Journal of Liberal Arts and Management Science Kasetsart University

MANAGERIAL OWNERSHIP, EXCESS CONTROL RIGHTS OWNERSHIP AND REAL EARNINGS MANAGEMENT OF LISTED COMPANIES IN THE STOCK EXCHANGE OF THAILAND

Preyaporn Tilokkul, Suchada Jiamsagul — Mon, 29 Dec 2025 00:00:00 +0700

This study examines the effects of ownership structure, specifically managerial ownership and excess control rights, on real earnings management among firms listed on the Stock Exchange of Thailand. Using a sample of 1,334 firm-year observations covering the period from 2021 to 2023, the study employs a pooled cross-sectional regression model to test the proposed hypotheses. The results indicate that managerial ownership is significantly and negatively associated with real earnings management at 0.05 significance level. This finding supports the concept of alignment effect, suggesting that higher managerial equity stakes encourage managers to focus on long-term firm value rather than engaging in short-term opportunistic manipulation of real activities. In addition, excess control rights are found to be negatively related to real earnings management at 0.10 significance level, reflecting the active monitoring role of controlling shareholders within the Thai corporate governance framework. Overall, the empirical evidence contributes additional insights into internal governance mechanisms in emerging markets and provides relevant implications for regulators in evaluating earnings quality in relation to ownership structure.

THE INFLUENCE OF INFLUENCERS' ATTRIBUTES ON CONSUMERS' INTENTION TO USE RESTAURANT SERVICES IN CHONBURI: THE MEDIATING ROLE OF PERCEIVED TRUST

Suwimol Srisuntia, Jirapa Phungbangkruay , Tanaphon Nitichaowakul — Mon, 29 Dec 2025 00:00:00 +0700

This research aimed to study the following objectives: to study the influence of the physical attractiveness and social attractiveness of influencers on consumers’ perception of trust; to study the influence of trust perception on consumers’ intention to use restaurants; and to study the mediating role of trust perception between the physical attractiveness of influencers, social attractiveness of influencers, and consumers’ intention to use restaurants. A purposive sample of 400 consumers with experience in watching food review videos in Chonburi Province aged 20 years and above was used. Data were collected using a questionnaire. The statistics used for data analysis were frequency, mean, standard deviation, simple regression analysis, multiple regression analysis, and testing the role of intervening variables. The results found that the influencer's characteristics in terms of physical attractiveness and social attractiveness had a positive influence on the perception of trust, and the perception of trust had a positive influence on the intention to use the service. In addition, the study of the role of the mediator found that the perception of trust played a full mediation role.

RELATIONSHIP BETWEEN GREEN PRODUCT INNOVATION AND GREEN GROWTH PERFORMANCE: TEST PRODUCT COMPETITIVENESS AS MEDIATOR

Chatchai Inthasang, Titimont Tanakitiaueaungkur — Mon, 29 Dec 2025 00:00:00 +0700

This study aims to examine the effects of green product innovation on product competitiveness and its subsequent impact on green growth performance. Data were collected from 214 executives in the plastic industry in Thailand using a structured questionnaire as the research instrument. The measurement quality was rigorously assessed through content validity evaluation by experts and statistical testing. Discriminant validity values ranged from 0.790 to 0.911, while reliability analysis using Cronbach’s alpha yielded coefficients between 0.887 and 0.914, indicating satisfactory reliability. Structural equation modeling (SEM) was employed for inferential statistical analysis. The results indicate that the proposed structural equation model demonstrates a good fit with the empirical data and meets established goodness-of-fit criteria (x² = 289.607, df = 151, p-value = 0.001, GFI = 0.911, RMSEA = 0.035, SRMR = 0.033, and CFI = 0.921). Hypothesis testing reveals that green product innovation has a significant and positive effect on both product competitiveness and green growth performance. Similarly, product competitiveness is positively associated with green growth performance. Moreover, the findings confirm that product competitiveness serves as a mediating variable in the relationship between green product innovation and green growth performance.

