ABAC Journal

This study aims to use stakeholder-agency theory to investigate the relationship between environmental, social, and governance (ESG) performance and firm performance (measured by ROA and Tobin’s Q) in the Stock Exchange of Thailand (SET), with a particular focus on whether managerial efficiency has a moderating effect on this relationship. The sample for this study comprised all companies listed in the SET from 2016 to 2021, resulting in a total of 2,104 firm-year observations. The PROCESS analysis technique developed by Hayes (2013) was utilized to analyze the data. The study found that there was no significant impact of ESG performance on firm performance. However, when considering managerial efficiency, the relationship between ESG performance and firm performance becomes stronger and positive. This moderating effect of managerial efficiency has been neglected in previous research, making this study a valuable contribution to the ESG literature. These findings indicate that both managerial effectiveness and ESG performance should be viewed as interdependent aspects of effective stakeholder management. Moreover, the study emphasizes the importance of implementing ESG regulations in Thailand to encourage sustainable development.

Penprapak Manapteechadeelert

Kusuma Dampitakse

Sungworn Ngudgratoke

Impact of Environmental, Social and Governance (ESG) Performance on Firm Performance in Thailand Stock Exchange: Interaction Effect of Managerial Efficiency

环境、社会和治理（ESG）绩效对泰国证券交易所企业绩效的影响：管理效率的交互作用

With a significant growth rate within the cruise business, not only do cruise lines need to develop, but cruise ports must also accelerate development to support the growth of the cruise industry. This research aims to examine and analyze a model for managing the standardization of cruise port attributes which influence cruise passenger satisfaction and positive word-of-mouth. The study utilizes a quantitative research technique, gathering information from a sample of 465 respondents using questionnaires. GSCA Pro software version 1.1.6 was used to analyze the data that were gathered. The research findings sum up the importance of cruise port attributes, in terms of the perceived standardization of cruise ports that affect the levels of satisfaction and intention toward positive word-of-mouth, from the cruise passenger perspective. From the results of the study, 5 sub-components of being a cruise port are identified as basic factors in increasing satisfaction levels; these include: (1) Port Service Provider, (2) Port Accessibility, (3) Port Environment, (4) Passenger Port Building, and (5) Passenger Transportation in the Port. All five factors were found to affect the intention to spread positive word-of-mouth. Thus, these five elements are the basic elements for setting standards in the cruise port management model. Executives and cruise port managers will be able to utilize the cruise port attributes that have been found in order to effectively and successfully construct and design a model for managing the standardization of cruise ports in the passengers’ point of view. Meanwhile, scholars may use this set of attributes to study in conjunction with other elements in subsequent studies. Based on this paradigm, this concept and model has the potential for further development in the future.

Tanapon Rungroueng

A Model for Managing Standardization of Cruise Port Attributes Influencing Cruise Passenger Satisfaction Toward Positive Word-Of-Mouth: The GSCA Application Approach

影响邮轮乘客满意度向积极口碑传播的邮轮港口属性标准化管理模型：GSCA应用方法

Startup businesses are important for economic development, especially in developing countries. These businesses use technology to drive their successful operations. This research study examined the influence of innovative capabilities and competitive advantage as mediating variables in the relationship between technology and the success of startup businesses in Thailand. The Resource-based View Theory (Barney, 1991) was used as the theoretical basis for the study. The population studied consisted of startup business entrepreneurs in Thailand. A sample of 579 startup businesses was chosen through a probabilistic sampling method through simple random sampling from all types of startup business. Path analysis was used for data analysis, with results of the study showing the influence of innovative capabilities and competitive advantage as mediating variables in the relationship between technology and the success of startup businesses in Thailand. This new knowledge has driven the government to develop strategies and policies to create and grow startup businesses. It has also encouraged startup business entrepreneurs to focus on building competitive advantages and innovation in their businesses and to continuously develop technology for the survival and growth of their businesses.

Amaravadee Wongtep

Sasiwemon Sukhabot

Idsaratt Rinthaisong

The Role of Innovation Capabilities and Competitive Advantage as Mediating Variables Between the Relationship of Technology and Success of Startup Businesses in Thailand

创新能力和竞争优势作为中介变量在技术与泰国初创企业成功关系中的作用

This study first examines the relationship between Environment, Social and Governance (ESG) performance and firm value, and second, the effect of ownership structure on that relationship, employing a sample from five South-East Asian countries (ASEAN-5): Thailand, Indonesia, Malaysia, the Philippines, and Singapore. Based on data from the period of 2010 to 2020, the initial descriptive statistics report an increase in the average combined ESG scores of the ASEAN-5 countries and highlight that ESG has become more of a concern during the study period. Applying multiple regression with pooled panel data and controlling for year-, country- and industry-fixed effects, the results show that statistically ESG performance is positively related to firm value, particularly in Indonesia and Malaysia, when regressions are estimated at the country level individually. Concerning ownership structure, the study finds that this has a negative impact on the relationship between ESG performance and firm value, suggesting that a higher proportion of individual shareholders leads to lower ESG performance and a weaker firm value relationship, particularly in Indonesia. However, although different proxies of ownership structure could lead to different outcomes in the ASEAN-5 countries, the results confirm that the relationship between ESG and firm performance also applies to South-East Asian markets. Therefore, firms, as well as investors, should place more importance on ESG performance in order to achieve their goals. In addition, there is some evidence demonstrating that ownership structure effects the relationship between ESG performance and firm value.

