ABAC Journal

Mapping Research Trends in Tourism, Marketing, and Business Management: A Bibliometric Analysis and Field Review with ABAC Journal’s Position

Sutthisan Chumwichan — 2025-09-05

This study aims to analyze research trends and thematic developments in the field of tourism, marketing, and business management, from 2021 to 2024, and to evaluate the ABAC Journal’s thematic alignment and research positioning within these fields using global trends as a benchmark. A bibliometric analysis of 365,942 Scopus-indexed publications was conducted using keyword co-occurrence mapping and Louvain clustering, with cosine similarity applied to refine thematic classification. A total of 297 articles were selected for qualitative interpretation to deepen content understanding. The results reveal four widely shared research directions across the three fields, including (1) Sustainability, (2) Psychology and Behavior, (3) AI, Digital Strategy, and Customer Experience, and (4) COVID-19 and Risk Management. In addition, each field features a unique thematic area: Leisure, Well-being, and Social Dynamics in tourism; Brand Equity, Consumer Trust, and Digital Engagement in marketing; and Governance, Public Policy, and Institutional Development in business management. The ABAC Journal, while highlighting a practical focus especially within Southeast Asia, contributes across all thematic areas in tourism, marketing, and business management. It demonstrates strong proportions and citation performance in Psychology and Behavior, particularly in marketing and tourism. Although topics related to AI, Digital Strategy, and Customer Experience, as well as Sustainability in marketing, receive high citation impact, they remain underrepresented by volume. By comparison, engagement with Sustainability, especially in tourism, appears disproportionately high relative to its citation impact. The overall findings of this study suggest that the ABAC Journal, along with other journals of similar scope, should strengthen engagement with emerging areas such as digital innovation, AI applications, and customer experience, while continuing to prioritize sustainability-related themes as an enduring focus in contemporary research.

Improving Credit Decision Through Machine Learning and Alternative Data: Evidence from NBFIS

Jinnajate Achalapong — 2025-09-17

Non-banking financial institutions (NBFIs) often struggle to make accurate credit decisions, especially for customers with insufficient traditional credit histories. Conventional models, such as logistic regression, primarily depend on credit bureau data and fail to capture the full credit potential of underserved populations—thereby hindering business expansion and financial inclusion. This study investigates how NBFIs can enhance credit decision-making by applying advanced machine learning techniques—namely XGBoost and neural networks—alongside alternative data sources, including mobile phone usage patterns, utility bill payments, and social media activity. Utilizing a real-world dataset of over 300,000 individuals, the findings demonstrate that machine learning models significantly outperform traditional approaches, particularly when alternative data is incorporated. These improvements lead to more precise risk classification, enabling institutions to reduce default rates, expand lending to previously overlooked borrowers, and improve portfolio profitability. In addition, the study addresses critical ethical and privacy considerations surrounding alternative data use. The results provide actionable insights for NBFIs aiming to adopt data-driven credit strategies that balance predictive power with responsible data governance—ultimately enhancing credit operations and promoting inclusive growth.

Corporate Governance, Capital Investments, Profitability and Firm Value: A Case Study of Thailand During the Covid-19 Pandemic

Niyata Kawewong — 2025-09-15

This study investigates the moderating effect of corporate governance on the negative impact of the COVID-19 pandemic on profitability and firm valuation in Thailand. Similar to previous studies, it is documented that COVID-19 negatively affects both firm profitability and firm value. The results, based on ordinary least squares (OLS) regression analysis, show that capital investments were able to mitigate the adverse effects of the COVID-19 pandemic on firm profitability. In contrast, capital investments worsen the negative impact of COVID-19 on firm value, as measured by Tobin’s q. For companies with good quality of corporate governance practices, however, capital investments show a positive relationship with firm value during the pandemic. These results highlight the benefits of good corporate governance during an economic crisis in an emerging market.

