Development Economic Review

The Dependency of Buyer to Forge Trust with Supplier for Further Collaboration: The role of relational governance

Ashish Dewan — 2026-06-24

Both contractual and relational governance are equally important tools for governing interfirm relationships. Yet how the dependency of the buyer can build trust to govern collaboration with suppliers to overcome economic challenges has not been fully explored. In response to the shortfall, this study uses a survey of 175 alliances between construction firms and material suppliers in Nepal. The findings indicate that despite the presence of a proper legal system in Nepal yet the parties in inter-firm exchange prefer relational trust to efficiently manage their relationship and pursue further collaboration. The findings also suggest that relational trust serves as a mediating variable between perceived dependency and the exchange of information that would result long long-term collaboration between buyer and supplier.

Factors Influencing Work Performance Efficiency of Employees in the Logistics and Transportation Division of Integrated Health and Beauty Supplement Manufacturing Enterprises within Local Administrative Organizations in Samut Sakhon Province

Ntapat Worapongpat — 2026-06-24

This study employed a quantitative research design using a survey method with three primary objectives: (1) to examine the work performance efficiency of employees in the logistics and transportation division of integrated health and beauty supplement manufacturing enterprises within local administrative organizations in Samut Sakhon Province, (2) to investigate the influence of intrinsic motivation on employees’ work performance efficiency, and (3) to analyze the impact of extrinsic motivation and the working environment on employees’ work performance efficiency. The sample consisted of 400 employees selected through non-probability purposive sampling. Data were collected via an online questionnaire with a Cronbach’s Alpha reliability coefficient of 0.956. Descriptive statistics, including frequency, percentage, mean, and standard deviation, were employed to summarize the data. Inferential analysis was conducted using multiple regression analysis (MRA) with the Enter method at the 0.05 significance level.

The findings revealed that employees generally perceived their work performance efficiency to be at a high level. Intrinsic motivation factors, particularly pride in achievement and the development of personal potential, demonstrated a statistically significant positive effect on work performance efficiency at the 0.05 level. Furthermore, extrinsic motivation factors such as compensation, welfare benefits, and a supportive work environment emphasizing health and safety also showed a statistically significant positive impact on employees’ work performance efficiency.

These results underscore the critical role of both intrinsic and extrinsic motivational factors, together with workplace environmental conditions, in enhancing logistics employees’ performance efficiency within the health and beauty supplement manufacturing sector. The study provides valuable insights for organizational leaders and local administrative policymakers in Samut Sakhon Province to design strategies that foster employee motivation and create healthier, safer, and more productive work environments.

Loan structure preferences among microenterprise owners: Experimental evidence from Yangon, Myanmar

Lat Aung — 2026-06-24

Despite the important role of microfinance institutions (MFIs) in financial inclusion, a critical barrier persists for microenterprises (MEs) in developing economies: a misalignment between the loan structures offered by MFIs and the preferences of ME owners. This study uses a conjoint experiment with 1,009 microenterprise owners in Myanmar to evaluate how their preferences for microfinance loan structures are influenced by two key attributes: (i) loan period (short-/long-term loans) and (ii) loan type (individual/group loans), within the Resource-Based View (RBV) framework. Furthermore, we investigate how these preferences are shaped by the ME owners' levels of risk aversion. Results show that microenterprise owners, on average, favor short-term and individual loans over long-term and group loans. This study also reveals substantial roles of microenterprise owners’ risk aversion levels in determining their preferences particularly for loan periods. Microenterprise owners with low risk aversion prefer short-term loans, whereas those with high risk aversion prefer long-term loans.

Social Capital Accumulation and Macroeconomic Growth in Thailand

Akio Egawa — 2026-06-24

A country’s economic activity is influenced by the total amount of “social capital” accumulated within that country. Although there are no statistics that directly measure the amount of social capital when attempting to quantitatively analyse the its impact in Thailand, an internationally comparable index, the Social Capital Index (SCI) developed and published by SolAbility, enable us to understand the relative status of social capital accumulation across the country. Furthermore, understanding which regions in Thailand contribute to which components of social capital accumulation, and which regions need improvement in which components, will lead to more realistic and efficient policy recommendations.
This paper quantitatively evaluates the relationship between SCI and economic development status for Thailand as a whole. In the process, identifies the factors that impede the accumulation of social capital from boosting economic efficiency in Thailand are identified. The findings of this study are as follows. First, Thailand’s social capital accumulation is not particularly high compared to its stage of economic development, but it potentially has a significant opportunity to accelerate its accumulation and improve the economic efficiency. Second, however, there are impeding factors that prevent social capital accumulation from effectively translating into economic efficiency, which include education and vocational training, the fixation of social stratification, and systems that prevent women from fully utilising their abilities.
A regional analysis by generating an index value from the Human Achievement Index (HAI) indicates that the northern and northeastern regions have a high but declining amount of social capital, while other regions are contributing to whole nation’s social capital accumulation. Furthermore, in the northern and northeastern regions, individual members of society have become less interested in their families and communities, and their interest moves towards a smaller social unit.

การตอบสนองของราคาหุ้นต่อการประกาศออกตราสารหนี้ด้านความยั่งยืนในช่วงเริ่มต้น ของตลาด ESG Bond ในประเทศไทย

Sorasart Sukcharoensin — 2026-06-24

The objective of this research is to examine the stock price response to the announcement and issuance of Environmental, Social, and Governance Bond (ESG Bonds) by companies listed on the Stock Exchange of Thailand (SET) during the period from Q1/2018 to Q2/2024. The study utilizes a sample of 34 cases and applies the Event Study methodology to analyze cumulative average abnormal returns (CAAR) around the announcement and issuance dates. Additionally, the research investigates the impact of fundamental bond characteristics and company structural factors on the stock price response to ESG Bond announcements and issuances, using Multiple Regression analysis. The findings indicate that stock prices exhibit a significantly positive reaction, particularly within the [0, +7] day window following the ESG Bond announcement, with a CAAR of 1.33%. However, specific bond features—such as type, value, maturity, and interest rate—do not have a statistically significant effect on the stock price response. In contrast, company structural factors play a more prominent role: leverage ratio and interest coverage ratio (IC) have significant positive effects, while non-debt tax shields (NDTS) and firm size exert significant negative effects on the stock price response. The findings indicate that in an emerging market’s early ESG bond phase, positive stock market reactions to ESG bond announcements are driven more by issuer financial fundamentals than by ESG bond characteristics.

BOOK REVIEW In this Economy?: How Money & Markets Really Work The Economics of "Vibes" and the Challenge of Modern Policymaking

Monthien Satimanon — 2026-06-24