The Interlink between Stakeholder Influence and Sustainable Practices: A Case Study of Thai Agriculture Enterprise

Ruethai Onbhuddha, Bingying Ma, Chavatip Chindavijak and Seiichi Ogata ()
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Ruethai Onbhuddha: Graduate School of Energy Science, Kyoto University, Kyoto 606-8501, Japan
Bingying Ma: Graduate School of Energy Science, Kyoto University, Kyoto 606-8501, Japan
Chavatip Chindavijak: Management System Certification Institute (Thailand), Bangkok 10400, Thailand
Seiichi Ogata: Graduate School of Energy Science, Kyoto University, Kyoto 606-8501, Japan

Sustainability, 2024, vol. 16, issue 20, 1-23

Abstract: Nowadays, agriculture businesses have been significantly impacted by rapid global changes, compelling the agro-industry to adopt sustainable development practices to remain resilient. Moreover, the application of stakeholder theory has become essential in business management to achieve inclusive growth and fulfill sustainable business. Understanding the interlink between stakeholder pressure and the motivation to transform an enterprise’s practices into sustainable development is imperative. Therefore, this study aims to evaluate the direct pressure of stakeholder groups on sustainable practices in agriculture enterprises in Thailand through a questionnaire survey. This paper focused on the influence of primary and secondary stakeholders and evaluated the weighting of sustainability practices. The survey was conducted on employees who work in enterprises that apply Thailand’s Sufficiency Economy Philosophy (SEP). The research adopted the regression and information entropy methods for result analysis. The results showed that employees, shareholders, and competitors are significant stakeholder groups that drive sustainable capital covering economics, nature, society, and human capital. Last, stakeholder management is an outstanding practice in a SEP thinking enterprise. Concurrently, human capital is the highest priority to fulfill this alternative pathway to be successful in enterprise sustainability.

Keywords: sufficiency economy philosophy; stakeholder theory; information entropy; enterprise sustainability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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