Drivers of Digitalization and Its Impact on Organizational Resilience in Thailand’s Top Department Stores

Rawin Vongurai — 2025-09-17

This study investigates the key drivers of digitalization and the impacts of digitalization on organizational resilience among Thailand’s top department stores. Targeting mid- to senior-level managers, IT professionals, and operational executives, the study involved collection of data from a sample of 400 respondents using purposive and quota sampling techniques. A pilot test with 40 participants was utilized to ensure the reliability of the questionnaire through Item-Objective Congruence (IOC) and Cronbach’s Alpha analysis. Data were analyzed using Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM). The findings reveal that innovation (β = 0.189, p < .001), human capital (β = 0.519, p < .001), and infrastructure and technology (β = 0.334, p < .001), significantly drive digitalization, while business model adaptation did not show a significant effect (β = 0.057, p = .313). Furthermore, digitalization was shown to have a strong influence on organizational resilience (β = 0.863, p < .001). These results highlight the critical role of investment in human capital, fostering innovation and enhancing technological infrastructure, to accelerate digital transformation and build resilience in a rapidly changing retail environment. The study offers practical insights for department store leaders seeking to strengthen their digital capabilities and adapt effectively to market disruptions.

Effects of Taxpayer Code of Ethics and Tax Sanctions on Tax Morale and Voluntary Tax Compliance of Listed Companies on The Stock Exchange of Thailand

Weerayut Sukmak — 2025-10-05

This research aimed (1) to analyze the effect of the taxpayer code of ethics and tax sanctions on the voluntary tax compliance of listed companies in the Stock Exchange of Thailand; (2) to analyze the effect of the taxpayer code of ethics and tax sanctions, mediated by tax morality, on the voluntary tax compliance of listed companies in the Stock Exchange of Thailand; and (3) to compare the general information of respondents in relation to opinions on taxpayer code of ethics and tax sanctions. This study employed a quantitative research design. Data were collected via questionnaire from 380 Chief Financial Officers (CFO) of listed companies in the Stock Exchange of Thailand. Hierarchical random sampling was used in order to select the sample. The collected data were analyzed using a structural equation model. The findings of the study indicated the following: 1) taxpayer code of ethics and tax sanctions have direct and indirect positive influences on voluntary tax compliance; 2) the willingness to pay taxes varies across industry groups, suggesting different perceptions of taxpayer code of ethics and tax sanctions; and 3) factors such as gender, age, level of education, and work experience, do not significantly influence opinions on taxpayer code of ethics or tax sanctions.

Market Efficiency and Technical Trading: An Empirical Study of MACD and RSI Indicators in Major Asian Stock Indices

Chavalit Kitkanasiri — 2025-10-14

This study evaluates the effectiveness of the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators in generating profitable trading strategies across ten major Asian stock markets from 2013 to 2023. Despite the Efficient Market Hypothesis (EMH) suggesting that technical analysis is ineffective due to all available information being reflected in asset prices, these indicators remain popular, especially in markets perceived as less efficient. We compare returns from four trading rules—MACD crosses zero, MACD crosses the signal line, RSI crosses the midline, and RSI enters oversold/overbought regions—against a buy-and-hold strategy. The results show that, in most Asian markets, MACD and RSI do not significantly outperform buy-and-hold, supporting weak-form market efficiency. However, the Singapore Exchange exhibits notable outperformance, particularly under MACD and RSI rules involving signal line crossings and extreme RSI levels. Even after optimizing trading rule parameters, these strategies rarely outperform buy-and-hold, with limited success in markets such as Hong Kong, Shenzhen, Shanghai, and Thailand. These findings suggest that while technical analysis may offer advantages in specific contexts, its overall effectiveness is constrained, particularly in more efficient markets. This research contributes to the debate on the viability of technical analysis and highlights the importance of market-specific considerations in applying trading strategies.

