Executive Journal

Causal Relationship between Public and Private Education Expenditure and Thailand’s Gross Domestic Product

2025-09-14T15:15:19+07:00

This paper examined the relationship between public and private education spending and Gross Domestic Product (GDP) of Thailand. Using time-series data from 2009 to 2024, the study employed cointegration and Granger causality tests to explore the linkages between sectoral educational expenditures and economic output. This is complemented by an Error Correction Model (ECM) to capture short-run dynamics and determine the speed of adjustment toward long-run equilibrium. The findings revealed a significant bidirectional relationship between private spending on education and GDP, suggesting that private spending on education stimulated the economic output, which in turn provided the resources for further private educational expenditure. The Autoregressive Distributed Lag (ARDL) cointegration results confirmed a stable long-run equilibrium among the variables, while the ECM indicated a significant, albeit moderate, speed of adjustment following economic shocks, reflecting the time lag inherent in educational investments. However, no significant causal relationship between public spending on education and GDP was found. This non-causal link is attributed to the inefficient allocation of the fiscal budget as a disproportionately large share of spending was consumed by administrative and personnel costs rather than quality-enhancing initiatives. Consequently, government educational expenditure must be redirected toward improving human capital. To leverage the positive impact of the private sector, the government should implement policies such as tax incentives or matching grants, while establishing clear regulatory frameworks to ensure educational quality, thereby stimulating economic output in the long run.

Environmental Social and Governance (ESG) Business Management and Sustainable Growth of Thai Listed Companies

2026-04-21T10:02:51+07:00

This study examines the context, characteristics, and performance of companies listed on the Stock Exchange of Thailand (SET) in relation to the concept of sustainable business growth based on Environmental, Social, and Governance (ESG) principles, and how such performance influences investor interest. A mixed-methods research design was employed, combining qualitative and quantitative approaches. The qualitative phase involved an in-depth documentary analysis and secondary data review of 17 sample companies covering the period from 2015 to 2024. The quantitative phase utilized primary data collected via questionnaires from a questionnaire survey of 54 institutional investors (25 from Asset Management Companies and 29 from Securities Brokerage Firms). The findings reveal a structural shift within Thai listed companies, where ESG adoption has transitioned from a voluntary initiative into a fundamental “License to Operate.” This evolution is largely driven by global standards and the government’s BCG (Bio-Circular-Green) policy. Companies with standout ESG performance see a direct, positive impact on their long-term corporate value, proving that ESG acts as a strategic value driver that also opens doors to lower-cost capital. When it comes to capturing investor interest, the data shows a significant gap between what is expected and what is happening (t = 14.703, p < 0.001). With an expectation gap of 0.54, investor decision-making has hit the highest level of priority. This indicates that ESG metrics have officially shifted from a "nice-to-have" alternative to an absolute baseline for investment decisions. Ultimately, this means companies must move away from simply reporting activities and start delivering clear, quantitative outcomes to truly earn investor trust.

Effectiveness of an E-Commerce Membership Program across Customer Loyalty Levels: A Case Study of Zojirushi

2025-06-19T20:07:11+07:00

This study aims to analyze the effectiveness of a Membership Program and Personalized Marketing strategies influencing consumer behavior in the e-commerce context, using Zojirushi as a case study. The focus is on high-potential customers who demonstrate brand loyalty. A quasi-experimental research design was employed, combining quantitative data from 4,097 customers with qualitative insights from 20 interviews. Key analytical tools included the RFM model, Customer Lifetime Value (CLV), and Net Promoter Score (NPS). The findings reveal that 1) the tiered membership system led to a 240 per cent increase in total members within three months, along with an 84 per cent increase relative increase in the repeat purchase rate and a 48 per cent increase in Customer Lifetime Value (CLV); 2) personalized experiences, such as laser engraving services, generated stronger engagement than standard monetary incentives; and 3) the average NPS score was 40.00, indicating a moderate level of customer loyalty, while the targeted customer group responded less than expected due to limitations in communication. The study recommends enhancing communication channels, refining benefit structures, and tailoring evaluation frameworks to align with the purchase cycles and behavioral patterns typical of durable goods consumers. This research contributes practical implications for designing effective loyalty programs in e-commerce environments, especially for brands offering long-lifecycle products.

