Page 263 - Social Enterprise A New Business Paradigm for Thailand

debt. Following this group were social enterprises with unknown legal forms of establishment
and those operating under a flexible spin-off model, with current ratios of 51.61 and 22.98,
respectively. In contrast, self-established enterprises had the weakest liquidity, with a current

ratio of just 0.09, meaning their current assets covered only 9% of their short-term liabilities.

An analysis by type of business registration reveals that social enterprises registered as limited
partnerships exhibited stronger short-term liquidity than those registered as limited companies,
as reflected by their higher current ratios. This may be due to the greater managerial flexibility
typically found in limited partnerships, which enhances their ability to handle short-term
liabilities. In terms of business size, enterprises with assets ranging from 2 to 10 million baht
had the highest current ratio at 89.50, indicating the best liquidity performance. They were
followed by enterprises with assets exceeding 100 million baht and those with 10 to 100 million
baht, with current ratios of 46.63 and 71.53, respectively. By contrast, enterprises with assets

under 1 million baht showed the weakest liquidity among all groups, with a current ratio of just
15.03.

Table 8.11 Multiple Classification Analysis (MCA) of the 2023 Current Ratio of Social Enterprises
Grand Mean = 53.58 times
Unadjusted Adjusted
Number of Deviation Deviation
Independent Variable Eta Beta
Companies (in
(in Millions)
Millions)
1. Type of Establishment 244 0.416 0.338
- Spin-off (flexibly integrated model) 42 -24.92 -30.6
- Pracharath Rak Samakkee 65 59.43 42.15
- Independently established 23 -48.81 -53.49
- Other formats (data unavailable) 114 -14.86 -1.97
2. Business Registration Type 244 0.03 0.133
- Limited Company 226 -0.76 -3.33
- Limited Partnership 18 9.59 41.83
3. Business Size by Asset Value 244 0.406 0.357
- Over 100 million baht 6 -1.33 23.05
- 10–100 million baht 19 -21.4 17.95
- 2–10 million baht 88 46.62 35.92
- 1–2 million baht 53 -15.29 -11.95
- Less than 1 million baht 78 -36.89 -38.55
Note: R = 0.522 and R² = 0.272
Source: Calculated by the authors

8.7.4 Factors Predicting the Return on Assets (ROA) of Social Enterprises
Table 8.12 presents the results of an analysis of variance (ANOVA) on the return on assets (ROA)
of social enterprises in 2023. The findings indicate that only two enterprise characteristics
significantly account for differences in ROA at the 0.05 significance level: legal form of

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