The Causal Relationship Model of the Best Practice for SMEs of the Thai Tourism Industry in Crisis and Business Continuity
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Abstract
The objectives of this quantitative research were 1) to study and develop a causal relationship model of the best practices for small and medium enterprises (SMEs) and 2) to examine the consistency of the causal relationship model of the best practices for SMEs of the Thai tourism industry in crisis and business continuity with empirical data. Collecting data with 770 sample sizes from staff in SMEs of 3 businesses in the Thai tourism industry, namely, hotel businesses, restaurant businesses, and tour operator and travel agency businesses in Thailand, using by multi-stage sampling. The instrument for collecting data was the questionnaire which had a reliability of 0.97. Data were analyzed using frequency, percentage, mean, standard deviation, Pearson's product moment correlation coefficient, and structural equation modeling (SEM). A causal relationship analysis was performed to determine the path of influence of the variables: 1) Business Model Canvas (BMC) 2) Business Continuity Plan (BCP) 3) Crisis Management (CM) 4) New Normal Concept (NN) and Best Practice. (BP). The findings revealed that the established causal relationship model was very consistent with the empirical data. The Chi-Squares statistics for the structural equation model were statistics 2 = 462.98 df = 507 p = .919 GFI = .966 AGFI = .960 RMR = .740.
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