The Causal Factors Affecting the Financial Success of Saving Cooperatives in Thailand
Article Sidebar
Main Article Content
Abstract
The objective of this research was to investigate the causal relationship between accounting management, information system features, information system transparency, and financial report quality on financial success of cooperatives in Thailand with empirical data. The data were collected using questionnaires from a sample of 188 accounting managers or equivalent through multi-stage sampling. The collected data were analyzed using descriptive statistics and structural equation modeling. The research results showed that the causal model of financial success of savings cooperatives was consistent with the empirical data, as indicated by the fit indices (X2/df = 1.241, GFI = 0.936, AGFI = 0.882, CFI = 0.996, SRMR = 0.0406, RMSEA = 0.0359). A contribution of the research were that information system features was the most significant positive impact on the financial success of cooperatives, mediated by financial report quality, as financial report quality was the highest direct positive influence on financial success. Additionally, accounting management and information system transparency positively influenced financial success in order. Stakeholders, including the government, cooperatives, and educational institutions, can use these findings to develop factors that contribute to the success of cooperatives, thereby enhancing the confidence of members and society to ensure the long-term sustainability of cooperatives.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
ลิขสิทธิ์ของบทความ
ผลงานที่ได้รับการตีพิมพ์ถือเป็นลิขสิทธิ์ของมหาวิทยาลัยหอการค้าไทย ห้ามมิให้นำเนื้อหา ทัศนะ หรือข้อคิดเห็นใด ๆ ของผลงานไปทำซ้ำ ดัดแปลง หรือเผยแพร่ ไม่ว่าทั้งหมดหรือบางส่วนโดยไม่ได้รับอนุญาตเป็นลายลักษณ์อักษรจากมหาวิทยาลัยหอการค้าไทยก่อน
References
Andri, R., Noviaty, K. D., Faizal, S. H., Joshua, O., & Carissa, A. U. (2024). Enhancement of Indonesia’s blue economy sector through innovation and competitive advantage based on resource-based view theory. Problems and Perspectives in Management, 22(2), 165-181. doi:10.21511/ppm.22(2).2024.14
Byrne, B. M. (1998). Structural equation modeling with Lisrel, Prelis, and Simplis: Basic concepts, applications, and programming. Psychology Press.
Cooperative Auditing Department [CAD]. (2024). The operations and financial report of non-agricultural cooperatives.2023. https://www.cad.go.th/ewtadmin/ewt/cadweb_org/download/statistic1/out_2_66.pdf [in Thai].
Cooperatives Promotion Department [CPD]. (2022). Knowledge management for creating stability in the savings cooperative system. https://km.cpd.go.th/pdf-bin/pdf_6515606961.pdf [in Thai]
Cortina, J. M. (1993). What is coefficient alpha? An examination of theory and applications. Journal of Applied Psychology, 78(1), 98–104. https://doi.org/10.1037/0021-9010.78.1.98
Dateroard, C. (2021). Financial stability ratio analysis of Udon Thani Rajabhat University Savings and Credit Coopertive Limited. Journal of Management Science Udon Thani Rajabhat University, 3(6), 73-87. https://so08.tci-thaijo.org/index.php/MSJournal/article/view/2962/2156 [in Thai]
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2), 344-401. doi:https://doi.org/10.1016/j.jacceco.2010.09.001
Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39-50. doi:10.2307/3151312
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (7th ed.). Prentice Hall.
Jungsuwadee, K., Khamphom, P., Thongprasert, N., Chotiwanich, P., Porncharoen, A., & Harasarn, A. (2021). Development of transparency and disclosure indicators for large savings cooperatives in the lower northeastern region. Journal of MCU Ubon Review, 7(1), 491-508. [in Thai]
Kaplan, R. S., & Norton, D. P. (2000). The strategy-focused organization: How balanced scorecard companies thrive in the new business environment. Harvard Business School Press.
