Entrepreneurial Orientation on Business Success Through Innovation in Accounting Management of Small and Medium Real Estate Businesses in the Northeastern Region

Abstract

Purpose: This research investigates the role of effective organizational management, entrepreneurial orientation, and managerial accounting innovation in fostering business success among small and medium-sized enterprises (SMEs) in Northeastern Thailand's property development market. Method: A quantitative research approach was employed, involving 400 entrepreneurs from real estate firms in Northeastern Thailand between January and March 2024. Data were collected using a questionnaire and analyzed using Confirmatory Factor Analysis (CFA) and Path Analysis through Structural Equation Modeling (SEM). Results and Discussions: The findings indicate significant relationships between the variables. The CFA results revealed a χ2 value of 171.07 with degrees of freedom (df) = 61, yielding a χ2/df ratio of 2.804, below the threshold of 3. The Comparative Fit Index (CFI) was 0.927, while the Tucker-Lewis Index (TLI) was 0.910. The Root Mean Square Residual (RMR) was 0.058, and the Root Mean Square Error of Approximation (RMSEA) was 0.067. Research Implications: In light of the rapidly evolving market conditions, SMEs in the real estate sector must prioritise adaptation and innovation to thrive in the post-COVID-19 crisis. Strategies focusing on entrepreneurial orientation and managerial accounting innovation can empower SMEs to capitalise on emerging opportunities and navigate challenges effectively. Originality/Value: This study contributes valuable insights into the strategies and practices essential for SMEs in the real estate sector to achieve sustainable growth and resilience amidst the evolving market dynamics and challenges posed by the COVID-19 crisis.