Philosophy of Sufficiency Economy and Business Sustainability: a Framework for Operational Implications.

  • Buranapin S
  • Ratthawatankul T
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This study empirically examines implications of the Thai King Bhumibol Adulyadej's philosophy of sufficiency economy (PSE) for business sustainability. Based on self-administered questionnaires collecting data from 260 Thai executive respondents, the study introduces a systematic framework for assessing PSE's operational significance for business sustainability. PSE comprises three elements (moderation, reasonableness, self-immunity) and two conditions (knowledge and morality), generally known as three rings and two conditions. Rooted in Buddhist thought, these translate to five business practices: resource utilization, stakeholder engagement, critical reasoning, local technology, and long-term focus. The study finds that stakeholder engagement, critical reasoning, and resource utilization positively affect sustainability outcome through organizational ambidexterity, while local technology affects the outcome directly. Long term focus insignificantly affects the outcome but influences organizational ambidexterity by reinforcing alignment and adaptability. PSE conditions are critical to the framework. Enterprises highly aligned with PSE conditions are also aligned with corresponding business practices, are more capable of organizational ambidexterity, and have better sustainability outcomes compared with less-aligned organizations. Adopting PSE into organizations supports business sustainability. It is a practical application of Buddhist "middle way" philosophy for the business environment. Business schools should teach PSE as a framework for operationalizing sustainability. [ABSTRACT FROM AUTHOR]

Author-supplied keywords

  • BHUMIBOL Adulyadej, King of Thailand, 1927-
  • BUSINESS -- Research
  • BUSINESS schools
  • STAKEHOLDER theory
  • Sufficiency economy
  • Thai King Bhumibol Adulyadej
  • business sustainability

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  • Siriwut Buranapin

  • Thankawin Ratthawatankul

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