Pa inya Ruang ip; Wichien Rueboon; Khani in Jo nkokgoud; Md Faysal
A icle
The ole o us in media ing he e ec o blockchain and
e-paymen on logis ics 4.0 and supply chain capabili ies in
Thailand
Global Business & Finance Re iew (GBFR)
P o ided in Coope a ion wi h:
People & Global Business Associa ion (P&GBA), Seoul
Sugges ed Ci a ion: Pa inya Ruang ip; Wichien Rueboon; Khani in Jo nkokgoud; Md Faysal (2024) :
The ole o us in media ing he e ec o blockchain and e-paymen on logis ics 4.0 and supply
chain capabili ies in Thailand, Global Business & Finance Re iew (GBFR), ISSN 2384-1648, People &
Global Business Associa ion (P&GBA), Seoul, Vol. 29, Iss. 7, pp. 168-182,
h ps://doi.o g/10.17549/gb .2024.29.7.168
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I. In oduc ion
The wo ld is e ol ing exponen ially in he Fou h
Indus ial Re olu ion (4IR), and he la es echnologies
Recei ed: Jun. 13, 2024; Re ised: Jun. 17, 2024; Accep ed: Jun. 24, 2024
† Co esponding au ho : Wichien Rueboon
E-mail: wichien. [email protected]. h
and associa ed secu i y c i e ia a e changing
exponen ially. When i comes o secu i y, howe e ,
one mus conside he h ea s and issues ha a
pa icula echnology aces. The d ama ic expansion
o he a ailabili y o supe compu e s and hei
unma ched compu ing powe will become a majo
challenge o he wo ld in he nea u u e (Gajja &
Acha ya, 2020). The 4IR is de ined by he con e gence
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 7 (AUGUST 2024), 168-182
pISSN 1088-6931 / eISSN 2384-1648 H ps://doi.o g/10.17549/gb .2024.29.7.∣168
ⓒ2024 People and Global Business Associa ion
GLOBAL BUSINESS & FINANCE REVIEW
www.gb jou nal.o g
o inancial sus ainabili y and people-cen e ed global business1)
The Role o T us in Media ing The E ec o Blockchain and E-Paymen
on Logis ics 4.0 and Supply Chain Capabili ies in Thailand
Pa inya Ruang ip
a
, Wichien Rueboon
b†
, Khani in Jo nkokgoud
c
, Md Faysal
d
aDepa men o Inno a ion and Educa ional Technology, Facul y o Educa ion, Bu apha Uni e si y, Chon Bu i, Thailand
bSma Logis ics and Supply Chain Managemen P og am, In e na ional College, Bu apha Uni e si y, Chon Bu i, Thailand
cDepa men o Psychology and Cogni i e Science, Uni e si y o T en o, Ro e e o, I aly
dSchool o Psychology, Uni e si y o Plymou h, Plymou h, UK
A
B S T R A C T
Pu pose: This s udy in es iga es he in ica e in e play among e-paymen , blockchain, and us dynamics and hei
impac on logis ics 4.0 and supply chain capabili ies wi hin he con ex o Thailand.
Design/me hodology/app oach: A sample popula ion o 205 manage s and execu i es om he logis ics indus y
p o ided da a, allowing o a obus analysis g ounded in empi ical e idence. U ilizing a causal model app oach,
he s udy employed s uc u al equa ion modeling o e alua e he accu acy and i o he heo e ical amewo k
o empi ical da a.
Findings: Resul s e ealed signi ican ela ionships, highligh ing he pi o al ole o us as a media o be ween
e-paymen , blockchain, and logis ics capabili ies. Speci ically, while e-paymen posi i ely in luences supply chain
capabili ies and us , i s di ec impac on logis ic 4.0 capabili ies is insigni ican . Con e sely, blockchain echnology
di ec ly os e s us and indi ec ly enhances logis ics 4.0 and supply chain capabili ies. Fu he mo e, us eme ges
as a c i ical ac o in luencing he e ec i eness o logis ics ope a ions and plays a cen al ole in os e ing ans-
pa ency and ope a ional e iciency.
