IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i6p5338-d1100031.html
   My bibliography  Save this article

Approach to Applying Sufficiency Economy Philosophy in Community Enterprise Management towards Sustainability

Author

Listed:
  • Jakret Mettathamrong

    (Faculty of Industry and Technology, Rajamangala University of Technology Isan, Sakhon Nakhon Campus, Sakon Nakhon 47160, Thailand)

  • Phetphrairin Upping

    (Faculty of Industry and Technology, Rajamangala University of Technology Isan, Sakhon Nakhon Campus, Sakon Nakhon 47160, Thailand)

  • Somchad Deeudom

    (Faculty of Sciences and Liberal Arts, Rajamangala University of Technology Isan, Nakhon Ratchasima Campus, Nakhon Ratchasima 30000, Thailand)

Abstract

Sustainability is essential for every business and organization, but how can it be achieved? This work is a study of sustainability based on the sufficiency economy philosophy, a valuable concept introduced by the Thai people. We apply it to the notion of sustainability in 400 agricultural community enterprise owners in Thailand, who participated in this study. An oblique rotation component analysis was performed, finding that the variables on the same side are related, and a confirmative component analysis with structural equation models was conducted. The results showed that the approach to applying the sufficiency economy philosophy among community enterprises consists of 11 components, as follows: (1) financial control, (2) planning, (3) member management, (4) morals, (5) prevention plan, (6) moderation, (7) knowledge and expertise, (8) market development, (9) care, (10) quality control and (11) value of investment. The confirmative component analysis with structural equation modeling was consistent with the empirical data. Agricultural community enterprises and entrepreneurs focus on the moral component, conduct business with honesty to avoid causing problems for others, value justice without taking advantage with diligence and adhere to moral principles in life, because all of the above will lead to sustainability in the future.

