Challenges Stemming From The Business Environment And Recommendations For Adapting Within The Construction Industry In Thailand

Abstract

This research comprehensively analyzes Thailand's construction industry, addressing diverse threats encompassing social, economic, technological, political, environmental, and legal aspects. It emphasizes the importance of understanding these complexities for successful adaptation. Key objectives include identifying pivotal factors for crafting adaptation guidelines, such as social responsibility, quality management, asset utilization, product development, talent management, and innovation within the financial context. The study explores how these factors interact and influence the development of adaptation guidelines in response to multifaceted threats. Using a mixed-method approach, qualitative interviews with industry executives and quantitative data from 399 construction business executives are integrated. Key findings highlight the presence of threats, the significance of specific adaptation factors, a moderate relationship between threats and influencing factors, with these variables explaining 79.3% of the observed variance in adaptation guidelines. The research concludes by proposing tailor-made guidelines to aid construction enterprises in Thailand on their adaptation journey, providing a roadmap for navigating challenges and ensuring continued success in this dynamic environment.