Journal of Liberal Arts and Management Science Kasetsart University

AN ECONOMIC ANALYSIS OF MUTELU PRACTICES IN MUANG DISTRICT, MAHA SARAKHAM PROVINCE

Pattima Paenpranit, Komkrit Wongkhae, Prapassorn Wareesri — Mon, 30 Jun 2025 00:00:00 +0700

The Mutelu phenomenon, a syncretism of Buddhist beliefs and mysticism, has significantly expanded its influence in contemporary society. This study aims to examine Mutelu practices, measure and compare the differences between faith based on Buddhist principles and non-Buddhist beliefs, analyze the proportion of Mutelu expenditures, and investigate the factors affecting such expenditures. A sample of 400 individuals was surveyed in the Isan Buddhist region of Maha Sarakham Province. The results showed that the main reasons for worshipping sacred objects were for auspiciousness and to seek blessings for good fortune. The participants had a significantly higher level of faith in Buddhist principles than in non-Buddhist beliefs. The highest proportion of expenditure was on making merit. Log-log regression analysis revealed that Mutelu is a normal good with a necessity component. This reflects that in times of uncertainty, psychological security becomes a fundamental component in people's utility function, akin to basic sustenance. Furthermore, a higher level of non-Buddhist belief was found to have a significant positive effect on Mutelu expenditure, with a 1% increase in such belief corresponding to a 0.56% rise in spending. This suggests that non-Buddhist beliefs (e.g., fortune-telling, amulets) are often linked to explicit financial transactions with set prices, whereas faith within core Buddhist principles does not emphasize direct monetary actions. This study demonstrates that although Mutelu behavior is driven by faith, it still operates within economic principles and generates measurable impacts.

ORGANIZATIONAL CITIZENSHIP BEHAVIOR AND JOB PERFORMANCE OF FLIGHT ATTENDANT: ROLE OF WORK-LIFE BALANCE

Krittiya Somsila, Wanida Onlamai , Tharit Pollasan — Mon, 30 Jun 2025 00:00:00 +0700

The flight attendant profession is characterized by high-pressure service demands and time constraints, which impact both health and job performance. This study, therefore, aims to investigate the factors of work-life balance (WLB) that influence organizational citizenship behavior (OCB) and job performance among flight attendants in Thailand. Employing the Job Demands-Resources (JD-R) Model, the study analyzes the various dimensions of WLB. Data were collected from 354 flight attendants in Thailand and analyzed using Structural Equation Modeling (PLS-SEM). The findings indicate that the dimensions of work, family, financial, and intellectual balance directly and positively influence OCB, reflecting the model's motivational pathway where resources such as supervisor support and self-confidence foster work engagement. Conversely, the dimensions of time and family balance directly impact job performance, supporting the health impairment pathway, which suggests that excessive job demands or role conflict can lead to burnout and negatively affect performance. Furthermore, OCB was identified as a significant mechanism for translating personal resources into organizational performance. These findings offer actionable insights for airline management to formulate policies aimed at reducing job demands while increasing job and personal resources, thereby fostering sustainable well-being and job performance.

THE MODERATING EFFECT OF CEO DUALITY ON THE RELATIONSHIP BETWEEN RESEARCH AND DEVELOPMENT INVESTMENTS AND FIRM VALUE OF COMPANIES LISTED ON THE STOCK EXCHANGE OF THAILAND

Buncha Chaisomkun — Mon, 30 Jun 2025 00:00:00 +0700

Investment in Research and Development (R&D) is a high-risk strategy but essential for creating long-term corporate value. It is interesting to find out the key factors that drive complex and long-term R&D projects to success and create added value for the business. This study aims to examine the role of CEO duality in moderating the relationship between research and development (R&D) expenditures and firm value in companies listed on the Stock Exchange of Thailand (SET) during 2021 – 2023. The samples in this study were 384 firms. Secondary data was collected from the SETSMART database and analyzed using ordinary least squares (OLS) regression. The study found that R&D expenditures have a statistically significant positive impact on firm value. Furthermore, CEO duality acts as a positive moderator in the relationship between R&D expenditure and Firm Value of Companies listed on the Stock Exchange of Thailand. This study supports the perspective of Stewardship Theory, indicating that CEO duality is a strength that fosters unity of command and a clear strategic vision. This structure enables complex and high-risk investment decisions, such as those in R&D expenditures, to be made swiftly, thereby effectively enhancing organizational value.

