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The purpose of this research is to study causes and effects of Human Capital Development that lead to sustainable organization of Thai SMEs firms in Phetchaburi Province. Data has been collected by questionnaires and interviews from 214 local entrepreneurs, and analyzed in the forms of mean, standard deviation, percentage and frequency. Testing hypothesis by multiple and simple regression analysis, it showed that Human Capital; composing of Intelligent Capital, Social Capital and Emotional Capital have been developed from Knowledge, Skills, Attitude, Social Capital and Quality of Life. All of these variables caused by Internal Organization Factors, especially Leadership and Organizational Culture. For External Organization Factors, the two crucial variables were Technology and Social. A Sustainable Organization (defined by Corporate Performance, Stakeholder Satisfaction, Employee Engagement, Efficiency System and Democratic Circumstance) is influenced by Human Capital Development. The research suggested that the persons involved should take the issue of Human Capital Development to generate the comparative advantage business strategy not only for local firm’s survival, but also for a sustainable development organization.
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