This study investigates the influence of digital transformation capability and strategic learning capability on strategic agility as well as competitive and innovative performance of Thai hotels. The sample consisted of 303 4–5-star hotels, selected through simple random sampling from a total population of 2,079 hotels nationwide. Data were collected through questionnaires and analyzed using structural equation modeling. The results revealed that digital transformation capability significantly influences strategic agility (β = 0.249, t = 5.182). Strategic learning capability, which encompasses strategic knowledge generation (β = 0.309, t = 5.759), strategic knowledge interpretation (β = 0.118, t = 2.325), strategic knowledge implementation (β = 0.266, t = 5.561), and strategic knowledge database (β = 0.106, t = 3.395), also has a positive impact on strategic agility. Furthermore, strategic agility positively affects competitive and innovative performance (β = 0.313, t = 4.984). It also serves as a mediator in the relationships between digital transformation capability (β = 0.078, t = 3.834), strategic knowledge generation (β = 0.097, t = 3.671), strategic knowledge interpretation (β = 0.037, t = 2.015), strategic knowledge implementation (β = 0.083, t = 3.704), and strategic knowledge database (β = 0.033, t = 2.651) on competitive and innovative performance. The findings offer hotel operators valuable insights into the importance of developing digital transformation capabilities and strategic learning capabilities to enhance strategic agility, which in turn leads to improved competitive and innovative performance, particularly within a volatile and uncertain business environment. AcknowledgmentsThe authors declared that this study complied with ethical guidelines by the Institutional Review Board of the Human Research Ethics Committee of Walailak University (WUEC-23-264-01), Thailand. Dr. Kanokwan Meesook is also a co-first author of this article.

This research article attempts to study and analyse different sources of revenue, pattern of expenditure and revenue-generating capacity and overall financial management assessment by different sizes of Tambon Administrative Organizations (TAOs). In the light of decentralised administrative and development practices of Thailand, particularly generating and managing local financial resources is the key for meeting people’s needs and executing their projects. TAO members and peoples in general are well aware of the need of adopting an efficient financial management system while generating more financial resources to fulfil the local development needs. Irrespective of revenue size and economic base of TAOs, it is not so easy to expand areas for generating local revenue. However, large Tambons have relatively advantage over small and medium ones. Similarly, the mixed economy type of TAOs has better scope than the agriculture type. Small TAOs have managed the financial resources better than others. Local revenue generation and efficient management of available resources is the key to support local development.

The study investigates how minority shareholding affects dividend payout policy in Thai listed companies, with firm growth and debt burden positioned as joint financial moderators. Using a moderated moderation design through Hayes’ PROCESS Macro Model 3, the analysis draws on 2430 firm-year observations from 532 companies listed on the Stock Exchange of Thailand during 2019–2023. Grounded in Agency Theory, Signaling Theory, and Pecking Order Theory, the results reveal a positive association between minority shareholding and dividend payouts, lending empirical support to the agency-based view of dividends as a governance mechanism. Nevertheless, corporate debt plays a negative moderating role, consistent with Pecking Order Theory’s prediction that leverage constraints reduce payout flexibility. The three-way interaction analysis further demonstrates that minority shareholder influence is contingent upon the firm’s financial context, particularly the joint configuration of growth prospects and leverage. In firms with simultaneously high growth and high debt, the governance role of minority shareholders is substantially diminished. On the other hand, in firms with high growth and low leverage, minority shareholders exert a stronger influence, consistent with Signaling Theory. The results reveal minority shareholder governance as financially contingent and highlight the need to assess financial constraints alongside ownership-based governance mechanisms in emerging capital markets.

The weighted average cost of capital (WACC) reflects both the cost and weight of each financing source, so separating them matters for explaining the ESG–firm value relationship. This study examines how ESG disclosure (ESGD) and ESG performance (ESGP) are related to firm value through WACC, with firm size as a moderator. Using 649 firm-year observations from 140 Thai listed firms (2016–2024), we estimate a moderated mediation model with firm-level cluster bootstrapping. ESGD is positively associated with WACC, whereas ESGP is not. Exploratory analysis shows ESGD is positively associated with the equity weight, but not with the cost of equity or cost of debt. Controlling for the equity weight, the ESGD–WACC association becomes insignificant. WACC is positively associated with Tobin’s Q, yet the indirect association of ESGD through WACC is only weakly supported. We find no evidence that this indirect association differs by firm size. With firm fixed effects, ESGD is not significantly associated with WACC, indicating no evidence of a within-firm association. The results suggest, exploratorily, that the ESGD–WACC association may reflect financing composition rather than the cost of each source, underscoring the need to separate these components before interpreting ESG’s role in the cost of capital and firm value.