Determinants of Superior Long-Term Business Performance in Thai Small and Medium-Sized Enterprises: An Integrated Analysis Using Fuzzy Rough Set Theory and Second Order Confirmatory Factor Analysis

Tanyatron Paweehirunkrai and Sumaman Pankham ()
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Tanyatron Paweehirunkrai: College of Digital Innovation Technology, Rangsit University, Pathum Thani 12000, Thailand
Sumaman Pankham: College of Digital Innovation Technology, Rangsit University, Pathum Thani 12000, Thailand

Sustainability, 2025, vol. 17, issue 5, 1-22

Abstract: This study investigates the determinants of superior long-term business performance in Thai digital entrepreneurship through an innovative mixed-method approach combining Rough Set Fuzzy Theory and Second-order Confirmatory Factor Analysis. This research addresses a significant gap in the existing literature by incorporating business strategies, product innovation, social media adoption, and entrepreneurial orientation into a comprehensive framework, extending beyond traditional Technology–Organization–Environment (TOE) models. This study analyzes seven key factors that influence digital business success: technology, organization, external environment, social media adoption, business strategy, product innovation, and entrepreneurial orientation. The methodological approach employed for this study utilized expert consensus validation and model verification techniques to develop a novel integrated model specifically tailored for Thailand’s digital SME context. The findings reveal that business strategy and entrepreneurial orientation are primary drivers of business success. This research provides valuable insights for practitioners in the Thai digital entrepreneurship ecosystem, offering a structured approach to achieving sustainable long-term business success.

Keywords: entrepreneurial orientation; business performance; fuzzy rough set theory; business strategy; social media adoption; technology–organization–environment (TOE) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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