Social Return on Investment (SROI) from Organizing the Royal Trophy Buffalo Beauty Contest

Abstract

            This research aimed to assess the Social Return on Investment (SROI) of organizing the Royal Trophy Buffalo Contest in Udon Thani Province using the six-step SROI framework of Nicholls et al. The research design was a mixed-methods model. The sample used in the research consisted of 30 individuals and groups directly involved in organizing the Buffalo Contest (in-depth interviews and observation). Purposive sampling was used, while some used snowball sampling to reach key contextual stakeholders. In addition, quantitative data were collected from 436 tourists using accidental sampling and the sample size was calculated using Yamane's formula at a 95% confidence level. The instruments used were structured questionnaires, semi-structured interviews, focus group discussions, and field observations. Descriptive statistics was used for quantitative data analysis, and content analysis was used for qualitative data analysis.

            The results of the research found that: The Provincial Administrative Organization’s investment budget of 4,845,000 baht created total benefits of 10,628,000 baht, covering (1) Economy: 9,585,000 baht in revenue from buffalo trading, tourism, and surrounding businesses; (2) Society: 469,000 baht in cultural capital and community pride, with 83% of tourists very satisfied and 36% stating that they learned about the Thai buffalo way of life; and (3) Environment: 575,000 baht in infrastructure and landscape improvement value for animal welfare, resulting in an SROI ratio of 2.19, meaning that every 1 baht invested creates 2.19 baht in value. This result indicates that local cultural activities can be a soft power mechanism that is in line with SDG 11 to enhance the grassroots economy and preserve local cultural identity. Policy recommendations are that local administrative agencies should integrate the SROI framework as a tool to measure value-for-money before approving budgets for cultural activities, and event organizers should increase knowledge transfer activities to sustainably expand social and environmental value.