ABAC Journal

Editorial

Editor-in-Chief — Wed, 30 Jul 2025 00:00:00 +0000

Abstract

Transforming Urban Tourism: Essential Conditions and Low-Carbon Attributes for Sustainable Tourist Behaviors

Maneenate Worrachananun — Tue, 29 Jul 2025 00:00:00 +0000

This study examines the role of low-carbon tourism attributes in shaping sustainable tourist behaviors (STB) within urban destinations. Drawing on Stimulus-Response (S-R) theory and necessity logic, the research identifies six critical attributes, including eco-friendly accommodation (ECA), sustainable service providers (SSP), efficient transportation (ET), low-carbon activities (LA), sustainable dining (SD), and responsible waste management (WM). Using Integrated Generalized Structured Component Analysis (IGSCA) and Necessary Condition Analysis (NCA), data from 440 urban tourists in Thailand was analyzed to determine the sufficiency and necessity of these attributes in influencing STB. The findings indicate that ECA, SSP, and ET are the most influential determinants, while LA, SD, and WM serve as necessary but less impactful conditions. The study provides empirical validation of necessity logic, demonstrating that without the presence of key low-carbon enablers, tourists’ sustainable behaviors do not reach high levels. The results offer theoretical insights into STB formation and inform policy recommendations for urban planners and tourism stakeholders to enhance sustainability strategies. By integrating low-carbon tourism attributes into urban policies, cities can foster environmentally responsible travel behaviors and contribute to global climate action initiatives.

Sufficiency Economy Philosophy (SEP) Practice, ESG Responsbility, and Business Survival of Hotels in Thailand

Worakorn Pumiviset, Muttanachai Suttipun — Tue, 29 Jul 2025 00:00:00 +0000

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.

Corporate Social Responsibility and Financial Performance in the Indonesian Consumer Goods Industry Through Market Share and Idiosyncratic Risk

Josua Tarigan, Natasha Monica, Tristan Nguyen — Tue, 29 Jul 2025 00:00:00 +0000

This paper explains the correlation between corporate social responsibility (CSR), market share, idiosyncratic risk, and corporate financial performance (CFP). The role of market share (MS) and idiosyncratic risk (IR), which cause an indirect effect, are also examined. Fifty-seven Indonesian-listed consumer goods companies were studied using partial least squares analysis. The findings suggest that CSR could act as a mitigating risk tool and improve the market’s competitiveness. Investing in CSR eventually leads to a long-term increase in financial performance. This paper makes a valuable contribution, offering new and fresh insights into the long debates regarding the CSR-CFP relationship, which has been previously found to be inconsistent from prior studies, through the role of MS and IR as mediating variables that link CSR and CFP. CSR has been proven to build stakeholders’ trust and thus increase MS and lower IR.

The Relationship Between Board Structure and Earnings Quality of Listed Companies on the Stock Exchange of Thailand: The Moderating Effect of Ownership Structure

Somboon Saraphat, Napaporn Hongpukdee , Chanikan Wittinanon — Tue, 29 Jul 2025 00:00:00 +0000

Board directors are entrusted with the responsibility to perform their duties transparently and to foster desirable managerial behavior by ensuring the quality of financial reporting, particularly within an effective ownership structure. Building on this premise, the objective of this study was to investigate the influence of board structure on the earnings quality of companies listed on the Stock Exchange of Thailand (SET100 index), considering the moderating effect of ownership structure. The analysis is based on 165 firm-year observations from 2016 to 2019, with the new paradigm of discretionary accruals, based on the Modified John and Yoon model, serving as a proxy for earnings quality. The findings provide valuable insights into how corporate governance practices influence earnings quality. Specifically, larger board size, and CEO duality, are associated with lower earnings quality, while ownership structure can either exacerbate or mitigate this effect. The study offers both theoretical and managerial contributions, emphasizing the importance of strengthening corporate governance to enhance earnings quality in Thai businesses.