Kline, R. B. (2011). Principles and practice of structural equation modeling (3rd ed.). Guilford Press.
Klinsukhon, S., & Ussahawanitchakit, P. (2016). Accounting information transparency and decision making effectiveness: Evidence from financial businesses in Thailand. The Business and Management Review, 7(5), 112-120. https://cberuk.org/cdn/conference_proceedings/conference_55703.pdf
Maria, S., Darma, D. C., & Nurfadillah, M. (2019). The factors that affect toward performance and cooperative success. Archives of Business Research, 7(12), 219-232. doi:10.14738/abr.712.7563
Moha, H. H., & Mohammad, A. I. (2018). A review of performance measurement indicators in co-operatives. International Journal of Accounting Finance and Business, 3(7), 83-92. https://academicinspired.com/ijafb/article/view/63
National Cooperative Development Committee [NCDC]. (2022). The 5th cooperative development plan (2023-2027). https://phichit.web.cpd.go.th/content_page/item/201-phaen-phathnakar-shkrn-chbab-thi-5-ph-s-2566-2570.html [in Thai]
Nurhayati, N., Hartanto, R., Paramita, I., Sofianty, D., & Ali, Q. (2023). The predictors of the quality of accounting information system: Do big data analytics moderate this conventional linkage? Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 1-11. doi:https://doi.org/10.1016/j.joitmc.2023.100105
Patmore, G., Balnave, N., & Marjanovic, O. (2023). Business Co-operatives in Australia: “Unlikely Soil for a Co-operative Movement.” Enterprise & Society, 24(1), 149–173. doi:10.1017/eso.2021.27
Phrasitbureerak, P., & Laohamethanee, W. (2022). Causal Relationship Among Professional Interpersonal Relationship Skills, Technological Adaption Competency, and Goal Achievement Efficiency of Chief Financial Officers of Companies Listed in the Stock Exchange of Thailand. Journal of modern management science, 15(1), 1-16. https://so03.tci-thaijo.org/index.php/JMMS/article/view/255344/174320 [in Thai]
Ratanasongtham, W. (2021). Impact of best management accounting practice on operational excellence outstanding, decision making effectiveness and sustainable business growth of auto parts businesses in Thailand. Journal of Accountancy and Management, 13(3), 210-228. https://so02.tci-thaijo.org/index.php/mbs/article/view/250970 [in Thai]
Saiful, M. S., & Hossain, D. M. (2021). Management accounting in the era of digitalization. The Journal of Industrial Distribution & Business, 12(11), 1-8. http://dx.doi.org/10.13106/jidb.2021.vol12.no11.1
Sangkaew, P., Suphachin, R. , & Chalomklang, C. (2024, July 18-19). Using of cooperative law for auditing of cooperative: perspective of the cooperative auditor [Paper presentation]. The 4th National and International Conference on Cooperatives and Social Enterprises: “Advancing Sustainable Development: Empowering Cooperatives and Social Enterprises for Global Impact” (pp. 16-23). Kasetsart University, Bangkok.
Schumacker, R. E., & Lomax, R. G. (2010). A beginner’s guide to structural equation modeling (3rd ed.). Lawrence Erlbaum.
Sudsomboon, S., & Sumritsakun, C. (2017). The influence of modern accounting system on organization management efficiency: Case study of SMEs in Thailand. Journal of Modern Management Science, 10(2), 142-154. https://so03.tci-thaijo.org/index.php/JMMS/article/view/214530/149362 [in Thai]
Trat Provincial Cooperative Office, Cooperative Promotion Department 1. (2022). Knowledge management on stabilizing savings cooperatives. https://km.cpd.go.th/pdf-bin/pdf_6515606961.pdf [in Thai]
Wijayanti, P., Mohamed, I. S., & Daud, D. (2024). Computerized accounting information systems: An application of task technology fit model for microfinance. International Journal of Information Management Data Insights, 4(1), 1-15. doi:https://doi.org/10.1016/j.jjimei.2024.100224