Page 264 - Social Enterprise A New Business Paradigm for Thailand

enterprise and business size based on total assets. Together, these two variables explain
approximately 11.4% of the variance in ROA.

Table 8.12 Analysis of Variance (ANOVA) of Return on Assets (ROA) in 2023 by Social Enterprise
Characteristics
2
R = 0.338 and R = 0.114
Source of Variance Sum of Squares Degree of Mean Square F-statistic p-value
Freedom
Form of Establishment 25,371 1 25,371 23.924 0.000
Business Size (by Total Assets) 12,916 4 3,229 3.045 0.018
Source: Calculated by the authors

The results of the MCA analysis in Table 8.13 indicate that the social enterprises examined had
an average return on assets (ROA) of approximately 1.71% in 2023, suggesting that overall,
these enterprises made limited use of their assets to generate returns, though they still
achieved modest net profits rather than losses. Social enterprises registered as limited
partnerships demonstrated more efficient asset utilization compared to limited companies, as
reflected in their higher adjusted deviation values. Among all groups, enterprises with assets
between 10 and 100 million baht recorded the highest ROA, indicating the most effective asset

use. In contrast, those with assets below 2 million baht had negative ROA values, meaning they
were unable to generate returns for shareholders and were likely still incurring losses or facing
debt repayment obligations.

Table 8.13 Multiple Classification Analysis (MCA) of the Return on Assets (ROA) of Social Enterprises
in 2023
Grand Mean = 1.711%
Unadjusted Adjusted
Sample
Independent Variables Deviation Eta Deviation Beta
Size
(in Millions) (in Millions)
1. Type of Enterprise 238 0.261 0.319
- Company Limited 221 -2.492 -3.041
- Limited Partnership 17 32.394 39.538
2. Business Size by Assets 238 0.155 0.222
- More than 100 million 2.932 5.974
baht 6
- 10–100 million baht 19 15.217 18.258
- 2–10 million baht 88 2.020 4.093
- 1–2 million baht 49 -4.800 -1.758
- Less than 1 million baht 76 -3.280 -8.642
Note: R = 0.338 and R² = 0.114
Source: Calculated by the authors

8.8 Summary and Recommendations

Analysis of financial data reveals that both total revenue and net profit among social enterprises
showed steady improvement between 2019 and 2023. Total revenue grew from 3,576.92
million baht in 2019 to 5,927.62 million baht in 2023, while net profit increased from 90.50
million baht to 348.46 million baht over the same period, representing average annual growth
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