This study examined the innovation that leads to a competitive advantage in the frozen food business in the context of small-sized and medium-sized enterprises (SMEs). The research process consisted of three parts: 1) a literature study; 2) an empirical research study using questionnaires as a data collection tool; and 3) an analysis and conclusion of the research results using exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modelling (SEM). The findings showed that innovation enhanced the advantages in competition via external factors. These external factors were divided into two groups: micro-oriented factors and macro-oriented factors. The external factors at the micro level had more influence on the innovation development of the frozen food businesses than those at the macro level. The results showed that entrepreneurs, especially SME entrepreneurs, need to adapt and readily prepare themselves to face upcoming economic changes, which are about to occur not only at the global level but also at the regional and the country levels. In addition to the internal contexts within the organization, external factors are also important, especially those that will lead to the development of innovation. Innovation will become the strategic tool in this important competition for the improvement, creation, and enhancement of business to create competitive advantages equal to or better than those in foreign countries in order to realize sustainable development.

PurposeThe primary objectives of this paper are to: develop a multi‐attribute pattern of the corporate governance model in Thai state‐owned enterprises; assess the relative importance of different corporate governance practices; and provide detailed information of each corporate governance practice.Design/methodology/approachQualitative and quantitative approaches were used. A case study was conducted to gather information on specific corporate governance behaviors in Thai state‐owned enterprises. Then a questionnaire was developed and tested in 38 Thai state‐owned enterprises. Factor analysis was conducted to examine a common framework of corporate governance practices.FindingsThis research demonstrated the multi‐attribute nature of the corporate governance model in Thai state‐owned enterprises. According to this model, the most important corporate governance practice is strategic human resource management, followed by information technology, board of directors, risk management, internal control, and internal audit sequentially. Additionally, this study brings out insights into corporate governance practices that represent the specific characteristics of Thai state‐owned enterprises.Research limitations/implicationsThis study is limited by the fact that the sample represents only Thai state‐owned enterprises. Further studies should be conducted to better understand the complexity of the multi‐attribute nature of the corporate governance model in state‐owned enterprises in developing countries.Practical implicationsPolicy makers can utilize the multi‐attribute nature of the corporate governance model as a guideline for the further development of corporate governance practices in other state‐owned enterprises.Originality/valueThis study demonstrated the multi‐attribute nature of the corporate governance model in state‐owned enterprises in developing countries such as Thailand. This research confirms the broad principles of corporate governance as well as providing detailed information on corporate governance practices from a new perspective.

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Purpose Corporate governance (CG) is a mechanism for directing, administering and controlling organisations. CG has become a vital component in driving efficient operation of state-owned enterprises (SOEs). The purpose of this paper is to examine the relationship between CG practices and the performance of Thai SOEs. Design/methodology/approach This research is quantitative in nature; data were collected through a questionnaire, which was distributed to a sample of 1,140 respondents from 38 Thai SOEs. Structural equation modelling was used for data analysis. Findings The results indicate that the board of directors has a direct negative influence on the performance of Thai SOEs. However, management systems play a significant role in mediating the relationship between boards of directors and the performance of Thai SOEs. Additionally, corporate governance practices should be implemented not only at the board-of-director level but also at all levels of operation throughout the organisation. Practical implications To develop effective boards of directors, SOEs should be pushed to develop the appropriate strategic management systems (i.e. risk management, internal controls, internal audits, human resource management and information technology). These systems allow boards of directors to access and use important information that will help guide the business process, which leads to performance improvement in SOEs. Originality/value This empirical study investigates the relationships between CG practices and the performance of SOEs in the context of developing countries.