VIRTUAL TOURISM TECHNOLOGY ACCEPTANCE FOR CULTURAL TOURISM PLANNING

Pilaiwan Poolsawat, Paranee Boonchai, Potsirin Limpinan — Mon, 29 Dec 2025 00:00:00 +0700

This study aims to examine the level of acceptance and analyze the factors influencing the adoption of Virtual Reality (VR) technology for cultural tourism planning among Thai tourists. The research extends the Technology Acceptance Model by integrating perceived enjoyment and trust to encompass the context of experiential motivation. A quantitative research methodology was utilized, collecting data via online questionnaires from 235 respondents and analyzing it through Structural Equation Modeling (SEM). The findings revealed that attitude toward use is a significant determinant with the highest influence on both behavioral intention and actual usage (β = 0.611). Perceived ease of use was found to be a key predictor with a substantial impact on attitude (β = 0.973) and a significant effect on perceived usefulness (β = 0.544). Perceived enjoyment demonstrated an indirect influence on technology acceptance through perceived ease of use. However, the analysis showed no significant direct influence of perceived usefulness and trust on behavioral intention. This suggests that in the context of cultural tourism, experiential satisfaction factors play a more prominent role than functional benefits. These findings provide valuable insights for the design and development of VR systems in the tourism industry to effectively and sustainably meet user needs.

UNDERSTANDING MEANINGFUL LUXURY IN THE THAI CONTEXT: BEHAVIORS AND NEEDS OF AFFLUENT THAI TOURISTS TOWARD LUXURY TOURISM

Thanyakarn Jumpangern, Watsida Boonyanmethaporn — Mon, 29 Dec 2025 00:00:00 +0700

This study examines the factors influencing Thai tourists’ perceptions of key characteristics of luxury tourism by assessing the effects of luxury travel behavior and luxury travel needs, as well as their combined influence. The sample consisted of 153 Thai tourists with prior experience in luxury travel, selected through purposive and convenience sampling methods. The results indicate that both travel behavior and travel needs have significant effects on perceptions of luxury tourism characteristics. Luxury travel needs exert a stronger influence (=.896, p < .001), while travel behavior demonstrates a secondary yet significant effect (=.749, p < .001). When considered jointly, the model explains 81.1% of the variance, with travel needs remaining the most influential determinant. These findings suggest that contemporary Thai luxury tourists increasingly define luxury through intrinsic motivations, including safety, privacy, wellness, and personalized experiences. This perspective aligns with the concept of meaningful luxury, which emphasizes emotional and psychological value rather than material excess. The findings offer practical implications for luxury tourism marketing strategies, experience design, and policy development in Thailand, and support the effective development of high-end tourism products and services that respond to the evolving behaviors and needs of luxury travelers.

DIGITAL MARKETING AND INFLUENCERS AFFECTING CONSUMERS’ PURCHASE DECISIONS VIA TIKTOK CHANNELS IN THE UPPER NORTH REGION OF THAILAND

Phimphorn Theppinta, Daoduean Inteacha, Jintana Junruan — Mon, 29 Dec 2025 00:00:00 +0700

This study examines the influence of digital marketing activities and influencers’ attributes on consumers’ purchase decisions through the TikTok platform in the Upper North region of Thailand. A quantitative research design was employed, with data collected from a purposive sample of 400 consumers. The data were analyzed using descriptive statistics, correlation analysis, and multiple regression analysis to examine the proposed relationships. The findings indicate that digital marketing factors exert a strong influence on purchase decisions, with content marketing emerging as a key driver of consumer engagement. With regard to influencers’ attributes, trustworthiness and expertise are identified as critical factors in building consumer confidence. Hypothesis testing further reveals that both digital marketing activities and influencers’ attributes have a positive and statistically significant effect on purchase decisions at the .05 level. In addition, the results highlight parasocial interaction as an important mechanism through which digital marketing and influencer-related factors shape consumer decision-making. These findings underscore the importance of adopting an integrated digital marketing strategy that combines creative content development with deep, influencer-driven relationships to achieve a competitive advantage in the modern digital marketplace.

THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND TAX AVOIDANCE: EMPIRICAL EVIDENCE OF THE LISTED COMPANIES ON THE STOCK EXCHANGE OF THAILAND

Mon, 29 Dec 2025 00:00:00 +0700

Corporate tax avoidance poses a challenge to long-term economic development, underscoring the need for effective mechanisms to mitigate such behavior in the corporate sector. This study examines the relationship between corporate governance quality and tax avoidance among companies listed on the Stock Exchange of Thailand. Using secondary data covering the period from 2018 to 2024 and 635 firm-year observations, panel data analysis is employed to investigate the proposed relationships. The results indicate that corporate governance scores are positively and statistically significantly associated with the effective tax rate, suggesting that stronger governance is linked to lower levels of corporate tax avoidance. In addition, firm size shows a positive and significant relationship with the effective tax rate, consistent with the argument that larger firms are subject to more intensive regulatory oversight and stakeholder scrutiny. The findings highlight the role of effective governance mechanisms, including an appropriate proportion of independent directors, an independent and professionally competent audit committee, board gender diversity, and well structured board subcommittees, in constraining tax avoidance practices. Furthermore, the results suggest that regulators may utilize corporate governance information as a monitoring signal to promote higher governance standards and enhance risk based supervision in the capital market.

USED CAR PRICE ANALYSIS IN THAILAND: EMPIRICAL EVIDENCE ON QUALITY SIGNALING

Piyawan Krongmingmongkol, Niramol Ariyaarpakamol — Mon, 29 Dec 2025 00:00:00 +0700

This study examines the characteristics that influence used car prices in Thailand and analyzes the role of quality signaling in price determination using a hedonic pricing model. The analysis is based on cross sectional data collected from an online platform, comprising 450 observations. The empirical results show that mileage and fuel consumption have a statistically significant negative effect on used car prices, while performance related characteristics, such as horsepower and engine displacement, are positively associated with price. In addition, quality signals that enhance buyers’ perceptions of vehicle quality are found to have a positive and significant impact on price. Used cars sold through authorized dealers with quality certification, as well as those accompanied by after sales warranties, command noticeably higher prices. With respect to other vehicle attributes, Coupé models are priced higher than Sedans, and vehicles equipped with sunroofs are valued more highly than those without. Overall, the findings indicate that used car pricing in Thailand reflects not only physical attributes and performance characteristics but also observable quality signals that help mitigate information asymmetry in the market.

FROM THE KING OF FRUITS TO A SNACK: CONSUMER PERSPECTIVES ON DURIAN CHIPS IN THE COMMERCIAL CITY CONTEXT

Palakorn Satsue, Suttinee Chosawai, Alnur Waji, Purawich Phitthayaphinant — Mon, 29 Dec 2025 00:00:00 +0700

The durian chips market in commercial urban areas has become increasingly competitive, with participation from a wide range of producers. This study aims to: (1) examine the demographic and socio-economic characteristics and purchasing behavior of durian chips consumers; (2) investigate consumer perceptions of the marketing mix for durian chips; and (3) analyze the demographic and socio-economic factors associated with consumer expenditure on durian chips. Data were collected through structured questionnaires administered to 450 durian chips consumers in Hat Yai Municipality, Songkhla Province, using accidental sampling. Descriptive statistics and chi-square test were employed for data analysis. The results indicate that more than half of the respondents were female, with an average age of 31.05 years. Consumers typically purchased durian chips once per month, in quantities of 100 grams or more per purchase, with expenditure not exceeding 200 baht per occasion. Regarding the marketing mix, product, price, place, and promotion were all rated as highly important. Among these factors, product certification received the highest mean score and was the only aspect evaluated at the highest level of importance. Furthermore, gender, age, marital status, and education level were found to be statistically significantly associated with consumer expenditure on durian chips. Based on these findings, farmers, farmer groups, community enterprises, and durian chips entrepreneurs are encouraged to prioritize product certification as a means of enhancing consumer confidence in product safety and quality.