Development of Integrated Financial Performance Measurement Model for Community-Based Tourism in Southern Thailand
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Abstract
This study aims (1) to develop indicators contextualized for the community-based tourism enterprises in Southern Thailand (Songkhla, Krabi, Trang, and Phang Nga), (2) to examine the structural relationships among Community Participation, Sustainability Performance, Tourist Satisfaction, and Financial Performance, and (3) to propose strategic guidelines for enhanced financial efficiency. A mixed-methods design combining qualitative and quantitative research was employed. The qualitative approach utilized semi-structured interviews with 25 experts, including local accountants, community leaders, and tourism policymakers, to validate and enrich the statistical findings. The quantitative analysis evaluated the integrated model using survey data from 250 community enterprises and 800 tourists through covariance-based Structural Equation Modeling (SEM). The model demonstrated acceptable empirical fit (CFI = 0.943, TLI = 0.930, RMSEA = 0.045), confirming the validity of the four core constructs. SEM analysis revealed that Sustainability Performance positively influences Tourist Satisfaction (β = 0.256, p < 0.05), which subsequently enhances Financial Performance (β = 0.324, p < 0.01). Community Participation did not have a statistically significant direct effect on Financial Performance. To address microenterprise constraints, the developed indicators extend beyond conventional corporate metrics by establishing non-traditional indicators, such as cash flow predictability, community-based cost efficiency, and localized internal accounting monitoring tools. The study proposes strategic development guidelines focusing on establishing community sustainability accounting, enhancing local governance structures, and elevating the quality of service to secure long-term financial health. This framework effectively connects grassroots participation with sustainable regional development. These guidelines can be applied both academically and practically.
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