Core Business Enablers (SE-AM) and Efficiency of Thai SOEs: Evidence from Panel Data, 2021–2024

Abstract

The purposes of this research article are (1) examine the performance evaluation results of Thai State-Owned Enterprises (SOEs) based on performance indicators. (2) investigate whether improvements in Core Business Enablers (CBE) scores affect the operational efficiency of SOEs. This research employs a quantitative approach using secondary data from 50 Thai SOEs evaluated under the State Enterprise Assessment Model (SE-AM) system administered by the State Enterprise Policy Office. Annual CBE scores were analyzed together with performance indicators including Return on Equity, Return on Assets, Labor Productivity, Customer Satisfaction, Stakeholder Satisfaction, and GHG emissions per output. The study applies descriptive statistics and panel regression analysis. The results show that CBE scores increased consistently during the study period, indicating efforts by SOEs to improve internal management and organizational capabilities. Performance indicators, however, show varying patterns across enterprises. Empirical results indicate that CBE scores have a positive and statistically significant relationship with Customer Satisfaction, consistent with the hypothesis, and this is the only variable with the expected direction. GHG Emissions per Output also show a statistically significant negative relationship at the 0.10 level, but in the opposite direction to the hypothesis. These findings suggest that strengthening organizational capabilities under the SE-AM framework may improve service outcomes. Therefore, further development and innovation in the performance evaluation system for Thai SOEs should be emphasized to enhance competitiveness and operational effectiveness in the future.