Investigating Industry 4.0, Blockchain Adoption, and Sustainability on Thai Finance's Operational Excellence
1
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
Purpose: This study examines the impact of Industry 4.0, blockchain adoption, and sustainability on operational excellence within the Thai finance sector. Key variables include relative advantage, top management support, openness to use innovation, blockchain technology adoption, industry 4.0 practice, sustainable operation, and operational excellence. Design/methodology/approach: Data was gathered through a survey administered to 278 participants comprising managers, IT experts, and banking and financial professionals, utilizing a quantitative methodology. Prior to data collection, the reliability of the questionnaire was evaluated via a pilot test involving 30 participants, assessing Item-Objective Congruence (IOC) index and reliability using Cronbach's Alpha. Sampling methods encompassed judgmental, convenience, and snowball techniques. Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) were utilized to validate model fit and test hypotheses. Findings: The study found that relative advantage, top management support, and openness to use innovation sig-nificantly influence blockchain technology adoption. Additionally, blockchain technology adoption and sustainable operation significantly impact operational excellence. However, industry 4.0 practice showed no significant influence on operational excellence. Research limitations/implications: This study sheds light on blockchain adoption and operational excellence but faces limitations. Its context-specific nature may hinder generalization to other sectors or regions, compounded by a limited sample size. Moreover, reliance on self-reported survey data introduces potential response and social desirability biases. Originality/value: The study's insights on Industry 4.0, blockchain adoption, sustainability, and operational ex-cellence in Thai finance benefit practitioners, policymakers, and academics. By intertwining these concepts, it deep-ens understanding of their impact on operational performance. The confirmation of Blockchain Technology Adoption and Sustainable Operation highlights the necessity of strategic investments in these areas.
Abstract
Purpose: This study examines the impact of Industry 4.0, blockchain adoption, and sustainability on operational excellence within the Thai finance sector. Key variables include relative advantage, top management support, openness to use innovation, blockchain technology adoption, industry 4.0 practice, sustainable operation, and operational excellence. Design/methodology/approach: Data was gathered through a survey administered to 278 participants comprising managers, IT experts, and banking and financial professionals, utilizing a quantitative methodology. Prior to data collection, the reliability of the questionnaire was evaluated via a pilot test involving 30 participants, assessing Item-Objective Congruence (IOC) index and reliability using Cronbach's Alpha. Sampling methods encompassed judgmental, convenience, and snowball techniques. Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) were utilized to validate model fit and test hypotheses. Findings: The study found that relative advantage, top management support, and openness to use innovation sig-nificantly influence blockchain technology adoption. Additionally, blockchain technology adoption and sustainable operation significantly impact operational excellence. However, industry 4.0 practice showed no significant influence on operational excellence. Research limitations/implications: This study sheds light on blockchain adoption and operational excellence but faces limitations. Its context-specific nature may hinder generalization to other sectors or regions, compounded by a limited sample size. Moreover, reliance on self-reported survey data introduces potential response and social desirability biases. Originality/value: The study's insights on Industry 4.0, blockchain adoption, sustainability, and operational ex-cellence in Thai finance benefit practitioners, policymakers, and academics. By intertwining these concepts, it deep-ens understanding of their impact on operational performance. The confirmation of Blockchain Technology Adoption and Sustainable Operation highlights the necessity of strategic investments in these areas.
