Research article

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Efficiency Assessment with Data Envelopment Analysis for Benchmarking Fitness Center Business Performance in Thailand Dittachai Chankuna, Thanarit Thanaiudompat and Thitipong Sukdee Pages 1 - 21    Download PDF  Article preview Cite Abstract The fitness center business (FCB) in Thailand has experienced growing market value and economic impacts on the sports industry over the last few years. Despite the fact that sports marketers often extend competitiveness by increasing investments through various marketing strategies, efficiency has never been assessed. Data envelopment analysis (DEA) and Tobit regression model were first examined in FCBs for benchmarking their efficiency, which assists entrepreneurs, marketers, and scholars to fulfill the management gap to investigate influential marketing factors affecting FCB performance. Sixty FCBs in Thailand were qualified in the inclusion criteria to be decision-making units (DMU). The average efficiency score of DMUs is 0.9468, which is consistent with empirical data showing that they survived the COVID-19 pandemic. Personal trainer standards, product development, atmosphere, and interior decoration are significant influential marketing factors that affect FCB performance. Entrepreneurs and marketers should adopt the International Personal Trainer’s Standards into their marketing strategies to drive FCB performance.
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The Effects of Ownership Concentration on Managerial Discretion of the Non-Life Insurance Businesses in Thailand Norrasate Sritanee, Ravi Lonkani and Chaiwuth Tangsomchai Pages 22 - 41    Download PDF  Article preview Cite Abstract Intrigued by managerial discretion's vital role in Thailand's non-life insurance businesses, this study embarks on a compelling investigation into the interplay between ownership concentration and decision-making autonomy. Collected with the utmost care from diverse sources such as the Stock Exchange of Thailand (SET), the Office of Insurance Commission (OIC), and the Department of Business Development (DBD), the financial and ownership data form a robust foundation for our analysis, ensuring unwavering data integrity. The study scrutinizes 45 non-life insurance companies operating in Thailand between 2012 and 2016, revealing a captivating insight - the ownership structure is a linchpin in shaping managerial discretion. The findings illuminate an alluring inverted U-shaped relationship between ownership concentration and managerial discretion. When owners focus intensely on their enterprises, the discretion of managers experiences a decline, unveiling the delicate balance governing corporate decisions. However, the narrative takes an intriguing twist as owners exceed the optimal share threshold, triggering a surge in managerial discretion. This study's fascinating results shed light on the potential agency conflicts between owners and policyholders, offering valuable insights into the entrenchment behavior linked to Agency theory. With its fresh perspective on the dynamics between ownership and discretion, this research inspires a reevaluation of corporate governance practices within the non-life insurance sector, piquing the curiosity of industry insiders and researchers alike.
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The Study of Game Dynamics and Community Characteristics in The Metaverse Affecting on Brand Engagement and Brand Loyalty Sudaluk Sungkorn and Mathupayas Thongmak Pages 42 - 65    Download PDF  Article preview Cite Abstract This study investigates the factors that impact brand loyalty using dynamics in gamification design and the characteristics of online communities within the metaverse. To develop the conceptual framework, focusing on perceived benefits in social and emotional aspects, brand engagement, and brand loyalty. Respondents must be over 18, have joined the brand's community in the past six months, and answer at least 2/3 of the screening questions about Metaverse. This study collected 327 samples via an online survey using Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) to compare the hypothesis-based models. The result found that brand engagement affects brand loyalty, social benefits, and emotional benefits affect brand engagement. However, the social benefit involving brand engagement outweighs the emotional benefit affecting brand engagement with statistical significance. It is discovered that context in game dynamics has the most impact on social benefit, followed by community value and freedom to express. Moreover, rewards and recognition in online communities in the metaverse affect social benefits oppositely. The research also found that cooperation in game dynamics does not impact social benefits, and completion in game dynamics does not affect emotional benefits.