The Influence of Hedonic Experience, Perceived Ease of Use, Satisfaction and Influencer Image on Online Purchase Behavior through TikTok among Consumers in Bangkok and its Metropolitan Area

2025-05-23T10:36:21+07:00

This research aimed to study the influence of hedonic experience, perceived ease of use, satisfaction, and influencer image on online purchase behavior through TikTok application among consumers in Bangkok and its metropolitan area. A closed-ended questionnaire was used to collect data from 404 consumers in Bangkok and its metropolitan areas who had previously purchased products online via the TikTok application. Multiple regression analysis was employed to test the hypotheses. The study results revealed that hedonic experience had the greatest influence on online purchasing behavior, followed by the attractiveness of the influencer, perceived ease of use, satisfaction, and the credibility of the influencer, respectively. An enjoyable and user-friendly usage experience promoted platform acceptance and enhanced consumer satisfaction. Meanwhile, influencers who possessed both attractiveness and credibility helped strengthen consumer trust and stimulate consumers’ decisions to purchase products online.

The Analysis of the Quality Attributes of the Services at the Anti-Aging Center by Applying the 5Q Model and Kano Model

2025-07-23T05:05:30+07:00

This research aims to analyze the service quality attributes of an anti-aging center from the perspective of service recipients. The research adopts the 5Q Model to identify key attributes that contribute to high-quality services in anti-aging centers and applies the Kano Model to explore and develop service quality attributes. In addition, the concept of service logistics is incorporated to explain healthcare service processes, focusing on the management of the flow of customers, information, and medical supplies within healthcare service systems to enhance service efficiency and reduce waiting time for customers. Data were collected through questionnaires from 316 customers who had experience using services at an anti-aging center using a non-probability sampling method. The collected data were analyzed using Kano Model analysis together with descriptive statistics, including frequency, percentage, satisfaction coefficient, and dissatisfaction coefficient, to classify the roles of service attributes influencing customer satisfaction. The results indicate that service quality attributes can be categorized into two main groups: five attributes that enhance customer satisfaction and create positive service experiences, and fifteen attributes perceived by customers as basic service components that do not significantly influence satisfaction levels. The findings suggest that integrating the 5Q Model, Kano Model, and service logistics concepts provides a comprehensive explanation of service quality in anti-aging centers in terms of service structure, service processes, and customer perceptions. The results of this study can serve as guidelines for improving service quality management in anti-aging centers as well as other healthcare service providers with similar characteristics.

Relationship between Internal Control System and Financial Reporting Quality of Subdistrict Administrative Organization in Lampang Province

2025-03-11T16:30:35+07:00

The objectives of this research were to study the relationship between internal control systems and financial reporting quality of Subdistrict Administrative Organizations in Lampang Province. Data were collected via questionnaires from a purposive sample of 177 respondent of financial and accounting officers in the Treasury Department. Statistical analysis included percentage, mean, standard deviation, correlation analysis, and multiple regression analysis. The results revealed that the internal control systems and the quality of financial reports were at a high level. The internal control system showed a statistically significant positive correlation with financial reporting quality at the 0.01 level, with correlation coefficients ranging from 0.512 to 0.787. Furthermore, multiple regression analysis indicated that all components of the internal control system had a statistically significant positive impact on the financial reporting quality of Subdistrict Administrative Organizations in Lampang Province at the 0.05 level. The research findings indicate that a core mission of Subdistrict Administrative Organizations is the continuous development of internal control systems. This process directly to enhance the accuracy and the reliability of financial reporting quality, enabling users to make informed decision making. Such improvements serve as a vital foundation for transparent and efficient public service management, prioritized toward maximizing public benefits.

The Value Creation for Community Products through Co-Branding Marketing Strategy

2025-02-05T11:47:44+07:00

Value creation for Thai community products through co-branding strategies is regarded as a crucial mechanism for enhancing quality and strengthening competitiveness at both national and international levels. The process begins with an understanding of the inherent strengths of community products, which reflect local wisdom and cultural capital, alongside an analysis of existing limitations such as inconsistent standards, insufficient technology, and limited access to broader markets. Co-branding is presented as a strategic tool that integrates the strengths of business partners-including distribution networks, modern technologies, and marketing capabilities-with the identity and cultural narratives of local communities. This integration contributes to shared value creation and the development of a credible image. The process involves selecting suitable partners, formulating joint strategies, developing products and packaging, building brand narratives, and conducting monitoring and evaluation to ensure systematic and sustainable progress.

Moreover, the approach highlights that co-branding generates not only economic outcomes but also social and environmental benefits. These include job creation, the reduction of inequalities, and alignment with the principles of sustainable development. The knowledge synthesized from this approach can be applied as a practical framework for community product development, aiming to enhance creative competitiveness while fostering shared value among communities, consumers, and business partners in a balanced manner.