Antecedents of Stakeholder Relationships for Competitive Advantages and Investor Trust Influencing the Corporate Sustainability of Companies listed on the Stock Exchange of Thailand


  • Naphaphon Oonprechavanich Faculty of Management Sciences, Pibulsongkram Rajabhat University, Phitsanulok 65000
  • Tummatinna Seesupan Faculty of Management Sciences, Pibulsongkram Rajabhat University, Phitsanulok 65000
  • Surasit Udomthanavong Faculty of Business Administration, Thai-Nichi Institute of Technology, Bangkok 10250



Stakeholder relationships, Competitive advantages, Investor trust, Corporate sustainability, The stock exchange of thailand


The purposes of this study were to 1) the causal relationship model of corporate sustainability of companies listed on the Stock Exchange of Thailand consisted of stakeholder relationships, the firm’s competitive advantages, and investor trust was congruent with the empirical data, and 2) stakeholder relationships, firm’s competitive advantages, and investor trust had a significant effect on corporate sustainability of companies listed on the Stock Exchange of Thailand. The information was gathered through 422 sets of questionnaires distributed to companies listed on the Stock Exchange of Thailand. The inferential statistical method was used to test hypotheses using structural equation modeling. The findings revealed as follows: 1) The research model was congruent with the empirical data (Chi-square/df = .851, p-value = .950, RMR = .040, GFI = .914, RMSEA = .000, and CFI = 1.000) and 2) Stakeholder relationships: employee relationships, customer relationships, supplier relationships, and public relationships had a significant direct effect on firm’s competitive advantages were equal to .543, .501, .384 and .283 respectively, Firm’s competitive advantages had a significant direct effect on both corporate sustainability of companies and investor trust were equal to .444 and .441 respectively and Investor trust had a significant direct effect on corporate sustainability of companies was equal to .772.


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ภาพ 2 สมการโครงสร้างของบุพปัจจัยของความสัมพันธ์กับผู้มีส่วนได้เสียเพื่อความได้เปรียบทางการแข่งขัน และความไว้วางใจของนักลงทุนที่ส่งผลต่อความยั่งยืนของบริษัทฯ หลังการปรับแต่งแบบจำลอง




How to Cite

Oonprechavanich, N. ., Seesupan, T., & Udomthanavong, S. . (2024). Antecedents of Stakeholder Relationships for Competitive Advantages and Investor Trust Influencing the Corporate Sustainability of Companies listed on the Stock Exchange of Thailand. Humanities and Social Sciences Journal of Pibulsongkram Rajabhat University, 18(1), 247–262.



Research Article