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An Exploratory Analysis of Thai Luxury Dinner Cruise Attributes Supakorn Suradinkura and Watsida Boonyanmethaporn Pages 66 - 89    Download PDF  Article preview Cite Abstract Luxury dinner cruise tourism is continuously expanding, it is a form of river cruising activity that provides personalized services, an exclusive environment, and luxurious service while dining along the view of onshore attractions. This study aims to explore the attributes of the luxury dinner cruise on the Chaophraya river, Bangkok. These attributes are developed based on 5 stages: conceptualization and dimensionality, item generation from literature review, data collection and analyzation methods, item analysis and screening from in-depth interviews, and items generation and selection. The snowball sampling method employed by the luxury dinner cruise entrepreneurs was utilized to gather the primary data. The results show that there are two major attributes of the luxury dinner cruise of onboard and onshore, which consist of eight dimensions as followed: 1) Onboard Attributes: Ambiance, Physical Environment, Service crew, and Personalize service; 2) Onshore Attributes: Learning and Exploration, Visual Surroundings, Safety and Comfort, and Destination Development. This study provides stakeholders with the key points towards maintaining business competitiveness and academics with measurement scales to use for data collection in the future study.
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Developing Effective Strategies to Enhance Customer Satisfaction: A Case Study of Absolut Chocolat, a Dessert-preneur in Malaysia Nor Hazirah Mohamad Shukri, Maisara Hasnul Hadi, Nurul Wahidatul Syazwa Supari and Nor Irvoni Mohd Ishar Pages 90 - 109    Download PDF  Article preview Cite Abstract The attainment of customer satisfaction holds significant importance for the achievement of business success. Especially for nascent small and medium enterprises (SMEs) functioning within the fiercely competitive food industry, this initial step is a crucial milestone in achieving enduring viability and eventual success. Absolut Chocolat (AC) is a Malaysian startup dessert brand that entered the dessert industry in 2018. Since its inception, it has been able to attract adherents with its distinctive identity. However, as of late, the brand has had challenges upholding consumer satisfaction. The present study seeks to investigate the satisfaction of AC customers and the various elements that have an impact on it, including product quality, pricing, place, and service quality. The study utilizes an applied research methodology and a three-step inquiry process with diverse approaches, including SWOT analysis, regression analysis, and the TOWS Matrix. Using purposive sampling, data from 117 customers of AC was obtained via a survey questionnaire. Out of the four factors investigated, only price and product quality were found to have a positive effect on customer satisfaction. These findings have led to the formulation of several recommendations aimed at enhancing customer satisfaction among AC customers. Finally, this study not only adds to the body of knowledge on consumer satisfaction in the food segment for SMEs, but it also provides practical insights that can support the growth of companies like Absolut Chocolat and other comparable establishments.
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Impact of Shareholder Structure on Earnings Manipulation in Thai IPOs on the Market for Alternative Investment (mai): Pre-and Post-IPO Analysis Metta Semsomboon, Kusuma Dampitakse and Wachira Boonyanet Pages 110 - 128    Download PDF  Article preview Cite Abstract The connection between shareholder structure and earnings manipulation, which is also called earnings management, in the pre- and post-IPO years is examined in this paper, with an emphasis on what is happening with Thai IPO firms. The sample comprises 72 firms that were listed on the Market for Alternative Investment (mai) from 2012 to 2017. The findings reveal a statistically significant negative association between management shareholders and the practice of manipulating real earnings in the pre-IPO year. Nonetheless, during this period, no association between shareholding concentration and earnings manipulation was found. In the post-IPO year, there is no association between shareholder retention and earnings manipulation. These findings contribute to our knowledge of how shareholder structure impacts earnings manipulation practices in IPO firms, emphasizing the role of management shareholders in mitigating opportunistic behavior. The absence of a significant post-IPO relationship may be attributed to the substantial decrease in management’s shareholding, resulting in a consequential loss of control and influence over earnings management. This study offers valuable insights for various stakeholders, including policymakers, investors, and corporate practitioners seeking to comprehend the dynamics of shareholder structure and earnings manipulation activities in Thai IPO firms.