Corporate governance and business outcomes in digital merchandising businesses

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Abstract

While Thailand promotes digital entrepreneurship for economic competitiveness, many businesses still struggle to succeed in the e-commerce landscape. This study addresses this gap by developing a performance model for Thailand’s digital merchandising sector, highlighting how good governance practices like decision-making and accountability strengthen these relationships. Using a mixed-methods approach, qualitative insights from 20 experts through the Fuzzy e-Delphi technique, and quantitative data from 611 digital merchants. The research identified nine success factors: market alignment, information technology (IT) foundation, IT scope, IT proactivity, market strength, IT competence, digital advancement, innovation development, and business outcomes, with market strength, IT competence, digital advancement and innovation development emerging as influential drivers when supported by governance frameworks. These findings provide a framework for entrepreneurs and policymakers, demonstrating how strategic investments in digital advancement and market strength, sound governance principles can improve business outcomes. The study makes three key contributions: 1) digital merchandising success factors in emerging markets; 2) digital economy policies with recommendations; and 3) strategies for business owners navigating digital advancement while maintaining good governance standards. This research provides insights to strengthen Thailand’s position in the global digital marketplace while creating positive economic and social impacts nationwide by bridging the gap between policy objectives and practical implementation.

Keywords: Business Outcomes, Digital Merchandising Businesses, Mixed Method

Authors’ individual contribution: Conceptualization — S.S. and S.L.; Methodology — S.S. and S.L.; Formal Analysis — S.S. and S.L.; Data Curation — S.S. and S.L.; Writing — S.S.; Supervision — S.L.; Project Administration — S.S.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G30, H26, Q56

Received: 25.12.2024
Revised: 20.03.2025; 19.05.2025; 20.10.2025
Accepted: 17.11.2025
Published online: 19.11.2025

How to cite this paper: Siriyotha, S., & Lekcharoen, S. (2025). Corporate governance and business outcomes in digital merchandising businesses [Special issue]. Journal of Governance & Regulation, 14(4), 269–278. https://doi.org/10.22495/jgrv14i4siart4