Research article

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The Impact of Customer Relationship Management on Hotel performance: The Mediating Effect of Marketing Capability Chularat Khankaew Pages 1 - 21   DOI 10.14456/cbsr.2020.10  Download PDF  Article preview Cite Abstract The purpose of this research is to determine the effect of customer relationship management on the hotel performance in Thailand. Data were collected from 109 hotel businesses in Thailand by using questionnaire as a research tool. The descriptive statistics were used to analyze the obtained data and the correlation analysis and multiple regression were also employed to test hypotheses. Clearly, statistic results showed that customer relationship management in terms of customer relationship management organization, technology based relationship management, and knowledge management had a positive effect on hotel performance and marketing capability. The results also revealed that marketing capability exhibited a positive effect on hotel performance as a mediating variable accentuating the relationship between customer relationship management and hotel performance. This research expands the resource based theory and contributes to the literature on customer relationship management by suggesting that stronger customer relationship management should be reflected in higher marketing capability and therefore enhances stronger hotel’s performance. The study also suggests the process of two-way communication in customer relationship management which enhances hotel business to understand the customer wants, create specific targets, involve in the development of action plan, and develop outstanding service standard as well as create more professional staff. Moreover, modern technological systems should be applied to generate suitable marketing strategies in hotel business.
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The Study on Nonlinear Impact of CSR on Firm Market Value Panamon Chantabutr, Suneerat Wuttichindanon and Usarat Thirathon Pages 22 - 43   DOI 10.14456/cbsr.2020.11  Download PDF  Article preview Cite Abstract This study aims to investigate the non-linear relationship between corporate social responsibility (CSR) and market value of companies listed in the Stock Exchange of Thailand between 2016 and 2017. We employ factor analysis to determine the significant CSR dimensions, and then examine the relationship between the CSR dimensions and Tobin’s Q in the same year (2016), and the following year (2017) Results from the factor analysis demonstrate two important CSR dimensions, namely, 1) the development of employees, environment and community; and 2) corporate governance, reporting, and anti-corruption policies. The development of employees, environment and community has a U-shaped relationship with Tobin’s Q in both years. Meanwhile, the other dimension of corporate governance, reporting and anti-corruption policies is not associated with Tobin’s Q. These results imply that an implementation on the policy-level does not have sufficient impact to increase firm value from the investor’s perspective, but development in employee, environment, and communities does. The results support the resource-based theory suggesting that attention to human resource development leads to a competitive advantage in terms of development and solutions for environment and community; eventually resulting in brand image and long-term firm value.
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Mediating Effects of Digital Marketing Capability on SMEs Entrepreneurs Marketing Performance Prasittichai Narakorn Pages 44 - 66   DOI 10.14456/cbsr.2020.12  Download PDF  Article preview Cite Abstract The objectives of this research were to study the relationship between marketing performance, platform capability, web capability and digital marketing capability of SMEs entrepreneurs in Phitsanulok Province. The multi-stage sampling survey data were collected from 315 SMEs entrepreneurs in Phitsanulok Province. Structural equation model (SEM) was analyzed using AMOS program. The results showed that our data explained the model very well whereby marketing performance was driven by platform capability, web capability and digital marketing capability. Our findings could help SMEs entrepreneurs to understand the importance of digital marketing capability which directly influences marketing performance. Particularly, those SMEs entrepreneurs with web capability should emphasize the use of website to share details of the products and the organization; and to receive customers’ suggestions and complaints. These factors are significant to the increase of the SMEs entrepreneurs’ marketing performance. The study model was conceptualized using dynamic capability theory together with digital marketing capability aiming at enhancing competitiveness of SMEs entrepreneurs in Thailand so that they can correspond to the changes of information technology and communication.
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The Investment Opportunity Set, Capital Structure, and Dividend Policies in Different Corporate Life Cycles: Evidence from Thailand Pitima Diskulnetivitya and Niyata Kawewong Pages 67 - 92   DOI 10.14456/cbsr.2020.13  Download PDF  Article preview Cite Abstract The purpose of this paper is to investigate the relationship between the investment opportunity set (IOS), capital structure, and dividend policy in Thailand, which is one representative of emerging countries. The paper extends prior literature on the IOS by examining the impact of the corporate life cycle on the relationship between IOS and financial policies. The analysis is based on the annual data of firms listed in the Stock Exchange of Thailand between the years 2000 and 2019. The results show a positive relationship between IOS and the leverage ratio, which provides evidence in favor of the signaling theory. However, firms with high growth opportunities are likely to pay lower dividends since they have lower free cash flows. Moreover, the results reveal that corporate life cycle has positive moderating effects on the relationship between IOS and leverage ratio. This can be interpreted as firms in the growth and maturity stages tend to use more debt funding compared to firms in the earlier, shake-out, and decline stages of the life cycle. Adversely, the moderating effects of corporate life cycle on the relationship between IOS and divided policy is not significant.