Resea ch limi a ions/implica ions: This unde sco es he impo ance o in eg a ing blockchain echnology o encou -
age us and collabo a ion ac oss he supply chain. Howe e , challenges such as he need o suppo i e policies
and accoun ing guidelines o SMEs mus be add essed o ully le e age he bene i s o blockchain in Thailand's
logis ics indus y.
O iginali y/ alue: The indings emphasize he impo ance o secu e paymen in as uc u es and blockchain echnol-
ogy in building us and enhancing supply chain capabili ies.
Keywo ds: Indus y 4.0, Digi al sys ems, T acking, Sma logis ics, T anspa en
Copy igh : The Au ho (s). This is an Open Access jou nal dis ibu ed unde he e ms o he C ea i e Commons A ibu ion
ⓒ
N
on-Comme cial License (h ps://c ea i ecommons.o g/licenses/by-nc/4.0/) which pe mi s un es ic ed non-comme cial use, dis ibu ion
,
and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed.
Pa inya Ruang ip, Wichien Rueboon, Khani in Jo nkokgoud, Md Faysal
169
o mul iple echnologies, such as he In e ne o Things
(IoT) and Blockchain, esul ing in he comple e
digi aliza ion o supply chain ne wo ks (Casino e
al., 2019). The 4IR appea s o o e a once-in-
a-li e ime chance o inc ease supply chain ne wo k
sus ainabili y (Dasaklis e al., 2020). Thailand 3.0
(ad anced indus y) is he assembly and p oduc ion
o goods like compu e de ices. In con as , Thailand
2.0 (ligh indus y) uses low-cos labo o ans o m
aw ma e ials in o inished goods o manu ac u ing
like ex iles, and Thailand 1.0 (ag icul u e) uses
a me mechaniza ion and inc eased yields. Finally,
Thailand 4.0 and he 4IR, on he o he hand, a e
he nex s ep in Thailand's de elopmen (Jones &
Pimdee, 2017).
The discipline o logis ics has g own o keep up
wi h social, indus ial, and echnological changes.
Logis ics 4.0 was ecen ly c ea ed due o he 4IR
and echnology imp o emen s in he wen y- i s
cen u y. The de elopmen o In o ma ion and Com-
munica ion Technologies (ICT) has made i possible
o de elop new da a in e change p o ocols, in eg a e
alue chains ho izon ally and e ically, and c ea e
new business models (Radi oje ić & Milosa lje ić,
2019). Logis ics 4.0 is a logis ical sys em ha allows
o he long- e m sa is ac ion o speci ic clien
expec a ions while educing cos s. Supply, p oduc ion,
and dis ibu ion a e he h ee p ocesses ha comp ise
he h ee dimensions o Logis ics 4.0, including
logis ics ime, quali y, and cos (Winkelhaus &
G osse, 2020). Also, logis ics 4.0 capabili ies can
aid in collec ing da a om a ious sou ces, which
can hen be used o make be e ac ical decisions
in e e se logis ics. In en o y holding decisions,
quali y con ol o e u ned p oduc s, minimizing he
ime i akes o collec e u nable goods, ime o help
a clien and acili y usage a e all ope a ional decisions
in e e se logis ics (Bag e al., 2020).
In he logis ics indus y, he issue o logis ics
p esen s a majo obs acle o bo h domes ic and
in e na ional inancial ope a ions. This s udy aims
o examine he pee ansac ion acili y in e-logis ics
and add ess he inadequa e aceabili y o cu en
logis ics ope a ions. Fu he mo e, es ablishing a s ong
ansac ion ounda ion is necessa y o in eg a ing
blockchain echnology wi h elec onic paymen
mechanisms. The e o e, he goal is o gain a be e
unde s anding o logis ics 4.0 and he dis inc i e
supply chain capabili ies speci ic o Thailand.