참고문헌 (62)
- Aboramadan, M., "Organizational culture, innovation and performance : A study from a non-western context", Journal of Management Development, 39(4), pp.437~451 (2020)[DOI]
- Abuatwan, N., "The Impact of Green Finance on the Sustainability Performance of the Banking Sector in Palestine : The Moderating Role of Female Presence", Economies, 11(10), pp.247~ (2023)[DOI]
- AL-Ashmori, A., "A Readiness Model and Factors Influencing Blockchain Adoption in Malaysia's Software Sector : A Survey Study", Sustainability, 15(16), pp.12139~ (2023)[DOI]
- AlKubaisy, Z. M., "Factors Influencing Blockchain Technologies Adoption in Supply Chain Management and Logistic Sectors : Cultural Compatibility of Blockchain Solutions as Moderator", Systems, 11(12), pp.574~ (2023)[DOI]
- Al-Mamary, Y. H., "Testing of The Technology Acceptance Model in Context of Yemen", Mediterranean Journal of Social Sciences, 6(4), pp.268~273 (2015)
- Azmi, W., "ESG activities and banking performance:International evidence from emerging economies", Journal of International Financial Markets, Institutions and Money, 70(3), pp.101277~ (2020)[DOI]
- Balasubramanian, S., "A readiness assessment framework for Blockchain adoption : A healthcare case study", Technological Forecasting and Social Change, 165(1), pp.120536~ (2021)[DOI]
- "Blockchain Technology and Financial Innovation Development"[URL]
- Bentler, P. M., "Comparative fit indexes in structural models", Psychological Bulletin, 107(2), pp.238~246 (1990)[DOI]
- Bhattacharya, C., "The Role of Artificial Intelligence in Banking for Leveraging Customer Experience", Australasian Accounting Business and Finance Journal, 16(5), pp.89~105 (2022)
- Bhattacherjee, A., "Understanding Information Systems Continuance : An Expectation-Confirmation Model", MIS Quarterly, 25(3), pp.351~370 (2001)[DOI]
- Chang, M. K., "Measuring the Performance of Information Systems : A Functional Scorecard", Journal of Management Information Systems, 22(1), pp.85~115 (2005)
- Chong, K. W., "A study of factors affecting intention to adopt a cloud-based digital signature service", Information, 12, pp.60~ (2021)
- Diener, F., "Digital Transformation in Banking : A Managerial Perspective on Barriers to Change", Sustainability, 13(4), pp.2032~ (2021)[DOI]
- Duong, N. -H., "Relationship of Social Sustainability, Operational Performance and Economic Performance in Sustainable Supply Chain Management", Global Business &Finance Review, 27(4), pp.46~64 (2022)[DOI]
- Eccles, R. G., "The Performance Frontier : Innovating for a Sustainable Strategy", Harvard Business Review, 91(5), pp.50~60 (2013)
- Fethi, M., "Assessing Bank Efficiency and Performance with Operational Research and Artificial Intelligence Techniques : A Survey", European Journal of Operational Research, 204(2), pp.189~198 (2009)[DOI]
- "Cybersecurity-Biggest challenge to Industry 4.0" (2020)[URL]
- Fornell, C., "Evaluating structural equation models with unobservable variables and measurement error", Journal of Marketing Research, 18(1), pp.39~50 (1981)[DOI]
- Gibbs, D., "International business strategy and innovation for society : Legitimacy reconsidered", British Journal of Management, 29(3), pp.423~440 (2018)
- Gupta, S., "Development of a Structural Model for the Adoption of Industry 4. 0 Enabled Sustainable Operations for Operational Excellence", Sustainability, 14(17), pp.11103~ (2022)[DOI]
- Hair, J., "Multivariate Data Analysis" (2006), Pearson Education
- Hair, J. F., "Multivariate Data Analysis" (2010), Pearson
- "Blockchain and retail banking: Making the connection" (2019)[URL]
- Global Blockchain Benchmarking Study, "Hileman, G.", Cambridge Centre for Alternative Finance, ~ (2017)
- Jaruwanakul, T., "Key Influencers of Innovative Work Behavior in Leading Thai Property Developers", AU-GSB E-JOURNAL, 14(1), pp.61~70 (2021)[DOI]
- Jaruwanakul, T., "The Influence of AI-CRM Adoption and Big Data Analytical Capability on Firm Performance of Large Enterprises in Thailand", Global Business & Finance Review, 29(2), pp.112~126 (2024)[DOI]
- Javaid, M., "A review of Blockchain Technology applications for financial services", BenchCouncil Transactions on Benchmarks, Standards and Evaluations, 2(3), pp.100073~ (2022)[DOI]
- Jena, R. K., "Examining the F actors A ffecting the Adoption of Blockchain Technology in the Banking Sector : An Extended UTAUT Model", International Journal of Financial Studies, 10(4), pp.1~20 (2022)[DOI]
- Kim, D., "The Effects of Protection Motivation and Perceived Innovation Characteristics on Innovation Resistance and Innovation Acceptance in Internet Primary Bank Services", Global Business &Finance Review, 25(1), pp.1~12 (2020)[DOI]
- Kline, R. B., "Principles and practice of structural equation modeling" (2016), Guilford Press
- Kumar, N., "ESG factors and risk-adjusted performance : a new quantitative model", Journal of Sustainable Finance & Investment, 6(4), pp.292~300 (2016)[DOI]