Digital Transformation and ESG Rating for Industry 5.0 in the Chinese Manufacturing Industry

Bifeng Ren — 2025-10-14

With the introduction of Industry 5.0, which emphasizes greater social responsibility and sustainable development for companies, it is imperative to explore the intricate relationship between digital transformation (DT) and environmental, social, and governance (ESG) rating. This study aims to understand how DT impacts ESG rating, considering the evolving competitive advantage of firms from the perspectives of resource-based view theory (RBV) and knowledge management (KM) theory. This study examines the relationship between DT and ESG rating, as well as the mediating effect of green innovation (GI) in this relationship. Utilizing data from 360 Chinese manufacturing firms listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2022, the findings reveal that with the exception of digital technology and data analysis, DT was shown to have significant impacts on corporate ESG rating. Specifically, digital business strategy and leadership, and human resource capabilities and culture showed positive relationships, while transformative organization and operations exhibited a negative relationship. Furthermore, GI was found to mediate the relationship between DT and ESG rating. By uncovering the internal mechanisms through which DT affects ESG rating, this study provides valuable insights for companies looking to enhance their sustainable practices within the framework of Industry 5.0.

Analysis of the Satisfaction of Chinese Young Consumers to Baijiu

Xinna Liang — 2025-10-20

This study aimed to analyze the key factors influencing the satisfaction of young Chinese consumers with Baijiu (a traditional Chinese liquor) and subsequently to propose targeted marketing strategies. By integrating the Howard-Sheth model and China Customer Satisfaction Index (CCSI), a comprehensive framework was constructed to evaluate the perceptions of young consumers. Through a survey of 1,052 young consumers, data were collected and analyzed using Structural Equation Modeling (SEM) and Confirmatory Factor Analysis (CFA). The results revealed that product quality and perceived quality are the most significant factors, while brand image has limited influence. A positive attitude toward the product directly impacts satisfaction. The study highlights the importance of prioritizing product quality and consumer-centric marketing strategies to cater to young consumers. Furthermore, this study incorporated Necessary Condition Analysis (NCA) to further explore the critical factors influencing young consumers’ attitudes towards purchasing Baijiu. The NCA results highlighted that a clear purchase attitude is a necessary condition, while perceived quality is one of the necessary conditions for forming such an attitude.

Quantitative Easing and the New Monetary Trinity: Systematic Reviews Analysis

Dudi Duta Akbar — 2025-10-20

Amid the global financial crisis caused by the COVID-19 pandemic, central banks in many countries implemented quantitative easing (QE) by purchasing government bonds and other securities to stabilize macroeconomic conditions. In addition to inflation control, financial stability has become a critical policy objective. This study explores the transformation from the “impossible trinity” to the “new monetary trinity,” which redefines the balance between exchange rate stability, financial openness, and monetary independence. Employing a Systematic Literature Review (SLR) combined with bibliometric analysis, 146 publications from ScienceDirect and Scopus (2020 to 2023) were examined using VOSviewer and Microsoft Excel. The findings reveal distinct methodological preferences. Dynamic Stochastic General Equilibrium (DSGE) models were found to be dominant in advanced economies, while Vector Autoregression (VAR), Autoregressive Distributed Lag (ARDL), and Vector Error Correction Models (VECM) have been more commonly applied in emerging markets. Evidence indicates that quantitative easing plays a significant role in managing capital flows, stabilizing exchange rates, and maintaining policy autonomy. However, trade-offs still exist, particularly in small open economies. This study offers structured insights into the effectiveness of quantitative easing within the framework of the new monetary trinity during a global crisis and contributes to the literature by systematically mapping how quantitative easing interacts with the evolving trilemma framework, providing context-specific lessons for post-crisis monetary strategy.

Relationship between Household Debt and Income Inequality: TVP-VAR Approach

Supanee Harnphattananusorn — 2025-10-23

This study examines the connection between household debt and income disparity in Thailand, emphasizing the dynamic interaction between these two variables. The study utilizes annual data from 1980 to 2022, a period marked by significant structural changes in the economy. To address these changes, the study implements the Time-Varying Parameter Vector Autoregression (TVP-VAR) estimation method, which is well-suited for capturing dynamic structural shifts. After estimating the model, coefficients were used to generate the impulse response function. The results of the study indicate that a one standard deviation shock in income inequality, as measured by the Gini coefficient, results in a reduction in the household debt-to-GDP ratio across the short, medium, and long term, with the impact being most pronounced in the short term and diminishing over time. Furthermore, the study examines how a shock to income inequality influences consumption patterns. An increase in the Gini coefficient initially leads to a rise in short-term consumption, but this effect reverses in the medium and long term, when consumption declines. The study also explores the impact of household debt shock on consumption. The results indicate that an increase in the debt-to-GDP ratio is associated with a rise in short-term consumption, while in the medium and long term, consumption decreases. These findings highlight the complex and varying impacts of income inequality and household debt on economic indicators over different time horizons, emphasizing the importance of accounting for dynamic structural changes in economic analysis.