INFLUENCE OF FINANCIAL RATIOS ON STOCK VALUATION OF COMPANIES LISTED ON THE STOCK EXCHANGE OF THAILAND

Mon, 30 Jun 2025 00:00:00 +0700

Amidst diverse financial signals and inconsistent findings in prior research, this study aims to analyze the influence of key financial ratios on the stock valuation of companies listed on the Stock Exchange of Thailand (SET). Utilizing secondary data from a total of 464 companies from 2021 to 2023, sourced from the SETSMART database, the study employs multiple linear regression analysis. The findings reveal that return on assets (ROA) has a statistically significant positive influence on all three valuation metrics (price-to-book value, book value, and dividend yield). Meanwhile, gross profit margin (GPM) exerts a significant negative influence on dividend yield. In contrast, net profit margin (NPM) and the cash flow to profitability (CFP) ratio were found to have no influence on stock valuation. This finding suggests that ROA is the sole reliable indicator, likely because it best reflects the efficiency of using assets to generate profit. Conversely, the lack of influence from crucial ratios like NPM and CFP may indicate that investors in Thai capital market greater emphasis on other factors, such as future growth prospects, news, or corporate governance, in contemporary stock valuation.

CREATING VALUE FOR THE TRADITIONAL FISHING LIFESTYLE THROUGH EXPERIENCE-BASED TOURISM ACTIVITIES: A CASE STUDY OF THE KWAN PHAYAO COMMUNITY

Phatthira Pudwong, Supatcharajit Jitpraphai, Kamol Keattipong — Mon, 30 Jun 2025 00:00:00 +0700

This qualitative research aims to 1) investigate the potential for experience-based tourism management in the area of Kwan Phayao community, and 2) create value for the traditional fishing lifestyle in the Kwan Phayao community through experience-based tourism activities. Key informants consisted of two groups: 6 government officials and 20 local residents, totaling 26 participants. Data were collected through semi-structured interviews and non- participatory observation and analyzed using content analysis. The findings reveal that the community possesses potential for experiential tourism management across five key aspects: 1) accessibility of tourist attraction 2) facilities at tourist attraction 3) tourism value and attractiveness 4) the environment of tourist attraction and 5) management and local community participation in tourist attraction. These potentials highlight the community's distinctive value and the appeal of its fishing lifestyle; however, challenges in environmental and asset management persist. Based on these potentials and challenges, four experiential-based tourism activity bases were designed: the fish house creation; the natural resources conservation and the lifestyle preservation; Making the local food; Weaving the fishing handicrafts. This approach creates value for the traditional fishing lifestyle by enabling tourists to participate in problem-solving, which aligns with the creative economy concept of transforming stories and content into marketable products.

RELATED FACTORS OF MANAGEMENT AND PRODUCT CAPABILITIES INFLUENCING THE COMPETITIVE ADVANTAGE OF THE ELDERLY SCHOOL UNDER NONG KHAI MUNICIPALITY, NONG KHAI PROVINCE

