Thai small and medium enterprises (SMEs) have played an important role for a long time as they are fundamental for Thailand’s economy because they provide the mechanisms for the sustainable development of the current economy of the country. This research tests and explains the factors of change capability and knowledge management affecting the financial performance of SMEs in the meat processing and preservation industry, Northeast Thailand. The sample was collected from 117 firms using a mailed questionnaire method. Structure equation modeling (SEM) was employed. The results show that for SMEs in the meat processing and preservation industry, Northeast Thailand, the factors of change capability and knowledge protection had significant positive effects on financial performance, with p<.01 and p<.05, respectively. The effect size obtained was 49%. The factor of knowledge transfer; however, had no effect on financial performance. The findings suggest that in this industry it is important to focus on a companies’ own change capability (.82) to survive in the long term, to protect commercial knowledge (.72) and to be aware of transferring knowledge outside of the firms.

The present study investigates whether the Coronavirus disease 2019 (COVID-19) pandemic has influenced the degree of online media coverage on initial public offering (IPO) firms in Thailand and moderates the relation between media coverage and IPO outcomes. Empirical evidence indicates that media coverage affects the initial returns of firms going public in the pre-pandemic period. The COVID-19 pandemic has heightened the level of global uncertainty, and it is expected to alter the role of online media outlets in stimulating equity offering activities. Using regression analysis, this study demonstrates an increase in the coverage on IPO firms by Facebook, Twitter, and news websites during the pandemic. Greater online media coverage leads to higher first-day initial returns, which is evidence of boosting investors’ attention. However, the pandemic has had no significant impact on the relation between media coverage and IPO outcomes. These results provide insight into how the uncertainty from the pandemic induces changes to media coverage and how online media channels can be utilized to raise the visibility of IPO firms in emerging economies, with the study potentially having timely implications for academics, regulators, and practitioners. Keywords: COVID-19; Media Coverage; Social Media; Initial Public Offering; Uncertainty

This study investigates whether corporate governance (CG) is associated with firms’ financial outcomes and whether this relationship is mediated by firm risk. Analysis of non-financial listed companies in the Stock Exchange of Thailand between 2015 and 2019 shows that CG quality is positively associated with firm performance. However, although CG effectively constrains accrual earnings management, firms with good CG quality engage in high real earnings management. In addition, mediation analysis reveals that firm risk partially mediates the association between CG and firms’ financial outcomes. Specifically, firms with enhanced CG quality experience risk reduction, leading to better firm performance and less earnings management. Findings present practical implications for regulators and capital market stakeholders.