The Besuca Case – Tradition Meets Innovation: Transitions Within a Family Business Case Study

Claus Schreier — 2025-10-27

Thanakorn Rattanavoranun never set out to become a business owner, though his entrepreneurial spirit was undeniable. Raised in a small Thai village in Nakhon Si Thammarat, a province renowned for its handwoven textiles and deep-rooted craftsmanship, he was captivated by the vibrant colors and intricate textures of traditional Thai fabrics. These garments carried history, identity, and a sense of belonging, shaping his appreciation for heritage from a young age. Years later, that legacy would resonate with the next generation as well. His daughter Rachel, the eldest, and his younger son Napat had recently completed their business degrees when they began to explore how they might contribute to the family’s growing firm.

Teaching Notes: The Besuca Case – Tradition Meets Innovation: Transitions Within a Family Business

Claus Schreier — 2025-10-27

The Besuca case study examines the entrepreneurial journey of Thanakorn Rattanavoranun, a visionary entrepreneur who transitioned from a teaching career to starting a family business. Driven by his passion for traditional fabrics and his desire to preserve and modernize Thai textile craftsmanship, Thanakorn built Besuca from scratch, blending business intuition, social relationship-building, and a commitment to community support. His entrepreneurial spirit, along with his strong ties to local artisans and suppliers, transformed Besuca into a business, shaped by cultural identity and evolving consumer interest in heritage-based products.

Environmental Social Governance Score Influence on Financial Performance Amidst Indonesia-Malaysia-Thailand Growth Triangle Listed Companies

Rotcharin Kunsrison — 2025-10-31

Environmental, Social, and Governance (ESG) scores have been widely explored regarding their role on firm performance, yet few studies have examined their significance from a regional perspective. This research addresses this gap by analyzing the comprehensive impact of ESG scores within Indonesia, Malaysia, and Thailand. Guided by stakeholder-agency theory, which posits that higher ESG scores lead to improved firm performance, the study employs secondary data, including ESG scores from S&P Capital IQ Pro and firm performance measured by return on assets (ROA). Using a quantitative approach, the findings reveal that average ESG scores vary across the observations, with Thailand scoring highest (40.698), followed by Malaysia (25.032), and Indonesia (20.984). The results indicate a significant positive relationship between ESG scores and firm performance. Moreover, business risk, firm size, and growth rate, are found to exert a strong influence on firm performance, further emphasizing the importance of firm-specific characteristics alongside ESG practices in shaping corporate outcomes.

Integrating Fraud Deterrence Propeller and Continuous Auditing for Enhanced Fraud Detection and Sustainability

Koenta Adji Koerniawan — 2025-10-31

This study examines the implementation of the Fraud Deterrence Propeller (FDP) web-based application and continuous auditing (CA) in strengthening fraud detection and deterrence at PT. Kembang Christapharma & Group. Fraud remains a critical risk in Indonesia, leading to significant financial and reputational losses. Using an experimental design, this research integrates the FDP framework with the Beneish-M Score to assess financial reporting anomalies. Quantitative results show a strong correlation between the maturity of fraud deterrence and the effectiveness of fraud detection. Regression analysis confirms that both fraud deterrence maturity and CA significantly predict fraud detection outcomes. The analysis of financial reports indicates that the Beneish-M Score primarily detects earnings management, which, while not always fraud, signals irregularities that require audit follow-up. Qualitative findings highlight improved fraud awareness, stronger internal controls, and enhanced real-time monitoring. This study contributes to the literature by combining FDP and CA into a single framework, offering practical tools for fraud deterrence and sustainable development.