving of 61,110 baht.

Discussions: Entrepreneurs should consider using demand forecasting to identify peak times of demand, aiming to enhance the efficiency of customer service processes in conjunction with the Leagile and Lean Six Sigma concepts. This involves collecting and analyzing data, identifying the root causes of problems, selecting an appropriate decoupling point to modify the workflow, and utilizing forecast-driven principles in the Lean model. The workflow is then transformed using order-driven principles in the Agile model. Eliminating non-value-added activities is a crucial method to enhance the efficiency of customer service processes, reducing customer waiting times and minimizing unnecessary business activity-based costs.

Conclusions: Integrating demand forecasting with Leagile and Lean Six Sigma principles proves beneficial for fresh coffee shops, enhancing operational efficiency and reducing unnecessary activity costs.

An Assessment of E-Service Quality for Online Food Delivery Services in Yangon, Myanmar

2024-05-21T13:42:34+07:00

Background and Objectives: The online food delivery (OFD) service industry has witnessed significant growth globally, particularly in developing countries like Myanmar. The rise in mobile penetration and the impact of the COVID-19 pandemic have further accelerated this growth. This study aimed to examine the relationship between e-service quality and customer satisfaction, trust, and revisit intentions in the context of OFD services in Yangon, Myanmar. Specifically, the research sought to identify which factors of e-service quality most significantly influence customer satisfaction and trust, and how these, in turn, affect customers' intentions to reuse OFD services.

Methodology: This study employed a quantitative research approach using multiple regression analysis to explore the relationships between the variables. A sample of 200 respondents, who had experience using OFD services in Yangon was selected using convenience sampling. Data were collected through structured questionnaires that included demographic information, consumer behavior, and assessments of e-service quality, customer satisfaction, trust, and reuse intention. The questionnaires were based on a five-point Likert scale and translated into Burmese to reduce the language barrier. The reliability and validity of the questionnaires were ensured through Index of Item-Objective Congruence, (IOC) tests and Cronbach’s alpha reliability tests. The IOC test results indicated that most items had scores above 0.5, showing ample validity, while the Cronbach's alpha values ranged from 0.72 to 0.92, indicating high reliability.

Main Results: The regression analysis revealed that Fulfillment (FUL) had the strongest positive impact on Customer Satisfaction (CS), while Contact (CON) was the most significant predictor of Customer Trust (CT). Efficiency (EFF), System Availability (SYS), Fulfillment, Responsiveness (RES), Compensation (COM), and Contact were all positively related to Customer Satisfaction. However, Privacy (PRI) did not show a significant relationship with Customer Satisfaction. For Customer Trust, System Availability, Responsiveness, and Contact were significant predictors. The study also found a strong positive relationship between Customer Satisfaction and Trust and their Reuse Intentions (RI) towards OFD services. Based on these results, it is suggested that OFD providers should focus on enhancing Fulfillment and Customer Contact to improve satisfaction and trust, thereby increasing customer reuse intentions.

Discussions: The findings underscore the importance of various dimensions of e-service quality in influencing Customer Satisfaction and Trust. Fulfillment emerged as the most critical factor for their satisfaction, indicating that timely and accurate delivery of orders is paramount. Contact, encompassing customer service and support, was crucial for building trust, highlighting the need for accessible and responsive customer service. The insignificant role of Privacy suggests a lower awareness or concern for data security among users in Myanmar, although this may change with increased digital literacy efforts. Overall, the study emphasizes that enhancing e-service quality can significantly boost Customer Satisfaction, Trust, and Reuse Intentions.

Conclusions: The study concludes that to succeed in the competitive OFD market in Yangon, service providers must focus on improving e-service quality factors, particularly Fulfillment and Customer Contact. These improvements can lead to higher Customer Satisfaction and Trust, which are essential for encouraging Reuse Intentions. Additionally, the study suggests that OFD services should upgrade their applications to be more user-friendly and efficient, provide excellent customer support, and ensure wide coverage areas. Future research should explore the impact of Privacy concerns as digital literacy increases, and consider other factors as well, such as site aesthetics and delivery radius to further understand their influence on Customer Satisfaction and Trust.

The Coming Wave: Technology, Power, and the Twenty-First Century's Greatest Dilemma By Mustafa Suleyman and Michael Bhaskar

2024-06-24T09:00:02+07:00

From Editor

2024-06-24T13:57:15+07:00

Cover and Contents

2022-11-29T13:00:47+07:00