II. Li e a u e Re iews
A. E-paymen
E-paymen , in ol ing elec onic inancial an-
sac ions wi hou adi ional pape ins umen s, o e s
a ious bene i s, including cos sa ings, imp o ed
use con enience, and lexible paymen op ions,
enabling use s o make online paymen s ega dless
o hei loca ion o ime cons ain s. (Bo doloi e
al., 2024; Cho e al., 2021). Cus ome s who use p epaid
ca ds o a ce ain sum en e hei ca d numbe s
in o e aile websi es. C edi ca ds unc ion as se e s
ha au hen ica e use s and check wi h he bank o
see whe he he e is su icien money. Addi ionally,
a debi ca d is an elec onic ins i u ion ha comple es
he sale be ween he cus ome and selle . The debi
ca d is he inal piece o echnology ha b ings he
buye and selle oge he in a success ul ansac ion
(Fa onah e al., 2018). Many di e en ypes o
e-paymen s a e a ailable, including e-banking, mobile
paymen s, e-cash, online banking, e-b oking, and
e- inance. Howe e , academics ha e no ye p oduced
a de ini ion o an e-paymen (Khan e al., 2017).
B. Supply Chain Capabili ies
Indus y 4.0 is a amewo k o implemen ing
cybe -physical in eg a ion concep s in manu ac u ing,
supply chains, and logis ics. Supply chain capabili ies
posi i ely a ec he inancial pe o mance o i ms.
E ec i e in o ma ion exchange, be e coo dina ion,
ac i i y in eg a ion, and esponsi eness lead o
imp o ed sales g ow h, ma ke sha e, and p o i abili y
(Wu e al., 2006). U ilizing esou ces and in o ma ion
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 7 (AUGUST 2024), 168-182
170
in e nally and ex e nally is a pa o supply chain
capabili ies, which can be used o ob ain a compe i i e
edge, sugges ing ha supply chain capabili ies a e
essen ial o ealizing he bene i s o in o ma ion
echnology (IT) in es men s (I ano & Dolgui, 2021;
Wu e al., 2006). Conside ing i as a mul idimensional
cons uc wi h ou dimensions in his s udy-
in o ma ion sha ing, coo dina ion, in e - i m ac i i y
in eg a ion, and supply chain esponsi eness-enables
i o be de eloped in collabo a ion wi h ading
pa ne s o mee he needs o he ma ke in pa icula
(I ano & Dolgui, 2021). The abili y o collabo a e
on c oss- unc ional asks in ol ing p oduc o se ice
design, pu chasing, p oduc ion, sales o ma ke ing,
and dis ibu ion, as well as in e -o ganiza ional asks
like sha ing s a egic in o ma ion and coo dina ing
be ween a ocal i m and i s supply chain pa ne s,
is e lec ed in each o he supply chain p ocess
equi emen s (Yu e al., 2018).
Howe e , he comp ehension o he supply chain
has no ably b oadened since he ea ly yea s o his
cen u y (Lambe e al., 2005). In eg a ing e-paymen
sys ems in o supply chain ope a ions se es as a
dynamic o ce, signi ican ly enhancing and posi i ely
impac ing a ious dimensions o supply chain
capabili ies, ha dynamic capabili ies help i ms
inno a e and adap o changing condi ions (Hikmah
e al., 2023). This adop ion is essen ial o bo h
consume s and me chan s. I se es as a c ucial ool
o s eamline paymen p ocesses and exchange
impo an paymen - ela ed in o ma ion (IGUDIA,
2018). Addi ionally, i p o ides a mul i ude o bene i s,
including cos educ ion and heigh ened cus ome
sa is ac ion (Kwabena e al., 2019), as well as imp o ed
anspa ency and secu i y in ade and ansac ions
(Masihuddin e al., 2017). No ably, du ing he
COVID-19 pandemic, e-paymen played a c ucial
ole by enabling cus ome s o make paymen s wi hou
physical in e ac ion, he eby con ibu ing o he
educ ion in he sp ead o COVID-19 (Ani, 2020;
Yakean, 2020). This s udy posi s a hypo hesis ha
e-paymen posi i ely in luences supply chain capabili ies.
Hypo hesis 1a (H1a):
The in eg a ion o e-paymen
sys ems posi i ely enhances supply chain
capabili ies.