Siriwong Earsakul — Mon, 30 Jun 2025 00:00:00 +0700

This qualitative research aims to:1) study the operational conditions and related factors, 2) analyze the environment, and 3) develop strategies in the management of the Elderly School under Nong Khai Municipality, Nong Khai Province. Data were collected through in-depth interviews and focus groups with a purposively selected sample of 23 school directors and committee members. The findings reveal a key strength in knowledgeable and experienced personnel, but also weaknesses in the lack of business skills, technology, and budget. Opportunities for online market expansion are present, alongside threats from high costs and competition. The appropriate management strategies using the TOWS Matrix technique included 1) Maxi-Maxi Strategy: Developing products with a unique identity and storytelling for online markets; 2) Mini-Maxi Strategy: Enhancing members' essential skills through external collaborations; 3) Maxi-Mini Strategy: Building stakeholder relationships and product differentiation; and 4) Mini-Mini Strategy: Expanding community networks to address resource scarcity. This research affirms the Resource-Based View (RBV) within a social enterprise context, demonstrating that intangible resources, such as local wisdom and community relationships, are a critical source of competitive advantage. The developed model can serve as a prototype for other senior schools to assess their potential and generate income.

INFORMATION TECHNOLOGY ACCEPTANCE AND ELECTRONIC SERVICES QUALITY, DIVISION OF STUDENT AFFAIRS MAHASARAKHAM UNIVERSITY WEBSITE AFFECT STAFFS AND STUDENTS SATISFACTION

Chanpen Limpsurapong — Mon, 30 Jun 2025 00:00:00 +0700

This research investigates the causes behind the annual decline in user satisfaction with the Division of Student Affairs website at Mahasarakham University. The study aims to analyze the factors of information technology acceptance and electronic service quality that influence user satisfaction, based on data collected from 400 staff and students and analyzed using multiple regression analysis. The findings reveal a gap between user expectations and actual experience. Information technology acceptance factors, namely attitude toward Using (mean = 4.24) and perceived usefulness (mean = 4.19), scored highly, reflecting high expectations and perceived necessity. In contrast, the electronic service quality factor of system availability received the lowest mean score (mean = 3.87), indicating a potential cause for the decline in satisfaction. Furthermore, regression analysis identifies fulfillment as the most significant predictor of satisfaction (β = 0.333, p < 0.01), whereas efficiency was not statistically significant (p > 0.05). This insight suggests that for this user base, 'task success' is more critical than 'ease of use.' Users can tolerate a complex website as long as it enables them to complete their transactions successfully; however, an easy-to-use site that provides incorrect information will drastically lower satisfaction. Therefore, enhancing system stability and accuracy is crucial for sustainably resolving the decline in user satisfaction.

PROBLEMS AND LIMITATIONS IN PREVENTING AND SUPPRESSING CORRUPTION IN COMMUNITY ENTERPRISE GROUPS UNDER THE COMMUNITY ENTERPRISE PROMOTION ACT 2005

Mon, 30 Jun 2025 00:00:00 +0700

This study has three primary objectives under the framework of the Community Enterprise Promotion Act, B.E. 2548 (2005): 1) to examine the legal framework and transparency audit processes governing Community Enterprises (CEs); 2) to analyze the problems and limitations in preventing and suppressing corruption within these enterprises; and 3) to propose viable solutions to address these challenges. Employing a qualitative research methodology, the study involves an in-depth analysis of legal statutes, pertinent regulations, and actual case studies. The principal finding indicates that the Act has inadvertently created a "governance vacuum". Specifically, the absence of mandatory provisions for internal control, financial auditing, and transparency, coupled with the operational autonomy granted by the law, has culminated in several tangible problems. This situation exposes CEs to significant corruption risks, including non-transparent financial management, conflicts of interest, and the absence of effective grievance mechanisms. Consequently, this paper proposes key systemic solutions: 1) amending subsidiary legislation related to CE registration renewal to mandate the submission of basic financial reports and conflict of interest disclosures; and 2) applying existing governance frameworks by adapting the "Guidelines on Appropriate Internal Control Measures for Juristic Persons" from the Office of the National Anti-Corruption Commission (NACC). This adaptation aims to fit the specific context of CEs, thereby establishing a clear and actionable governance mechanism.