Siam University Journal of Business Administration

Financial Ratios' Relationship and Explanatory Ability on Stock Prices: Evidence from Industrial Products Companies Listed on the Stock Exchange of Thailand

Fri, 17 Apr 2026 00:00:00 +0700

This study aims to examine the relationship between financial ratios and stock prices. The financial ratios include return on assets (ROA), return on equity (ROE), and earnings per share (EPS). The research tests the relationship and explanatory ability of financial ratios in explaining stock prices through multiple regression analysis. The sample comprises 88 companies listed on the Stock Exchange of Thailand in the industrial products business sector. Data were collected from financial statements for the fiscal year 2024. The results, based on the Sig Values, show that: 1) For the overall industry product sector, Return on Equity and Earnings Per Share have a significant relationship with stock prices. In the Automotive business, Return on Asset, Return on Equity, and Earnings Per Share have a significant relationship with stock prices. For the Industrial Materials & Machinery business, Return on Equity and Earnings Per Share have a significant relationship with stock prices. In the Petrochemicals & Chemicals business, Return on Asset and Earnings Per Share have a significant relationship with stock prices. For the Packaging business, Return on Equity and Earnings Per Share have a significant relationship with stock prices. In the Steel & Metal Products business, Return on Asset and Earnings Per Share have a significant relationship with stock prices. 2) The ability of financial ratios to explain stock prices, as measured by the coefficient of determination (Adjusted R²), shows that in the Automotive business and the Industrial Materials & Machinery business, the independent variables can explain stock prices at 61.30% and 92.30% respectively. For the overall industry product sector, Petrochemicals & Chemicals business, Packaging business, and Steel & Metal Products business, the values are 51.30%, 53.50%, 58.20%, and 37.90% respectively, indicating that the independent variables cannot adequately explain stock prices, as their coefficients of determination (Adjusted R²) are below 0.60 or 60 percent.

Communication for Creating Experiences in Authentic Chef’s Table Businesses

Chaiyasith Mairungroj, Kullatip Satararuji — Fri, 17 Apr 2026 00:00:00 +0700

This qualitative research aims to 1) study the communication strategies for creating consumer experiences in the Authentic Chef’s Table business, 2) analyze and interpret consumer experiences with these communication strategies, and 3) develop the Holistic Experiential Communication Model (HEC Model). The HEC Model is a novel framework for premium service businesses, integrating key concepts from communication and marketing. The study employed a multi-qualitative methodology, including in-depth interviews with 5 leading Chef's Table entrepreneurs and 15 consumers with direct experience, complemented by participant observation and systematic documentary analysis of online media.

The empirical findings reveal that communication in the Authentic Chef’s Table business is a complex and dynamic process involving three main dimensions: pre-service communication, which aims to build initial expectations and awareness; in-service communication, which forms the core of the experience through the chef's art of storytelling, personal interaction, and sensory stimulation; and post-service communication, which focuses on fostering long-term engagement and positive word-of-mouth through follow-ups and network building. The research found that the strategies used seamlessly integrated the principles of Experiential Marketing, Marketing 5.0, and Integrated Marketing Communication to craft a profound "co-created experience" and "emotional connection" between the brand and the consumer.

The most significant outcome of this research is the development of the HEC Model, a new conceptual framework that harmonizes humanistic philosophy with the power of technology. It consists of four interrelated pillars: Human-Driven Narrative, which centers on personal relationships; Seamless Integrated Experience, which emphasizes consistency across all touchpoints; Technology-Augmented Intimacy, which uses technology to enhance human interaction; and Measurement & Adaptive Communication, which creates a continuous loop of learning and adaptation. This model represents a theoretical innovation that demonstrates the practical application of Marketing 5.0 in creating a tangible Human-Centric Experience, ultimately leading to brand loyalty and sustainable growth in the Authentic Chef’s Table business.

Talent Management and Its Influence on Organizational Performance: Evidence from Industrial Zones in Nakhon Ratchasima Province

Noppadon Permsomboon — Fri, 17 Apr 2026 00:00:00 +0700

This research aimed to 1) examine the organizational characteristics of companies in the industrial areas of Nakhon Ratchasima Province, 2) assess talent management levels and organizational performance, and 3) investigate the influence of talent management on organizational performance. A descriptive research design was employed. The sample included 93 senior executives, human resource managers, and supervisors responsible for policy formulation and human resource management from companies located in Suranaree Industrial Estate and Nava Nakorn Industrial Estate in Nakhon Ratchasima Province. The quota sampling method was utilized, and data were collected through questionnaires. Multiple correlation and regression analyses were conducted. The findings revealed that most companies operated both domestically and internationally, had been in business for 5–10 years, possessed registered capital ranging from 100 to 500 million baht, employed 100–500 staff members, and had fewer than 100 contracted employees. The overall talent management level was high, whereas organizational performance was moderate. Notably, talent retention management exhibited a statistically significant positive effect on organizational performance at p < .01.