C. Logis ics 4.0 Capabili ies
Logis ics 4.0 is abou using ad anced echnologies
like he In e ne o Things (IoT), big da a, blockchain,
A i icial In elligence (AI), Vi ual Reali y (VR),
Augmen ed Reali y (AR) and au oma ion o make
supply chains sma e , mo e e icien , and anspa en
by in eg a ing digi al solu ions in o logis ics
ope a ions (Radi oje ić & Milosa lje ić, 2019;
S andhagen e al., 2017). Logis ics 4.0 is in eg al
o Indus y 4.0, employing digi al echnologies o
ma ke analysis, manu ac u ing op imiza ion, and
end-use connec i i y. Digi al logis ics, cen al o
Logis ics 4.0, in ol es he digi iza ion o ope a ional
p ocesses, cha ac e ized by ea u es like collabo a ion,
connec i i y, adap abili y, in eg a ion, au onomy, and
cogni ion, p esen ing a comp ehensi e solu ion.
(Kayikci, 2018). The e olu ion o logis ics om he
i s indus ial e olu ion o he con empo a y e a
showcases nume ous changes in he indus y o e
ime (Wang, 2016). The impac o Logis ics 4.0 on
an o ganiza ion's success is i idly seen h ough i s
in luence on bo h inancial and ma ke pe o mance.
I is no jus abou obse ing and assessing Logis ics
4.0 h ough i s impac on inancial and ma ke
pe o mance bu also unde s anding i s b oade
implica ions. Financially, i in ol es no only e aining
cu en consume s bu also os e ing g ow h in sales
igu es, boos ing p o i ma gins, and ensu ing
subs an ial e u ns on inancial in es men s.
Simila ly, in e ms o ma ke pe o mance, Logis ics
4.0 goes beyond simply achie ing an imp o ed
success a e in ma ke pene a ion and inc eased
ma ke sha e (Bag e al., 2020). Addi ionally, he
capabili ies o Logis ics 4.0 a e mul i ace ed,
encompassing aspec s like imely deli e ies, quali y
assu ance, and cos -e ec i eness (Winkelhaus &
G osse, 2020). P e ious esea ch indica es ha
ad ancemen s in logis ics inno a ion can mi iga e
he ad e se e ec s o supply chain isks (Biglia di
Pa inya Ruang ip, Wichien Rueboon, Khani in Jo nkokgoud, Md Faysal
171
e al., 2021). Logis ics 4.0 ep esen s a pa adigm
shi ha enables businesses o e icien ly add ess
indi idual cus ome needs wi hou incu ing supple-
men a y expenses, such as ees associa ed wi h he
physical anspo a ion o cash. Unde he umb ella o
Logis ics 4.0, di e se In o ma ion and Communica ion
Technologies (ICTs) a e employed, each ailo ed o
speci ic ace s o logis ical ope a ions. This exe ion
signi ican ly in luences pi o al unc ions, including
anspo a ion, in en o y managemen , and ma e ial
handling (Glis au & Coello Machado, 2018; Wang
e al., 2020). Consequen ly, i is e iden ha e-paymen
sys ems play a pi o al ole in augmen ing he
capabili ies o Logis ics 4.0.
Hypo hesis 1b (H1b):
E-paymen di ec ly a ec s
logis ic 4.0 capabili ies, enhancing he e iciency
and e ec i eness o mode n logis ics ope a ions.
D. T us
T us is a mul i ace ed concep ha anscends
a ious academic domains, including social sciences,
law, and compu e science (Becke & Bodó, 2021).
I encompasses ela ional a ibu es be ween indi iduals
o ins i u ions, shaping sha ed expec a ions and
ela ionships wi hin ins i u ional amewo ks. T us ,
alongside secu i y and p i acy, se es as a co ne s one
mo i a ing indi iduals o emb ace echnology,
whe he h ough di ec engagemen o indi ec
in luence. In he con ex o online ansac ions, he
signi icance o cus ome us becomes especially
p onounced du ing he de elopmen al s ages o new
sys ems (Albaya i e al., 2020). Elec onic banking
sys ems dedica e e o s owa ds enhancing us o
mi iga e he inhe en isks associa ed wi h online
pu chases (Fo ino e al., 2020; Ma emba & Li, 2018).
