Sufficiency Economy Philosophy (SEP) Practice, ESG Responsbility, and Business Survival of Hotels in Thailand
Main Article Content
Abstract
The traditional management practices of the mainstream economy may not answer all risks and uncertainties in today’s world, thus, this study aims to test the influences of sufficiency economy philosophy (SEP) practice and environmental, social, and governance (ESG) responsibility on the business survival of hotels and accommodation businesses in Thailand. The study population comprises all hotels and accommodation businesses in Thailand. Mail questionnaires were distributed and collected from 395 hotels in Thailand using a multistage sampling method. Measurements for SEP practice, ESG responsibility, and business survival were adapted from prior related literature. Structural equation modeling (SEM) was used to test the causal factors influencing business survival. SEP practice and ESG responsibility were found to positively impact business survival, while ESG responsibility was also found to mediate the relationship between SEP practice and the business survival of Thai hotels and accommodation businesses. Hotel managers should focus on SEP practice and ESG responsibility to enhance business survival. Policy makers can educate businesses about alternative management practices to prepare for future changes. The findings of this study demonstrate that both stakeholder and legitimacy theories can explain the positive influences of SEP practice and ESG responsibility on business survival in Thailand.
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References
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