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The Sufficiency Economy Philosophy and Small and Medium-sized Enterprises in Thailand

Author

Listed:
  • Sid Suntrayuth

    (International College of National Institute of Development Administration, Thailand.)

Abstract

Business owners are facing with many challenges in an ever changing and more complex business environment. In today competitive business environment is characterized by change and innovation. Moreover, small and medium-sized enterprises (SMEs) play a significant role in the Thai economy. This research aims to investigate conditions in which Sufficiency Economy Philosophy (SEP) will become significant when apply to SMEs business operations. The qualitative methodology was utilized in order to answer the research question. It was found that many SMEs applied SEP as a risk management procedure where there is a high intensity of competition and during rather stable to low economic growth. Moreover, the level of changes in social condition and political tension can also cause the likelihood for many SMEs to apply SEP in the business operation.

Suggested Citation

  • Sid Suntrayuth, 2018. "The Sufficiency Economy Philosophy and Small and Medium-sized Enterprises in Thailand," International Review of Management and Marketing, Econjournals, vol. 8(2), pages 33-39.
    • Handle: RePEc:eco:journ3:2018-02-5
    as

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    References listed on IDEAS

    as
    1. Aisen, Ari & Veiga, Francisco José, 2013. "How does political instability affect economic growth?," European Journal of Political Economy, Elsevier, vol. 29(C), pages 151-167.
    2. Prasopchoke Mongsawad, 2010. "The Philosophy of Sufficiency Economy: a contribution to the theory of development," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 17(1), pages 123-143, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Sufficiency Economy Philosophy; Small and Medium-sized Enterprises; Border Small and Medium-sized Enterprises; Application of Sufficiency Economy Philosophy;
    All these keywords.

    JEL classification:

    • M0 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General

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