Study and Development of an Accounting System for Community Enterprises: A Case Study of Bang Phli District, Samut Prakan Province

Natha Thornjareankul — Fri, 17 Apr 2026 00:00:00 +0700

The research entitled “A Study and Development of an Accounting System for Community Enterprises: A Case Study of Bang Phli District, Samut Prakan Province” was conducted to examine the existing accounting practices and the challenges encountered in the accounting operations of community enterprises. The study further aimed to develop a prototype accounting system aligned with the capacities of community enterprises and to assess the effectiveness of the system in supporting financial management. Data were collected from 52 community enterprise units.

The research findings revealed that most respondents were female, totaling 48 individuals or 92.3 percent, with 37 respondents aged over 60 years. The highest level of education for most respondents was primary school, accounting for 17 individuals or 32.7 percent. The majority of the sample had never performed accounting tasks nor received training in accounting practices for community enterprises. When examining the problems and obstacles in accounting practices, it was found that these issues positively influenced satisfaction toward the development of the accounting system. The coefficient of determination (R²) was found to be high at 0.615, indicating that problems and obstacles in accounting practices had a positive impact on satisfaction with the development of accounting practices. The independent variables included: documentation and accounting procedures, collaboration and coordination, and knowledge, abilities, and operational skills. Together, these variables were able to predict satisfaction with the development of the accounting system by 61.5 percent. Examples of accounting system development include creating an accounting manual, providing training, or applying technology to enhance accounting practices.

The Influence of Marketing Mix Factors and Psychological Motivation on Consumers’ Decision to Choose Fitness Center Services in Mueang Chonburi District, Chonburi Province

Navarat Panyatharuk, Nuthatai Ounok, Narumol Soonsawad — Fri, 17 Apr 2026 00:00:00 +0700

This research article aimed to (1) examine the service marketing mix factors of fitness centers in Mueang Chonburi District, Chonburi Province; (2) investigate the psychological motivation of fitness center users in Mueang Chonburi District, Chonburi Province; (3) study the decision-making process in selecting fitness center services among users in Mueang Chonburi District, Chonburi Province; (4) analyze the influence of service marketing mix factors on the decision to select fitness center services; and (5) examine the influence of psychological motivation factors on the decision to select fitness center services among users in Mueang Chonburi District, Chonburi Province. The sample consisted of 400 individuals who had previously used or were currently using fitness center services. Data were collected using a questionnaire with an overall reliability coefficient of 0.97. The statistical methods used for data analysis included frequency, percentage, mean, standard deviation, and multiple regression analysis.

The results revealed that (1) the service marketing mix factors were rated at the highest level overall, with distribution channels receiving the highest mean score, followed by process, people, and physical evidence, respectively. (2) Psychological motivation factors were also rated at the highest level, with intrinsic motivation scoring higher than extrinsic motivation. (3) The decision to select fitness center services was rated at the highest level overall, with post-purchase behavior obtaining the highest mean score. (4) The influence analysis indicated that service marketing mix factors collectively explained 57.30% of the variance in the decision to select fitness center services, with product factors exerting the greatest influence, followed by people and physical evidence. (5) Psychological motivation factors collectively explained 38.20% of the variance in the decision to select fitness center services, with extrinsic motivation having a greater influence than intrinsic motivation.

Myanmar Migrant Workers as Faith-Based Tourists: A Study of Behaviors, Satisfaction, and Impacts in Phetchabun Province

Fri, 17 Apr 2026 00:00:00 +0700

The aims of this study were to examine 1) faith-based tourism behaviors, activities, and motivations of Burmese migrant workers in Phetchabun Province, Thailand; 2) their satisfaction with faith-based tourism activities and services; 3) their perceptions of local economic and social roles; and 4) personal factors influencing satisfaction with faith-based tourism services. This quantitative survey research collected data via questionnaires from 227 Burmese migrant workers in Phetchabun with faith-based tourism experience. Data were analyzed using descriptive statistics, independent samples t-test, one-way ANOVA, Spearman's rank correlation, and multiple regression analysis. The findings revealed that the main activities were temple visits and participation in religious rituals. Overall satisfaction with activities was high, while satisfaction with tourism services was moderate. Gender, education level, and income significantly influenced satisfaction. Higher education was associated with lower satisfaction. Migrant workers perceived positive economic and social impacts on local communities. This finding not only provided empirical evidence supporting Cohen’s Pilgrim–Tourist Continuum and the Migrant as Tourist framework (1992), but also deepened understanding of the sociocultural dimensions of sustainable tourism (Zhang et al., 2020) and the dynamics of the grassroots economy driven by specific population groups. As a result, tourism management needed to account for diverse stakeholders, along with the development of public policies that promoted faith-based tourism as a tool for social and economic well-being at the community level, especially in Southeast Asia, where migration dynamics were high.