- Luftman, J., "Enhancing the measurement of information technology(IT)business alignment and its influence on company performance", Journal of Information Technology, 32(1), pp.26~46 (2017)[DOI]
- Mekinjić, B., "The Impact of Industry 4. 0 On the Transformation of The Banking Sector", Journal of Contemporary Economics, 1(1), pp.7~28 (2019)[DOI]
- Mhlanga, D., "Block chain technology for digital financial inclusion in the industry 4.0, towards sustainable development?", Frontiers Blockchain, 6, pp.1035405~ (2023)[DOI]
- Mishra, R., "Critical success factors of Blockchain technology adoption for sustainable and resilient operations in the banking industry during an uncertain business environment", Electronic Commerce Research, 22, pp.1~35 (2023)[DOI]
- Mohd Isa, M. Y. B., "Financing Services Sector : Effectiveness of Operational Coordination and Process Control, Evidence from Malaysia", Global Business & Finance Review, 25(4), pp.12~24 (2020)[DOI]
- Muazu, M., "Operational Excellence and Commercial Banking Performance : A Competitive Advantage Opportunity", Journal of Technology Management and Innovation, 8(1), pp.28~34 (2021)[DOI]
- Nunnally, J. C., "Psychometric Theory" (1978), McGraw-Hill
- Pedroso, R., "Confirmatory factor analysis(CFA)of the crack use relapse scale(CURS)", Archives of Clinical Psychiatry, 43(3), pp.37~40 (2016)
- Priyanto, P., "Exploring the Relationship between Robotic Process Automation, Digital Business Strategy and Competitive Advantage in Banking Industry", Journal of System and Management Sciences, 13(3), pp.290~305 (2023)[DOI]
- Rahi, A. F., "Do sustainability practices influence financial performance? Evidence from the Nordic financial industry", Accounting Research Journal, 35(2), pp.292~314 (2022)[DOI]
- Riegler, M., "Towards a definition of sustainable bankinga consolidated approach in the context of guidelines and strategies", International Journal of Corporate Social Responsibility, 8, pp.1~26 (2023)[DOI]
- Rogers, E., "Diffusion of Innovation" (1962), The Free Press
- Rovinelli, R. J., "On the use of content specialists in the assessment of criterionreferenced test item validity", Tijdschrift voor Onderwijsresearch, 2(2), pp.49~60 (1977)
- Schwab, K., "The Fourth Industrial Revolution" (2016), Crown Business
- Sharma, G. P., "Mathematical modeling of infrared radiation thin layer drying of onion slices", Journal of Food Engineering, 71(3), pp.282~286 (2005)
- Shehadeh, M., "Digital Transformation and its Impact on Operational Efficiency and Competitive Advantage in Islamic Banks", 2023International Conference on Business Analytics for Technology and Security (ICBATS) (2023)
- Sica, C., "Leading - Edge Psychological Tests and Testing Research", pp.27~50 (2007)
- Nova. Sitorus, C., "Exploring the Influence of Digital Model Business Innovation Factors on the Courier Service Company's Sustainability Innovation Performance", Global Business & Finance Review, 27(6), pp.98~113 (2022)
- Stankeviciene, J., "Sustainable Value Creation in Commercial Banks During Financial Crisis", Procedia-Social and Behavioral Sciences, 110, pp.1197~1208 (2014)[DOI]
- Svoboda, A., "The Impact of Artificial Intelligence on the Banking Industry", Journal of Banking and Finance Management, 4(1), pp.7~13 (2023)[DOI]
- Swan, M., "Blockchain: Blueprint for a New Economy" (2015), O'Reilly Media
- Tapscott, D., "Blockchain Revolution:How the Technology Behind Bitcoin Is Changing Money, Business, and the World" (2016), Portfolio
- Turek, J., "The role of Industry 4.0 technologies in driving the financial importance of sustainability risk management. Equilibrium", Quarterly Journal of Economics and Economic Policy, 18(4), pp.1009~1044 (2023)[DOI]
- Wang, X., "Understanding the Determinants of Blockchain Technology Adoption in the Construction Industry", Buildings, 12(10), pp.1709~ (2022)[DOI]
- Weerawarna, R., "Emerging advances of blockchain technology in finance : a content analysis", Personal and Ubiquitous Computing, 27, pp.1495~1508 (2023)[DOI]
- Wu, J. H., "Measuring KMS success : A respecification of the DeLone and McLean's model", Information and Management, 43(6), pp.728~739 (2006)[DOI]
- Xie, P., "The Impact of Blockchain Adoption on Financial Performance in Fintech Firms: A Review of The Literature", Frontiers in Business, Economics and Management, 11(2), pp.302~305 (2023)[DOI]
- Yaqub, M. Z., "Industry-4. 0-Enabled Digital Transformation : Prospects, Instruments, Challenges, and Implications for Business Strategies", Sustainability, 15(11), pp.8553~ (2023)[DOI]
- Yli-Huumo, J., "Where Is Current Research on Blockchain Technology?-A Systematic Review", PLoS One, 11(10), pp.e0163477~ (2016)[DOI]
- Zhang, S., "Extending TAM for Online Learning Systems : An Intrinsic Motivation Perspective", Tsinghua Science and Technology, 13, pp.312~317 (2008)[DOI]