As highligh ed in s udies o secu i y and us in
e-paymen sys ems, e-paymen me hods play a pi o al
ole in ensu ing secu i y, eliabili y, scalabili y,
anonymi y, p i acy, and isk managemen (Budiha seno
e al., 2023; Kim e al., 2010; Kousa idas e al.,
2008), pa icula ly in logis ic capabili y and supply
chain capabili y con ex s.
In he logis ical a ea, us is i al o in e nal
o ganiza ion ope a ions as well as ex e nal cus ome
and o he logis ics se ice p o ide con ac s (Oláh
e al., 2019; Oláh e al., 2017). Acco ding o s udies
on pe o mance managemen , us is a c ucial
componen (K ame , 1999). Logis ics companies
iew us as bo h essen ial and s a egically impo an
(Jang e al., 2022; Paliszkiewicz e al., 2014). Thus,
us makes i possible o businesses o success ully
nego ia e esou ce limi a ions, shi ing consume
demands, inc ease inancial pe o mance, and
wo ldwide compe i ion (Ama oh e al., 2023, Jang
e al., 2022; E dogan & Çembe ci, 2018). I has been
ound ha blockchain echnology can imp o e
secu i y and us in his si ua ion (Ba enji, 2022).
In o de o cu expenses and boos e iciency, pa cel
logis ics can also use us -based models, simila o
hose ound in se ices like Ube (Ba ucz, 2021).
Thus, i is c ucial ha logis ics se ice p o ide s.
The signi icance o pe cei ed u ili y, pe cei ed
simplici y o use, and us as impo an p edic o s
o consume 's in en ion o choose e-paymen sys ems
o e con en ional means is u he highligh ed by
esea ch by Alshu ideh e al. (2021). Acco ding o
Salloum e al. (2019), he adop ion o elec onic
paymen sys ems in highe educa ion has demons a ed
ad an ages o academic ins i u ions and s uden s
alike, cul i a ing dependabili y and con idence among
pa icipan s. In conclusion, he adop ion and success ul
deploymen o e-paymen sys ems depend hea ily
on he undamen al concep s o us , secu i y, and
p i acy. They impac supply chain and logis ics
capaci ies, as well as dependabili y and p oduc i i y
ac oss a ange o indus ies, which in u n shapes
he e ain o echnology adop ion and use. Ou
in es iga ion looks a he connec ion be ween us
and addi ional elemen s like logis ics.
Hypo hesis 1c (H1c):
E-paymen has a di ec
posi i e in luence on us .
Hypo hesis 2a (H2a):
T us has a di ec posi i e
in luence on supply chain capabili ies.
Hypo hesis 2b (H2b):
T us has a di ec posi i e
in luence on logis ics 4.0 capabili ies.
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 7 (AUGUST 2024), 168-182
172
Hypo hesis 3a (H3a):
T us media es he in luence
o e-paymen on supply chain capabili ies.
Hypo hesis 3b (H3b):
T us media es he in luence
o e-paymen on logis ic 4.0 capabili ies.