Determinants of Income Growth Among Smallholder Cashew Farmers in Cambodia: The Mediating Role of Farm Performance

Sovannarith Hean, Sunida Piriyapada — Fri, 17 Apr 2026 00:00:00 +0700

Purpose: The primary objective of this study is to examine the determinants of income growth among smallholder cashew farmers in Cambodia, with particular emphasis on the mediating role of farm performance. Specifically, the study aims to: (1) analyze the effects of farm characteristics, demographic attributes, external market conditions, financial access, and management practices on farm performance; (2) assess the direct impact of farm performance on income growth; and (3) test whether farm performance mediates the relationship between these five determinants and smallholder income.

Study Design: This research adopts a quantitative, cross-sectional survey design. The population consists of smallholder cashew farmers in Cambodia. A total of 250 farmers from Kampong Thom, Kratie, and Ratanakiri provinces were selected using multi-stage probability sampling. Primary data were collected through structured questionnaires. The data were analyzed using Multiple Regression Analysis (MRA) to test direct relationships and mediation analysis to examine the indirect effects of farm performance between the independent variables and income growth.

Findings: The results indicate that farm characteristics, financial access, external market conditions, demographic factors, and management practices significantly influence farm performance. Farm performance, in turn, has a positive and statistically significant effect on income growth among smallholder cashew farmers. Mediation analysis confirms that farm performance plays a critical mediating role, transmitting the effects of structural, financial, and managerial factors to household income. Among the determinants, financial access and management practices demonstrate the strongest influence on farm performance and subsequent income growth.

Value: The study strengthens the Sustainable Livelihoods Framework and offers a replicable model for analyzing smallholder systems. Practically, it highlights the need to expand financial access, enhance managerial training, and improve market infrastructure, providing guidance for policymakers and development partners seeking to advance Cambodia’s cashew sector toward greater value addition and sustainable rural development.

The Determinants of Return on Equity (ROE): A Case Study of the Information & Communication Technology (ICT) Sector

Fri, 17 Apr 2026 00:00:00 +0700

The aims of this study are to test the effect of profit margin, total assets turnover, equity multiplier and firm size on the return on equity. Financial data has been collected from Financial Statements 2022-2024, SET Application, the stock exchange of Thailand. The sample is 34 listed companies selected from the population of 39 listed companies in Information & Communication Technology (ICT) sector. Methodology used to do this study is multiple regression analysis including the Tolerance & VIF test for multicollinearity and the Breusch-Pagan test for Heteroscedasticity. The results confirm that profit margin and total assets turnover have a positive impact on the return on equity. These major findings imply that a company’s efficiency in converting sales into actual income and a company’s efficiency in using its assets to generate revenue or sales have a positive impact on a company’s profitability and efficiency in generating earnings from its shareholders’ investments.

Comparative Performance of Temporal Fusion Transformer for Multi-horizon Price Forecasting and Silver Risk Assessment for Thai Importers

Natee Suwanwetin — Fri, 17 Apr 2026 00:00:00 +0700

This research aims to develop and compare the performance of the Temporal Fusion Transformer (TFT) model for multi-horizon price forecasting and silver risk assessment for importers in Thailand. A daily time-series dataset of 2,450 observations, spanning from 2015 to 2025, was utilized. The data was partitioned into training, validation, and testing sets with a ratio of 80:10:10, respectively. The evaluation of model performance covered forecasting horizons of 1, 7, and 30 days to assess predictive accuracy across both short-term and medium-term periods.

The empirical results reveal that the TFT model significantly outperforms traditional benchmarks. Specifically, for the 1-day forecasting horizon, the TFT achieved an RMSE of 0.1673 and a MAPE of 0.5014%, demonstrating substantially higher accuracy than the LSTM (RMSE = 1.12) and GARCH (RMSE = 1.85) models. Furthermore, the quantile forecasting mechanism within the TFT architecture effectively estimated Value-at-Risk (VaR) at 95% and 99% confidence levels, with results consistently aligned with backtesting standards under the Kupiec Test.

A key finding indicates that the USD/THB exchange rate is the most influential factor on forecasting accuracy, accounting for 42% of the relative importance. Consequently, the results of this study serve as a vital strategic decision-support tool for practitioners in formulating hedging strategies and managing import costs effectively amidst high market volatility.