Suggested Citation

  • Jakret Mettathamrong & Phetphrairin Upping & Somchad Deeudom, 2023. "Approach to Applying Sufficiency Economy Philosophy in Community Enterprise Management towards Sustainability," Sustainability, MDPI, vol. 15(6), pages 1-14, March.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:6:p:5338-:d:1100031
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/6/5338/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/6/5338/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Nuttasorn Ketprapakorn & Sooksan Kantabutra, 2019. "Culture Development for Sustainable SMEs: Toward a Behavioral Theory," Sustainability, MDPI, vol. 11(9), pages 1-15, May.
    2. Reinout Kleinhans, 2017. "False promises of co-production in neighbourhood regeneration: the case of Dutch community enterprises," Public Management Review, Taylor & Francis Journals, vol. 19(10), pages 1500-1518, November.
    3. Prasopchoke Mongsawad & Nattapong Thongpakde, 2016. "Sufficiency Economy Philosophy: A Holistic Approach to Economic Development and Mainstream Economic Thought," Asian Social Science, Canadian Center of Science and Education, vol. 12(7), pages 136-136, July.
    4. Henry Kaiser, 1970. "A second generation little jiffy," Psychometrika, Springer;The Psychometric Society, vol. 35(4), pages 401-415, December.
    5. Leerattanakorn, Misachon & Wiboonpongse, Aree, 2017. "Sufficiency Economy Philosophy and Happiness of Farmers in Thailand," 2017 ASAE 9th International Conference, January 11-13, Bangkok, Thailand 284846, Asian Society of Agricultural Economists (ASAE).
    6. Muhammad Haseeb & Hafezali Iqbal Hussain & Sebastian Kot & Armenia Androniceanu & Kittisak Jermsittiparsert, 2019. "Role of Social and Technological Challenges in Achieving a Sustainable Competitive Advantage and Sustainable Business Performance," Sustainability, MDPI, vol. 11(14), pages 1-23, July.
    7. Carías Vega, Dora E. & Keenan, Rodney J., 2016. "Situating community forestry enterprises within New Institutional Economic theory: What are the implications for their organization?," Journal of Forest Economics, Elsevier, vol. 25(C), pages 1-13.
    8. Ferrell, O.C. & Harrison, Dana E. & Ferrell, Linda & Hair, Joe F., 2019. "Business ethics, corporate social responsibility, and brand attitudes: An exploratory study," Journal of Business Research, Elsevier, vol. 95(C), pages 491-501.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rasha Fady Ismail & Fadi Safieddine & Rawad Hammad & Mazhar Hallak Kantakji, 2022. "Towards Sustainable Production Processes Reengineering: Case Study at INCOM Egypt," Sustainability, MDPI, vol. 14(11), pages 1-25, May.
    2. Andrea C Vial & Janine Bosak & Patrick C Flood & John F Dovidio, 2021. "Individual variation in role construal predicts responses to third-party biases in hiring contexts," PLOS ONE, Public Library of Science, vol. 16(2), pages 1-28, February.
    3. Siwarit Pongsakornrungsilp & Pimlapas Pongsakornrungsilp & Theeranuch Pusaksrikit & Pimmada Wichasin & Vikas Kumar, 2021. "Co-Creating a Sustainable Regional Brand from Multiple Sub-Brands: The Andaman Tourism Cluster of Thailand," Sustainability, MDPI, vol. 13(16), pages 1-23, August.
    4. Bangyi Yan & Shiguang Ni & Xi Wang & Jin Liu & Qianjing Zhang & Kaiping Peng, 2020. "Using Virtual Reality to Validate the Chinese Version of the Independent Television Commission-Sense of Presence Inventory," SAGE Open, , vol. 10(2), pages 21582440209, May.
    5. Christoph, Inken B. & Roosen, Jutta & Bruhn, Maike, 2006. "Willingness to pay for genetically modified food and non-food products," 2006 Annual meeting, July 23-26, Long Beach, CA 21303, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Gwarlann Kerviler & Nico Heuvinck & Elodie Gentina, 2022. "“Make an Effort and Show Me the Love!” Effects of Indexical and Iconic Authenticity on Perceived Brand Ethicality," Journal of Business Ethics, Springer, vol. 179(1), pages 89-110, August.
    7. Chetan Doddamani & M. Manoj, 2023. "Analysis of the influences of built environment measures on household car and motorcycle ownership decisions in Hubli-Dharwad cities," Transportation, Springer, vol. 50(1), pages 205-243, February.
    8. Marcin Chlebus, 2014. "One-day prediction of state of turbulence for financial instrument based on models for binary dependent variable," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 37.
    9. Faheem Ahmed & Luiz Fernando Capretz, 2011. "A business maturity model of software product line engineering," Information Systems Frontiers, Springer, vol. 13(4), pages 543-560, September.
    10. Tarcia Camily Cavalcante Quezado & Nuno Fortes & William Quezado Figueiredo Cavalcante, 2022. "The Influence of Corporate Social Responsibility and Business Ethics on Brand Fidelity: The Importance of Brand Love and Brand Attitude," Sustainability, MDPI, vol. 14(5), pages 1-20, March.
    11. Libin Yang & William Rea & Alethea Rea, 2015. "How much diversification potential is there in a single market? Evidence from the Australian Stock Exchange," Working Papers in Economics 15/07, University of Canterbury, Department of Economics and Finance.
    12. Munshi Muhammad Abdul Kader Jilani & Luo Fan & Mohammad Tazul Islam & Md. Aftab Uddin, 2020. "The Influence of Knowledge Sharing on Sustainable Performance: A Moderated Mediation Study," Sustainability, MDPI, vol. 12(3), pages 1-18, January.
    13. Meena Madhavan & Mohammed Ali Sharafuddin & Thanapong Chaichana, 2022. "Impact of Business Model Innovation on Sustainable Performance of Processed Marine Food Product SMEs in Thailand—A PLS-SEM Approach," Sustainability, MDPI, vol. 14(15), pages 1-33, August.
    14. Ben-Shahar, Danny & Golan, Roni, 2014. "Real estate and personality," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 53(C), pages 111-119.
    15. Jesús J. Cambra‐Fierro & J. Alfredo Flores‐Hernández & Lourdes Pérez & Guadalupe Valera‐Blanes, 2020. "CSR and branding in emerging economies: The effect of incomes and education," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(6), pages 2765-2776, November.
    16. Cortés-Sánchez, Julián David & Grueso, Merlin Patricia, 2017. "Factor analysis evaluation of Schein's career orientation inventory in Colombia," OSF Preprints jf5nq, Center for Open Science.
    17. Belén Casales Morici, 2022. "Strategic corporate entrepreneurship practices in financial services firms: the role of organizational factors," SN Business & Economics, Springer, vol. 2(9), pages 1-26, September.
    18. Francisco Rejón-Guardia & Juán Sánchez-Fernández & Francisco Muñoz-Leiva, 2011. "Motivational Factors that influence the Acceptance of Microblogging Social Networks: The µBAM Model," FEG Working Paper Series 06/11, Faculty of Economics and Business (University of Granada).
    19. Ye, Shi & Chen, Qun & Tang, Yi, 2023. "Anger between bus drivers and passengers or among passengers: Development of a bus passenger anger scale (BPAS) and a bus driver anger scale (BDAS)," Transportation Research Part A: Policy and Practice, Elsevier, vol. 167(C).
    20. Alessandro Bitetto & Paola Cerchiello & Charilaos Mertzanis, 2021. "A data-driven approach to measuring epidemiological susceptibility risk around the world," DEM Working Papers Series 200, University of Pavia, Department of Economics and Management.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:6:p:5338-:d:1100031. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.