E. Blockchain
Blockchain echnology has su aced as a dis ibu ed
ledge sys em ha is decen alized and o e s
immu abili y, secu i y, and anspa ency when
eco ding ansac ions ac oss se e al compu e s
(Go khali e al., 2020). I s applica ion spans a ious
domains, including c yp ocu ency, secu i y, us
managemen , and ensu ing da a immu abili y
(Sh es ha e al., 2021). Despi e being lauded o
enabling a " us - ee" economy due o i s secu e
and anspa en design (Becke & Bodó, 2021),
Blockchain s ill elies on social us among
s akeholde s o e ec i e ope a ion. The bene i o
a blockchain-based elec onics supply chain is ha
i allows all pa icipan s o ack, e i y, and hen
selec whe he o no o app o e o deny any single
ansac ion (Guin e al., 2014; I anmanesh e al., 2023,
Xu e al., 2019). Mo eo e , blockchain has he lowes
ansac ion cos s and as es p ocessing imes
compa ed o adi ional logis ic se ices (Ni &
I annezhad, 2024). Addi ionally, since blockchain
sums and enc yp ed iden i ies a e used o ack all
inancial ansac ions, money launde ing, co up ion,
e o is inancing, and o he ela ed c imes can be
iden i ied in all blockchain ansac ions. Acco ding
o one o he iewpoin s, he blockchain ne wo k
p ope y, he e o e, migh be a bene i o a new digi al
phenomenon o he logis ics indus y. Blockchain
use s can bene i om hei genuine economic alue
since blockchains di e om cen alized money (Hai
& Quye , 2023; Mi az e al., 2020). T us plays a
c ucial ole in high- isk en i onmen s, pa icula ly
in he wo kplace (B a spies, 2018; Lee, F ank, &
Ijssels eijn, 2021; Sas & Khai uddin, 2015). I
signi ican ly in luences consume beha io indi ec ly,
impac ing co po a e pe o mance in a eas such as
use - iendly ansac ions powe ed by blockchain
(Albaya i e al., 2020; Demi kan e al., 2020; Fo ino
e al., 2020). Adop ing and in eg a ing blockchain
echnology in logis ics ope a ions can enhance
cus ome us and posi i ely impac logis ics 4.0
capabili ies. Blockchain's decen alized and secu e
eco d-keeping sys em enhances anspa ency, us ,
and aceabili y in supply chain ne wo ks (Go khali
e al., 2020; I anmanesh e al., 2023). Howe e , he e
is a lack o s udies on implemen ing supply chain
anspa ency, adap abili y, and agili y in blockchain
adop ion among i ms in Thailand.
Based on he p o ided in o ma ion, we can
o mula e he ollowing hypo heses (Figu e 1):
Hypo hesis 4a (H4a):
Blockchain di ec ly in luences
supply chain capabili ies.
Figu e 1. P oposed esea ch model
Pa inya Ruang ip, Wichien Rueboon, Khani in Jo nkokgoud, Md Faysal
173
Hypo hesis 4b (H4b):
Blockchain di ec ly in luences
logis ic 4.0 capabili ies.
Hypo hesis 4c (H4c):
Blockchain echnology is
a ca alys o us , shaping a landscape o
eliabili y and secu i y.
Hypo hesis 5a (H5a):
T us is p oposed o play
a i al in e media y ole in acili a ing he
ela ionship be ween blockchain echnology
and logis ic 4.0 capabili ies,
Hypo hesis 5b (H5b):
T us is p oposed o play
a i al in e media y ole in acili a ing he
ela ionship be ween blockchain and supply
chain capabili ies.
III. Me hods
The s udy employed a quan i a i e me hodology,
speci ically S uc u al Equa ion Modeling (SEM), in
he s udy o blockchain adop ion in Thailand, which
was p ima ily d i en by he esea ch ques ion's
emphasis on causa ion. SEM, wi h i s obus s a is ical
ounda ion, allows o he examina ion o complex
causal ela ionships be ween mul iple a iables
(Kline, 2015), including hose ela ed o us ,
e-paymen s, and supply chain managemen . This
s a is ical-based app oach acili a es igo ous hypo hesis
es ing, enabling esea che s o d aw alid in e ences
abou he ela ionships unde in es iga ion.
A. Popula ion and Sample Size
The popula ion consis ed o en ep eneu s, company
ep esen a i es, manage s, o supe iso s wo king in
a Thai i m's logis ics ac i i ies and supply chain
managemen ields. This g oup is selec ed because
hey a e di ec ly in ol ed in o ha e subs an ial
knowledge and unde s anding o he dynamics and
challenges o hei i ms.
The samples we e ob ained by simple andom
sampling. This ensu es ha e e y membe o he
popula ion has an equal chance o being selec ed.
