NIDA Business Journal

The Interactive Mechanism Between Social Embeddedness and Resource Orchestration: A Case Study of Logistic Company in Thailand

Yanhua Zhang — 2026-03-25

This paper examines the outsider disadvantage faced by cross-border logistics enterprises in emerging markets against the backdrop of global value chain restructuring and digital trade development. Through a case study of logistic company in the Thai market employing grounded theory methodology, it reveals how enterprises achieve sustainable growth through the interplay of social embedding and resource orchestration. The research proposes a ‘dual-drive mechanism for cross-market embedding and integration’: social embedding provides the legitimacy foundation and initial capital for resource orchestration, while effective resource orchestration, through value creation, reinforces and deepens social embedding. Together, these two drivers propel the enterprise from market entry to strategic leapfrogging into ecosystem leadership. The primary contribution lies in integrating social embeddedness and resource orchestration theories, revealing their synergistic dynamics. This offers a dynamic, integrated analytical framework for understanding complex corporate adaptation in emerging markets, providing systematic insights for practice.

Applying Artificial Intelligence for Developing Customer Experiences in Banking Services

Bhubethe Osiri — 2026-04-22

This study investigated the application of artificial intelligence (AI) technology to enhance customer experience within the banking service industry. The objectives of the research were to analyze a conceptual model of customer experience using AI technology and to identify the factors that constitute and influence customer experience in service businesses. Data were collected from a sample of 400 banking service customers residing in Bangkok and its metropolitan area, utilizing a structured questionnaire. The data were analyzed using descriptive statistics, including mean and standard deviation, and inferential statistics, specifically Structural Equation Modeling (SEM) for hypothesis testing.

The findings indicate that the adoption of AI technology in banking services is significantly influenced by service quality, trust, and personalization, all of which play a crucial role in enhancing customer experience. Conversely, the study found that customer sacrifices required for adapting to AI technology had no significant effect on the development of customer experience.

This research highlights that the integration of AI in the banking sector is essential for improving customer experience. To achieve this, AI applications for customer experience should incorporate elements of trust, convenience, and satisfaction with AI capabilities, as well as personalized service adjustments tailored to each customer. By focusing on these elements, banks can create superior customer experiences, ultimately gaining a competitive advantage in the digital era.

A Systematic Literature Review and Framework Development: Integrating Literacy for Financial Well-being in the Digital Era

Kanmanee Karin — 2026-05-21

Financial Well-being (FWB) serves as a pivotal metric for economic stability and individual quality of life. Thailand currently faces a significant structural challenge with household debt reaching 85–90% of GDP, compounded by the rapid expansion of digital financial technology, which escalates decision-making risks. This article aims to synthesize the determinants of financial well-being and develop an integrated conceptual framework interconnecting financial competence, financial psychological, financial behaviors, and structural context and policy framework. The study employs a Systematic Literature Review (SLR) of 20 empirical articles published between 2020 and 2025 from standardized databases. Thematic synthesis was utilized to analyze the patterns of relationship between variables. The findings categorize financial well-being determinants into four primary themes: 1) financial competence, 2) financial psychological, 3) financial behavior, and 4) structural context and policy framework. A critical finding reveals that positive financial behavior and self-control act as essential mediators, transforming financial literacy into financial well-being outcomes across both subjective and objective dimensions. The developed integrated framework aligns with the international guidelines of the G20/OECD. Enhancing the financial well-being of the Thai populace requires a paradigm shift beyond mere literacy to emphasize behavioral modification alongside structural reforms and digital consumer protection. This framework provides a robust foundation for designing public policies to address financial vulnerability sustainably.

ESG Performance and Analyst Forecast Accuracy: Evidence from SET100 Index

Nuttawadee Pikulwong — 2026-06-09

This study aimed to examine the relationship between overall Environmental, Social, and Governance (ESG) performance, as well as its individual dimensions, and analysts’ earnings forecast accuracy of firms listed on the Stock Exchange of Thailand (SET) in the SET100 Index. The sample consisted of 342 firm-year observations covering the period 2020–2024. The analysis employed a multiple regression model under a Fixed Effects framework with firm-clustered robust standard errors to control for unobserved firm-specific characteristics and autocorrelation.

The results indicated that overall ESG performance was positively associated with analysts’ earnings forecast accuracy at the 5% significance level. This finding suggested that improvements in ESG performance enhanced the information environment, enabling financial analysts to produce more accurate earnings forecasts. The evidence supported Signaling Theory and Information Asymmetry Theory, implying that high-quality ESG disclosure reduced information gaps and strengthened the overall information environment in the Thai capital market.

In sum the findings suggested that the overall development of transparent, consistent, and high-quality ESG disclosure standards could improve the efficiency of financial analysis and firm valuation in the long run. However, when ESG was examined by dimension, social had the strongest effect on forecast accuracy, followed by environmental, while governance was not significant, suggesting that stakeholder-related social information most effectively reduces information asymmetry.

The Impact of Intellectual Capital on ESG Score: Empirical Evidence from Company Listed on the Stock Exchange of Thailand

Aunthika Luangsuep — 2026-06-22

This study investigated the relationship between intellectual capital and the business sustainability assessment as measured by Environmental, Social, and Governance scores (ESG Score) of companies listed on the Stock Exchange of Thailand (SET). The research focused on analyzing the roles of Intellectual Capital (IC) and Human Capital (HC) in influencing ESG scores. Data was obtained from the London Stock Exchange Group (LSEG) database. The sample comprises 212 firm-year observations from 75 listed companies in the resources, property and construction, and technology sectors during the period 2022–2024. Multiple regression analysis was conducted using a Fixed Effects Model.

The empirical results revealed that both Intellectual Capital and Human Capital were positively and significantly associated with ESG Score, indicating that companies capable of efficiently managing and leveraging their intellectual capital and human capital tend to achieve higher sustainability ratings. Furthermore, leverage ratio, measured by the debt-to-equity ratio, is also found to have a significant positive relationship with the ESG Score. In contrast, firm size, firm age, and profitability, did not show any significant statistical association with ESG Score.

An Empirical Investigation of the Random-Walk Behavior of Various Stock Indices in the Stock Exchange of Thailand

Nattawut Jenwittayaroje — 2026-06-22

This study examines the random-walk behavior of the daily returns of 15 stock indices in the Stock Exchange of Thailand over the period from May 2020 to December 2025, including several indices that have not been analyzed in this context. The results from both parametric and non-parametric tests indicate that random-walk behavior, or weak-form efficiency, is related to the size of stocks in an index, and not to the index’s investment theme. Specifically, large-cap indices exhibit random-walk behavior, whereas small-cap indices do not and instead display positively autocorrelated returns. Compared with previous studies on the Thai stock market, the evidence shows that large-cap stocks are weak-form efficient both before and after the Covid-19 crisis, while small-cap stocks remain weak-form inefficient in both periods. The inefficiency of small-cap stocks may stem from an insufficiently effective price discovery process for these stocks, which has important implications for policy design aimed at improving price discovery process in the small-cap groups.

ผลของการพัฒนาการเงินต่อความเจริญเติบโตทางเศรษฐกิจของประเทศด้อยพัฒนา

Preecha Jarungidanan — 2026-01-29