IMPACT OF FINANCIAL LITERACY AND ENTREPRENEURIAL LITERACY ON COMPETITIVE ADVANTAGE AND FIRM PERFORMANCE OF COMMUNITY ENTERPRISES IN CHIANG MAI
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This research article aims to: (1) examine the effects of financial literacy on competitive advantage and firm performance; (2) investigate the influence of entrepreneurial literacy on competitive advantage and firm performance; and (3) analyze the mediating role of competitive advantage in the relationships between financial literacy, entrepreneurial literacy, and firm performance among community enterprises in Chiang Mai, Thailand. This study employs a quantitative research design, collecting data from 400 community enterprises using a cross-sectional survey. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The research results found that, In response to Objective 1, financial literacy has a significant positive effect on competitive advantage (β = 0.34, p < 0.001) and firm performance (β = 0.21, p < 0.01). In response to Objective 2, entrepreneurial literacy has a significant positive effect on competitive advantage (β = 0.41, p < 0.001) and firm performance (β = 0.25, p < 0.01). In response to Objective 3, competitive advantage has a strong positive effect on firm performance (β = 0.39, p < 0.001) and partially mediates the relationships between both financial literacy and entrepreneurial literacy and firm performance. These findings provide important practical implications. Strengthening financial management capabilities such as budgeting, cost control, and financial planning alongside developing entrepreneurial competencies, including innovation, opportunity recognition, and strategic decision-making, can enhance competitive advantage and improve firm performance. Policymakers and development agencies should support targeted training and capacity-building initiatives to promote sustainable growth among community enterprises.
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