This enhances he ep esen a i eness o he sample,
educing selec ion bias. The unbiased na u e o simple
andom sampling ensu es ha sample s a is ics a e
good es ima o s o he popula ion pa ame e s, a
c i ical aspec o SEM, which elies on p ecise
pa ame e es ima es (Kline, 2015). The sample g oup
1:n a io o he indica o s was used o es ablish he
sample size, and he pa h analysis should be 200
samples o mo e as well as his numbe can iola e
he no mali y assump ion (Hai e al., 2014; Hai
e al., 2011; Hai e al., 2019). Wi h hese guidelines
abo e, he alid sample size o his s udy is 200
esponden s, calcula ed om 20 indica o s.
B. Measu es
The su ey s uc u e o he s udy comp ised six
dis inc sec ions. Ini ially, demog aphic inqui ies,
consis ing o ou ques ions, we e u ilized o ga he
esponden 's backg ound cha ac e is ics. Subsequen
sec ions included a comp ehensi e se o 60 ques ions,
ac ing as p oxies o key a iables ele an o he
s udy's ocus a eas, such as e-paymen e iciency,
blockchain echnology adop ion, us le els, and
logis ics and supply chain managemen capabili ies
wi hin he con ex o Indus y 4.0. Employing a 5-poin
Like scale h oughou enabled esponden s o exp ess
a ying deg ees o ag eemen o disag eemen ,
enhancing he quali a i e analysis o sen imen s o
esea ch pu poses. The p ima y aim o he s udy was
o assess a ious aspec s, including he adop ion and
impac s o blockchain echnology, us dynamics,
and e-paymen and logis ics capabili ies wi hin
Indus y 4.0. By adop ing a measu emen om he
esea ch o Mi az e al. (2020) ha was comple ed
in he Malaysian con ex , he s udy seeks o imp o e
upon exis ing app oaches and p o ide new poin s
o iew on how hese echnologies a e pe cei ed
and applied in he ield. Addi ionally, Malaysia and
Thailand sha e a ocus on echnology o enhance
us and supply chain managemen (I anmanesh e
al., 2023; Mi az e al., 2020).
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 7 (AUGUST 2024), 168-182
174
C. Da a Collec ion
The s udy used he online ques ionnai e since
Thailand had implemen ed measu es o s op he
COVID-19 ou b eaks. Be ween May 2022 and
Sep embe 2022, he da a was collec ed. All
pa icipan s we e ully in o med o he pu pose o
he s udy, and w i en in o med consen was ob ained
om all pa icipan s. The p o ocol o his s udy was
app o ed by he Bu apha Uni e si y-Ins i u ional
Re iew Boa d (BUU-IRB: HUU015/2565(E1)).
IV. Resul s
Responden 's demog aphic in o ma ion, Table 1
p esen s he pe sonal cha ac e is ics o he sample
popula ion (N=205). The demog aphic a iables
include gende and age dis ibu ion, along wi h
in o ma ion on he size o he businesses ep esen ed
in he sample. Fo gende dis ibu ion, he sample
consis s o 128 males (61.5%). Rega ding age
dis ibu ion, he majo i y o pa icipan s all wi hin
he age g oups o 30-39 (41.8%) and 40-49 (43.8%).
Smalle p opo ions a e ep esen ed by he age g oups
o 20-29 (8.2%), 50-59 (3.8%), and hose o e 60
(1.0%). In e ms o business size, 103 pa icipan s
(50%) a e a ilia ed wi h small o medium en e p ises,
while 102 pa icipan s (50%) a e associa ed wi h
la ge en e p ises.
A. Con en Validi y
The esea che s assessed he calibe o esea ch
ins umen s based on conce ns wi h con en alidi y.
The esea che s p esen ed he upda ed and enhanced
ins umen o i e specialis s in he ield o s udy.
The ecommended minimum o he i em con en
alidi y index (I-CVI) is 0.8 o highe (Pa anen e
al., 2017). The expe 's opinions we e di ided in o
ou scales: s ongly disag ee (1) o s ongly ag ee
(4), wi h he in o ma ion ob ained om he e iew
o he expe s used o calcula e he Con en Validi y
Index (CVI). To mee he c i e ia, he esea che s
conside ed a con en alidi y index (CVI) alue o
0.80-1.00 and a Con en Validi y o Scale (S-CVI)
alue o 0.96. As a esul , esea che s can use he
ques ionnai e o collec esea ch da a. The eliabili y
coe icien was held o be g ea e han 0.60, indica ing
ha he esul s we e wi hin he accep able ange
(Ramli, 2019).