Enhancing Financial Performance Through Big Data Analytics Capability, Supply Chain Agility and Supply Chain Performance

Chanchai Meathawiroon, Siritida Songkhwan, Aannicha Thunyachairat — Tue, 29 Jul 2025 00:00:00 +0000

The aim of this study was to construct a causal model that investigates the association between big data analytics capability (BDAC), supply chain agility (SCA), supply chain performance (SCP), and financial performance (FP), in the hotel industry. Additionally, it examines the mediator functions of SCA and SCP in the correlation between BDAC and FP. The study collected data from 324 hotel entrepreneurs who participated by completing online surveys. The gathered data were subsequently examined using PLS-SEM. The results demonstrate that BDAC has a direct favorable impact on SCA, SCP, and FP, while SCA also has a positive effect on both SCP and FP. Both SCA and SCP were found to significantly mediate the relationship between BDAC and FP. These findings indicate that hotel owners should utilize customer service data for thorough analysis to determine the most effective operational solutions and improve their BDAC. This method has the potential to enhance SCA, SCP, and eventually, yield superior financial performance. The study enhances our understanding of the function of BDAC in improving performance in hotel businesses. It also offers practical implications for hotel management.

Multi-Source Financial Data Integration via LSTM-GRU-Attention Models for Robust Forex Predictions

Kyaw Wanna, Paitoon Porntrakoon — Tue, 29 Jul 2025 00:00:00 +0000

Previous studies have shown that utilizing data sources such as historical or technical data along with deep learning approaches can increase the accuracy of forex price prediction. However, relying on a single data source, such as historical data alone, limits predictive performance as it fails to capture the entire complexity of the market. This study aims to demonstrate that merging financial data from four different sources can significantly improve prediction accuracy. This study proposes a hybrid LSTM-GRU-Attention deep learning model, leveraging historical, fundamental, technical, and sentiment data, to predict the closing price of the GBP/USD currency pair, which is actively traded on a global scale. QuantManager, Forexfactory, and DailyFX data were collected over three timeframes: 30-minute, 1-hour, and 1-day, from January 1, 2013 to December 31, 2023, respectively. The model’s performance was evaluated using MSE, RMSE, and MAE metrics. The proposed model with multi-source data demonstrated substantial error reductions compared to historical data only models from previous studies, achieving RMSE decreases from 17% to 89% and MAE reductions from 22% to 94% across 30-minute, 1-hour, and 1-day timeframes. The integrated multi-source data model outperformed models that integrated only historical data, across all timeframes, highlighting the benefits of improved forex prediction accuracy.

Digitalization of Micro-Sized Enterprises: Determinants of Quick Response Code Indonesian Standard (QRIS), Fintech Usage Behavior, and Implications for Business Sustainability

Dyah Cahyasari, Hamidah, Umi Widyastuti — Tue, 29 Jul 2025 00:00:00 +0000

There is an urgency for research on measuring the perceptions of micro-sized enterprises regarding the creation of a healthy FinTech ecosystem to support future business sustainability. The measurement analyzes social influence, trust, facilitating conditions, habits, financial literacy, intentions to continue Quick Response Code Indonesian Standard (QRIS) FinTech usage, and its impact on the sustainability of micro-sized enterprises sustainability. This research is expected to contribute by (a) providing an overview of the determinants that influence the actual usage behavior of the Quick Response Code Indonesian Standard (QRIS); (b) providing an overview of the impact of QRIS usage behavior on the sustainability of micro-sized enterprises; and (c) determining the most effective strategy to provide sustainable business solutions. The sampling technique utilized for this research included purposive random sampling with data collected from 240 micro-entrepreneurs spread across Java and Sumatra. These two islands have the largest number of QRIS users. Primary data were collected through surveys in several micro-entrepreneur communities. The research results show that facilitating conditions, habits, trust, and intentions to continue using QRIS, have a positive and significant effect on usage behavior. These determining factors of usage behavior will impact the sustainability of the business in the future. Social influence and digital financial literacy were not found to influence usage behavior.

Effects of Earnings Management and CEO Characteristics on the Working Capital Management Efficiency?

Thy Le-Bao , Hanh Nguyen-Ngoc-Hoang, Hien Le-Thi-Thuy, Ngan Ho-Thi-Kim — Tue, 29 Jul 2025 00:00:00 +0000

This study investigates the relationship between earnings management and the effectiveness of working capital management, as well as the individual components of working capital management. The Beneish M-Score is used as a proxy for earnings management and data from 354 non-financial firms listed on the Ho Chi Minh Stock Exchange in Vietnam are analyzed. Unlike previous studies that have focused on the negative implications of earnings management, this research found a positive impact of earnings management on the efficiency of Vietnamese firms' working capital management. This finding aligns with the goal-setting theory, which suggests that clear objectives can lead to improved performance. The results indicate that managers who engage in earnings management tend to operate with shorter cash conversion cycles and manage their inventory, receivables, and payables in a suboptimal manner. The study also revealed that companies with female and dual-role CEOs exhibit more conservative working capital management. Additionally, it was discovered that firms with longer tenure CEOs typically have more efficient working capital strategies, which can lead to lower expenses and higher productivity.

