Research article

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Is Social Media Usage Enough to Achieve Superior Performance in Thai SMEs? The Mediation of Entrepreneurial Orientation Laddawan Lekmat and Budsara Eurjirapongpun Pages 1 - 21   DOI 10.14456/cbsj.2022.7  Download PDF  Article preview Cite Abstract This paper aims to study the relationships among social media (SM) usage, entrepreneurial orientation (EO), and firm performance. Specifically, this paper tests mediation influences of EO on the relationships between SM usage and firm performance. A total sample of 313 SMEs in Thailand responded to the survey. The results indicate that the utilization of SM functions affects all elements of EO and improves business outcomes. SM usage directly and indirectly impacts firm performance through EO. Two elements of EO, risk-taking and proactiveness, have significant direct effects on firm performance, whereas innovativeness has only an indirect impact on business outcomes through the mediation of risk-taking and proactiveness. The findings lead to suggestions for best practice for SMEs, such as that SM usage may not lead to superior performance, and firms may need assets and skills such as entrepreneurial capabilities to attain improved performance. This paper studies the multidimensional angle of SM–EO and EO–performance relationships, and EO as the mediating construct. It provides an enhanced understanding of how small firms should use and benefit from SM to become innovative and attain superior firm performance through the various elements of EO and their interrelationships.
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Using Latent Variables for Confirmatory Composite Analysis Chanta Jhantasana Pages 22 - 40   DOI 10.14456/cbsj.2022.8  Download PDF  Article preview Cite Abstract In general, all constructs in a confirmatory factor analysis (CFA) are latent variables. Should all constructs also be emergent variables, a hypothetical construct stemming from a latent variable that has received little attention in studies, then a confirmatory composite analysis (CCA) is a possibility. This study employed latent variables as emergent variables in order to conduct a CCA. The latent variables were related to an individual's traits, attitudes, or behavioral notions, such as satisfaction, trust, or loyalty. An emergent variable is composed of data on capabilities, values, indices, therapies, and interventions, as well as an artifact or design idea. CFA was used to analyze the satisfaction, trust, and loyalty of 200 Lazada and Shopee customers, and additional emergent variables were created from latent variables for the CCA. The study demonstrates that emergent variables can arise from latent variables and that CCA is more accurate than CFA.
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Effects of Venture Capital Network Centrality on Earnings Management During an IPO Lockup: Evidence from the US Market Yosavee Niranvichaiya and Sorasart Sukcharoensin Pages 41 - 60   DOI 10.14456/cbsj.2022.9  Download PDF  Article preview Cite Abstract This study investigates the effects of the network centrality of a venture capital firm (VC) on the earnings management level of portfolio companies, focusing on the IPO lock-up period. The results suggest that companies backed by VCs with higher network centrality are more likely to use accrual-based earnings management during the lock-up period. In contrast, this same relationship does not exist with real earnings management. Furthermore, we do not see the same connection in periods other than the lock-up. The lock-up period is unique, as its expiration is the first opportunity for VCs to sell shares to public investors; thus, there is an incentive for VCs and managers to manage earnings just before the expiration of the IPO lock-up period. This study contributes to our understanding of how entrepreneurs seek investment. It suggests that engaging with a more centralized VC may not be preferable, given that the degree of earning management is higher. For limited partners looking to invest in VC funds, due diligence should focus on the financial performance and transparency of VCs with higher network centrality, especially during the lock-up period. Finally, this study provides guidelines for designing a more effective policy to address earnings management problems at IPO for VC-backed companies.
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Effects of a Governing Body on Internal Audit Quality: Empirical Evidence from Thailand Usarat Thirathon and Kwanhatai Mitrapanont Pages 61 - 79   DOI 10.14456/cbsj.2022.10  Download PDF  Article preview Cite Abstract This study aims to examine the direct and indirect effects of a governing body on internal audit quality, using internal audit support as a mediator. Data were collected from both primary and secondary sources. The internal audit quality and internal audit support data were collected from questionnaires sent to the Chief Audit Executives of Thailand’s listed companies. The response rate was 17.7%, with 126 companies responding. Afterwards, the matching secondary data about the governing body were collected from the annual registration statement. Using the covariance-based structural equation model (CB-SEM) method, the empirical analysis concludes that while the governing body has no direct effect, it has an indirect effect on internal audit quality through internal audit support. Therefore, to improve the quality of internal audit, the governing body - board of directors and audit committee - should provide adequate resources and competence to internal audit, as it is an integral part of effective corporate governance. This study contributes to the literature on determinants of internal audit quality in a developing country, Thailand. It also contributes practically by assisting regulators in determining the qualifications and competence of internal audit personnel. Last, it raises the board and audit committee awareness of the importance of allocating adequate resources to internal audit, especially in a volatile, uncertain, complex, and ambiguous (VUCA) world.
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Do You Think Your Students are into Online Learning? Brain Responses Using Electroencephalography Arisaphat Suttidee and Chutima Ruanguttamanun Pages 80 - 94   DOI 10.14456/cbsj.2022.11  Download PDF  Article preview Cite Abstract The cognitive level of students can reflect the learning performance that results from participation in learning activities in a traditional classroom, which an instructor can support and monitor accordingly. However, it is complicated for online learning. In this study, we used electroencephalography or EEG to investigate students’ learning performance for online learning. A cognitive effort index (CEI) application was connected through an EEG headset and used to identify the level of cognitive performance, and a system usability scale (SUS) questionnaire was used to examine student satisfaction. Thirty-six of the students had at least 2 years of experience both on-site and online learning and were enrolled in the controllable instructions: subjects, settings, and durations. The findings of this study surprisingly showed that more than half (22 students) fell into an affective cognitive engagement pattern (AF), 12 students fell into an effective cognitive engagement pattern (EF), and only 2 students indicated a low cognitive pattern. These results showed that most students were significantly attentive to the online activity and only a few students were not able to stay focused during the online activity, in other words, learning in the class online could be as attentive as in the traditional class. The adoption of EEG techniques and EEG interpretation software can reflect awareness and attention in many areas, such as consumer research, consumer behaviors, digital content, and the experience of online education. This study may suggest that Thai business practitioners and marketers adopt EEG to explore consumer behavior.
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Building CSR Communication in the Banking Business in Thailand: The Mediating Effects of Social Media Influencers and Consumer Skepticism Nizar Fauzan and Pensri Jaroenwanit Pages 95 - 113   DOI 10.14456/cbsj.2022.12  Download PDF  Article preview Cite Abstract Corporate social responsibility (CSR) communication is an essential program for each organization's ethical approach to corporate practices, long-term commercial success, and influence on societal well-being. CSR communication plays a primary role in enhancing relationships with customers. This study investigates the impact of CSR communication on social media influencers (SMIs), consumer skepticism, and customer value co-creation (CVCC) in the Thai banking business. This study used quantitative and stratified sampling of 400 samples using a mailed questionnaire method from customers who had purchased products from, and recognized the CSR of the Thai banking business. Confirmatory factor analysis (CFA) and structural equation model (SEM) were applied to analyze the questionnaire results. It was found that the outcomes of CSR communication and each construct considerably affect Thai banking business performance in exploring CSR communication, and that SMIs have a positive impact on CSR communication. Correspondingly, consumer skepticism has a positive impact on CSR communication, and CSR communication has a positive impact on customer value co-creation. The study's findings indicate that the increasing number of investigations related to CSR could help improve the banking industry's competitive advantage and financial performance.