B. Reliabili y
To es he eliabili y o each cons uc , C onbach's
alpha (CA) coe icien s and Composi e eliabili y
(CR) alues we e calcula ed. CR p o ides an
app op ia e measu e o in e nal consis ency eliabili y.
CA and CR alues be ween .70 and .95 ep esen
sa is ac o y o good eliabili y le els (Hai e al.,
2017; Hai e al., 2019). C onbach's alpha alues
o he cons uc s ange om .844 o .892, indica ing
good eliabili y. Composi e eliabili ies ange om
.845 o .895, highe han he .70 h eshold le el o
accep abili y. The esul s o Table 2 show a gene ally
high deg ee o in e nal consis ency among he
cons uc s.
Cha ac e is ic n %
Gende Male 128 61.5
Female 77 37.0
Age (yea s)
20-29 17 8.2
30-39 87 41.8
40-49 91 43.8
50-59 8 3.8
o e 60 2 1.0
Business size Small/medium 103 50.0
La ge 102 50.0
Table 1. Pe sonal cha ac e is ics o he sample
Pa inya Ruang ip, Wichien Rueboon, Khani in Jo nkokgoud, Md Faysal
175
C. Validi y
In scien i ic esea ch, con e gen alidi y is
essen ial o ensu ing ha a ious i ems e ec i ely
measu e he same unde lying a iable. The a e age
a iance ex ac ed (AVE) is pi o al in assessing
con e gen alidi y in SEM. An AVE o .5 o highe
is an adequa e con e gence (Hai e al., 2019).
Fu he mo e, disc iminan alidi y is he condi ion
whe ein esea che s ensu e ha each indica o wi hin
he heo e ical amewo k is s a is ically dis inc . I
signi ies he abili y o di e en ia e be ween wo
a iables based on empi ical measu es, indica ing
how one a iable uly di e s om o he s wi hin
he model. In his s udy, he squa e oo o he AVE
was assessed ollowing he guidelines ou lined by
Fo nell and La cke (1981). Ou esul s show ha
AVE alues o he ac o s ange om .625 o .676.
This h eshold is ypically elimina ed o achie e he
desi ed AVE. Mo eo e , he squa e oo o he AVE
o each a iable was compa ed wi h he co ela ions
be ween a iables. I is c ucial ha he diagonal uppe
alues, de i ed om he AVE, a e g ea e han he
co esponding below alues wi hin he same column
and ow. The esul s p esen ed in Table 3 con i m
ha he s anda dized c i e ia o con e gen alidi y
and disc iminan alidi y a e me in his esea ch.
D. S uc u al Model Assessmen
Resea ch ools we e de eloped using he causal
model, which in es iga es ex ual models wi h
in ica e a iables. The undamen al ene o his
app oach is ha he da a-ga he ing ool mus be a
ques ionnai e and ha i mus be g ounded in pe inen
heo ies. A causal model using he Pa h Analysis
me hod was de eloped and applied o he da a. A
S uc u al Equa ion Model (SEM) wi h a maximum
likelihood (ML) me hod was used wi h a la ge numbe
La en a iables I em Fac o loading CA CR
E-Paymen
EP1 .86
.866 .869
EP2 .85
EP3 .73
EP4 .71
Blockchain
BC1 .90
.892 .892
BC2 .91
BC3 .74
BC4 .72
T us
TR1 .79
.885 .890
TR2 .82
TR3 .84
TR4 .82
Logis ic 4.0 capabili ies
LC1 .80
.889 .895
LC2 .80
LC3 .77
LC4 .77
LC5 .78
Supply chain capabili ies
SC1 .80
.844 .845SC2 .89
SC3 .72
Table 2. Fac o loadings, C onbach Alpha
(
CA
)
, and composi e eliabili y
(
CR
)
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