The Financial Accessibility and Cash Flow Movement Between the Stock Market and Real Estate Market: A Case Study of Vietnamese Markets

Le Thi Han, Nguyen The Binh , Luu Thu Quang — Tue, 29 Jul 2025 00:00:00 +0000

Research on cash flow movements between markets is vital for understanding the impact of capital allocation on economic growth. It helps identify leading and lagging sectors, guiding targeted policy interventions and ensuring effective resource allocation to achieve national goals such as sustainable development and job creation. This study employs an Autoregressive Distributed Lag (ARDL) model combined with a newly introduced variable to investigate the cash flow movements between markets in Vietnam from 2007 to 2021. The results show that when a real estate market grows, investors tend to withdraw capital from the stock market to invest in real estate, but conversely, when the stock market grows, there are no signs of cash flow from real estate to securities. In addition, financial accessibility is shown to have a positive impact on both the real estate market and the stock market. When investors can easily access capital sources, indicated through increases in issuing bonds, borrowing from commercial banks, or the density of bank branches per 100,000 adults, they will prefer real estate investment over securities. The research results are robust across different regression models, such as OLS, Fama-MacBeth, Weighted least squares, and Newey-West.

Effects of Central Bank Support Measures in COVID-19 on Commercial Banks’ Performance: Evidence from Thailand

Wed, 30 Jul 2025 00:00:00 +0000

Thailand’s Central Bank implemented financial rehabilitation measures during the COVID-19 pandemic to support individuals, businesses, and the banking sector. This study examines the effects of these policies on the performance of Thai commercial banks listed in the Stock Exchange of Thailand from 2017 to 2021. Using financial ratios and stock returns as performance indicators, we find notable differences between indicators from before and during the pandemic. Regression analysis revealed a negative correlation between the credit risk reduction measure and return on equity, while a positive, though statistically weak, correlation was also observed between this policy and stock returns. In contrast, the liquidity improvement and debt repayment holiday measures showed limited effects. These findings provide insights into the design and effectiveness of central bank policies during times of crisis.

Risk Identification and Assessment in Cold Chain Logistics for Durian Exports from Thailand to China: Insights from Packing House Perspectives

Kanyanit Wichianrat, Panida Chamchang , Yechao Fan — Wed, 30 Jul 2025 00:00:00 +0000

Exporting agricultural products requires strict compliance with regulatory standards, careful transportation monitoring, and efficient risk management. This study examines the risks within the cold chain system for agricultural products, focusing on Thailand’s durian industry. The data collection methods consist of two parts: (1) risk identification through semi-structured interviews with five stakeholder groups: packing houses, export associations, logistics providers, insurance firms, and governmental agencies; and (2) risk assessment from the packing house perspective, using a survey of 86 packing houses. The findings reveal two key results: (1) Sixteen risk factors were identified from five stakeholder groups, categorized into operational (e.g., inexperienced workers, quality control issues, improper loading), supply (e.g., supply shortages, invalid GAP certifications), and logistical risks (e.g., container and trailer shortages, outdated and malfunctioning temperature control equipment); and (2) The risk assessment conducted with packing houses identified six medium-risk factors, including invalid GAP certification, supply shortages, container shortages, malfunctioning temperature control equipment, outdated temperature control equipment, and vehicle breakdowns, with invalid GAP certification being the most critical risk. These findings were used to develop mitigation strategies and contribute to the cold chain logistics literature by identifying key risks in the durian export process. Additionally, the study provides valuable insights into risk perceptions from packing houses, enhancing the understanding of risk management in this context.

Book Review: The AI-Savvy Leader- Nine Ways to Take Back Control and Make AI Work

Nguyen Huu Chanh — Wed, 30 Jul 2025 00:00:00 +0000

As AI rapidly advances, it is sparking global debates across industries. In business, two key challenges have emerged: leaders face pressure to adopt AI for innovation and competitiveness, while employees fear job loss due to automation. These strategic and existential concerns define a central dilemma for modern organizations. Therefore, one of the top 50 highly recommended books by Harvard Business Review, The AI-Savvy Leader: Nine Ways to Take Back Control and Make AI Work by David De Cremer is a timely and necessary guide to address these two tensions. As AI technologies increasingly shape strategic decisions, organizational operations, and workforce dynamics, the need for informed, responsible, and visionary leadership becomes critical (Davenport & Ronanki, 2018).