Polwat Lerskullawat

Teerapan Ungphakorn

ESG Performance, Ownership Structure and Firm Value: Evidence from ASEAN-5

ESG表现、所有权结构与公司价值：来自东盟五国的证据

This study uniquely estimates how foreign direct investment (FDI) and oil prices influence both short-term and long-term tourism developments using a panel Autoregressive Distributed Lag (ARDL) model. Analyzing a sample of 575 annual observations from 24 Asia-Pacific countries between 1997 and 2020, the study finds that a 1% increase in FDI growth rate leads to a 3.62% short term increase in tourism growth rate. Similarly, a 1% increase in oil price results in a 0.2% increase in tourism growth rate in the current year and 0.14% in the long term. These findings align with existing literature, highlighting the region's advantage in attracting FDI. It is consequently recommended that policymakers establish clear FDI policies for the tourism sector, to improve infrastructure, enhance the competitiveness of local business, and implement macroeconomic policies to manage oil price volatility, promoting sustainable tourism development.

Hao Quy Nghiem

Khoa Dang Duong

Tuan Nhat Pham

Yan-Jie Yang

How FDI and Oil Prices Affect Sustainable Tourism Developments: Evidence from 24 Asia-Pacific Countries

外商直接投资和油价如何影响可持续旅游发展：来自24个亚太国家的证据

Natural rubber is one of the most important agricultural commodities used for various purposes around the world. In 2020, the global demand for natural rubber products was approximately 12.5 million tonnes. Over the past decade, the supply of natural rubber increased significantly due to the expansion of plantation areas for natural rubber in Asian countries. Currently, the largest importer of natural rubber is China, accounting for 40% of global consumption and 23.2% of global imports. As global leaders are focusing on achieving the UN’s Sustainable Development Goals (SDGs), the debate on sustainable rubber trade and production has escalated. This study investigates the key natural rubber production factors influencing the global natural rubber trade flows. The fixed effects panel regression method was employed to analyze the effects of key factors influencing the import and export of natural rubber. The country-level data were gathered from various international sources such as UN Comtrade, World Bank and FAO. The outcome variables of this study are natural rubber import and export volume, while the explanatory variables include natural rubber harvest area, natural rubber producer price, agricultural support, fertilizer consumption, annual mean temperature and global GDP. The results showed that natural rubber imports and exports are significantly associated with natural rubber harvest area, producer price, agricultural support and annual mean temperature. The findings of this study can be used by policymakers to implement appropriate policies and agricultural supporting schemes to foster sustainable natural rubber trade and production in accordance with the UN’s Sustainable Development Goals.

Worawat Srisawasdi

Jaynos Cortes

Natural Rubber Trade and Production Toward Sustainable Development Goals: A Global Panel Regression Analysis

天然橡胶贸易与生产向可持续发展目标迈进：一项全球面板回归分析

Publication Information	Publisher: Assumption University，Publishing cycle: ，Journal Type: journal，Open Access Journals: No
Basic data	Year of publication: 2018，Proportion of original research papers: 0.00%，Self Citation Rate:N.A.， Gold OA Rate: 0.00%

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Impact of Environmental, Social and Governance (ESG) Performance on Firm Performance in Thailand Stock Exchange: Interaction Effect of Managerial Efficiency

A Model for Managing Standardization of Cruise Port Attributes Influencing Cruise Passenger Satisfaction Toward Positive Word-Of-Mouth: The GSCA Application Approach

The Role of Innovation Capabilities and Competitive Advantage as Mediating Variables Between the Relationship of Technology and Success of Startup Businesses in Thailand

ESG Performance, Ownership Structure and Firm Value: Evidence from ASEAN-5

How FDI and Oil Prices Affect Sustainable Tourism Developments: Evidence from 24 Asia-Pacific Countries

Impact of Environmental, Social and Governance (ESG) Performance on Firm Performance in Thailand Stock Exchange: Interaction Effect of Managerial Efficiency

A Model for Managing Standardization of Cruise Port Attributes Influencing Cruise Passenger Satisfaction Toward Positive Word-Of-Mouth: The GSCA Application Approach

The Role of Innovation Capabilities and Competitive Advantage as Mediating Variables Between the Relationship of Technology and Success of Startup Businesses in Thailand

ESG Performance, Ownership Structure and Firm Value: Evidence from ASEAN-5

Natural Rubber Trade and Production Toward Sustainable Development Goals: A Global Panel Regression Analysis

ISSN	0858-0855
h-index	9