A structural relationship between the sufficiency economy philosophy and the transport performance of small and medium-sized enterprises (SMEs) in Thailand

Suan Sunandha Rajabhat University, 1, U-Thong Nok Road, Dusit, Bangkok, Thailand

^* Corresponding author: pisit.po@ssru.ac.th

Abstract

The purposes of this study were; (1) to explore the application level of the Sufficiency Economy Philosophy in Small and Medium-sized Enterprises in Thailand, and (2) to explore the relationship between the Sufficiency Economy Philosophy and business performance of Small and Medium-sized Enterprises in Thailand. The assigned sample population included 395 business owners of Small and Medium-sized Enterprises in Thailand and a questionnaire was used as a tool for data collection. The statistics used in the analysis were Arithmetic Mean, Standard deviation, and the Pearson Product Moment Correlation Coefficient with defined statistical significance of .05. The study revealed that the application level of the Sufficiency Economy Philosophy to business management of Small and Medium-sized Enterprises in Thailand was at a high level. Knowledge in the Sufficiency Economy Philosophy, however, was applied at a moderate level. It was found that the relationship between the application of the Sufficiency Economy Philosophy and the business performance of Small and Medium-sized Enterprises in Thailand was a significant relationship with statistical significance of .05. For the related components; Moderation, Reasonableness, Social Immunity, Knowledge, and Virtue, each was also found relevant to the business performance of Small and Medium-sized Enterprises with statistical significance of .05.