Governance and legal context of regional development cooperation between the public and private sectors

Download This Article

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

This study investigated the factors influencing area development through public and private sector cooperation in Thailand’s Central Northeast region, specifically in Kalasin, Khon Kaen, Maha Sarakham, and Roi Et provinces. Using confirmatory factor analysis (CFA) and structural equation modeling (SEM), the authors examined the impacts of an area development cooperation model (ADCM), characteristics of the area (CAR), and cooperation between agencies (CBA) on public-private participation (PPP) and the results of area development (RAD). The findings from 400 participants revealed that CAR and CBA significantly influence PPP (Miyake, 2023), with CBA showing the strongest direct effect. PPP, in turn, has a significant impact on RAD. Interestingly, ADCM had minimal direct influence on PPP, suggesting a more complex or indirect role. The study emphasizes the importance of area characteristics and inter-agency cooperation in fostering sector participation (Rado et al., 2021). The strong relationship between RAD and CBA (0.68) suggests that improving agency collaboration can significantly influence developmental outcomes. This research highlights the pivotal role of PPPs in achieving area development and provides valuable insights for policymakers aiming to enhance regional development through collaborative efforts.

Keywords: Agency Cooperation, Area Development, Public and Private Sector Participation, Regional Characteristics, Thailand

Authors’ individual contribution: Conceptualization — P.S., W.S., and R.S.; Methodology — P.S. and R.S.; Software — P.S. and S.B.; Validation — S.S. and A.P.; Formal Analysis — P.S. and R.S.; Investigation — P.S. and S.S.; Resources — P.S. and W.S.; Data Curation — P.S.; Writing — Original Draft — P.S. and R.S.; Writing — Review & Editing — P.S., R.S., W.S., and S.S.; Visualization — P.S. and S.S.; Supervision — R.S. and S.B.; Project Administration — P.S. and R.S.

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

JEL Classification: L32, O18, O21, R58

Received: 04.07.2024
Accepted: 18.12.2024
Published online: 24.12.2024

How to cite this paper: Sukapes, P., Sutthisai, W., Soonthorn, S., Saiyaros, R., & Boonruan, S. (2024). Governance and legal context of regional development cooperation between the public and private sectors. Corporate Law & Governance Review, 6(4), 139–151. https://doi.org/10.22495/clgrv6i4p13