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How Could Digital Transformation Help Medium-Sized Enterprises Access Thailand’s New Capital Market Financing (LiVEx) to Support Sustainable Growth in the Digital Economy Era?

Author

Listed:
  • Rhatsarun Tanapaisankit

    (Faculty of Social Sciences and Humanities, Mahidol University, Nakhon Pathom 73170, Thailand)

  • Somboon Sirisunhirun

    (Faculty of Social Sciences and Humanities, Mahidol University, Nakhon Pathom 73170, Thailand)

  • Somsak Amornsiriphong

    (Faculty of Social Sciences and Humanities, Mahidol University, Nakhon Pathom 73170, Thailand)

  • Krish Rugchatjaroen

    (Faculty of Social Sciences and Humanities, Mahidol University, Nakhon Pathom 73170, Thailand)

  • Phut Ploywan

    (Faculty of Social Sciences and Humanities, Mahidol University, Nakhon Pathom 73170, Thailand)

Abstract

In today’s modern era, digital transformation serves as a crucial element for organizations to gain a competitive edge and optimize their operating systems. However, medium-sized enterprises in Thailand face difficulties in accessing capital market financing, despite its significance in promoting the development of small- and medium-sized enterprises according to the 13th National Economic and Social Development Plan. One potential solution to this issue is digital transformation, which can help these enterprises achieve their strategic business objectives and find a reliable source of funding while enhancing their reputation and credibility, thereby contributing to the growth of the economy as a whole. This study utilized a mixed-methods approach to explore how digital transformation can assist medium-sized enterprises in accessing LiVEx, a new capital market for Thai SMEs. We conducted extensive research and interviewed 12 senior executives across three groups, government agencies, LiVEx-listed companies, and social associations, to develop a questionnaire and conceptual model. Data collected from 360 individuals working in medium-sized enterprises in Thailand collected using an online questionnaire were then analyzed, using CFA and SEM techniques to validate the model. Our study emphasizes the importance of digital literacy, digital usage, and digital advocacy in the success of digital transformation in accessing Thai capital market financing. These findings serve as a valuable knowledge repository for future research.

Suggested Citation

  • Rhatsarun Tanapaisankit & Somboon Sirisunhirun & Somsak Amornsiriphong & Krish Rugchatjaroen & Phut Ploywan, 2024. "How Could Digital Transformation Help Medium-Sized Enterprises Access Thailand’s New Capital Market Financing (LiVEx) to Support Sustainable Growth in the Digital Economy Era?," Sustainability, MDPI, vol. 16(8), pages 1-20, April.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:8:p:3470-:d:1379909
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    References listed on IDEAS

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    1. Demetris Vrontis & Ranjan Chaudhuri & Sheshadri Chatterjee, 2022. "Adoption of Digital Technologies by SMEs for Sustainability and Value Creation: Moderating Role of Entrepreneurial Orientation," Sustainability, MDPI, vol. 14(13), pages 1-19, June.
    2. ROMAN Angela & RUSU Valentina Diana, 2022. "Digital Technologies And The Performance Of Small And Medium Enterprises," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(3), pages 190-203, December.
    3. Chaudhuri, Atanu & Subramanian, Nachiappan & Dora, Manoj, 2022. "Circular economy and digital capabilities of SMEs for providing value to customers: Combined resource-based view and ambidexterity perspective," Journal of Business Research, Elsevier, vol. 142(C), pages 32-44.
    4. Chengang Wang & Xiaming Liu & Yingqi Wei, 2004. "Impact of Openness on Growth in Different Country Groups," The World Economy, Wiley Blackwell, vol. 27(4), pages 567-585, April.
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