Klangjai Sangwichitr

Savings and credit cooperatives (SACCOs) are crucial institutions in promoting financial accessibility. SACCOs provide financial loans to individuals who may not have access to traditional banking. SACCOs take their own risk to get loan defaults from the offerings because member loans are approved without checking the members’ credit background by SACCO committees. This study aims to investigate factors influencing loan defaults of savings and credit cooperatives in Thailand. Based on the savings and credits cooperative database in November 2023, the cooperative has emergency loans, regular loans, and special loans totaling 11,441 contracts. In this study, all loan contracts of this cooperative were used to analyze. The data were divided into two categories of debt classification, including (1) non-default status and (2) default status. The data were analyzed using logistics regression to select the highest accuracy model. Furthermore, the finding reveals that the highest accuracy model, at 99.78%, contains five variables, including interest rate, collateral value, remaining contract duration, outstanding debt, and installment amount. The savings and credit cooperatives institution should adjust the loan interest rates according to economic conditions. Moreover, closely monitoring members with high remaining debt would help the institution prevent loan defaults, and the institution should also create a conservative loan approval policy to reduce its loan default.

Acknowledgments
The research for the work featured in this article is funded by the Prince of Songkla Savings and Credit Cooperatives, Limited.

Type of the article: Research Article

Abstract
Corporate governance plays a crucial role in promoting sustainability by guiding firms toward responsible management that balance growth and accountability. This study examines the impact of corporate governance on sustainable growth of firms in the Thailand Sustainability Investment list and investigates whether the Stock Exchange of Thailand Sustainability Awards moderate this relationship. The analysis utilizes secondary panel data from 183 companies, comprising 778 firm-year observations from 2015 to 2022, sourced from the SETSMART database. The study considers board size, board independence, director shareholding, CEO duality, board meeting frequency, and the presence of risk committee as independent variables, with sustainable growth as the dependent variable. The multiple regression analysis was used to analyze the hypotheses. Empirical results reveal that board size (β = 1.3607, p < 0.05), independent directors (β = 2.1223, p < 0.01), executive shareholding (β = 0.0456, p < 0.10), and the presence of a risk committee (β = 0.1339, p < 0.10) positively affect sustainable growth, while CEO duality has a significant negative impact (β = –1.2335, p < 0.10). Furthermore, the Stock Exchange of Thailand Sustainability Awards played a moderating role, as its interaction with board size (β = 1.2307, p < 0.10) and independent directors (β = 1.3123, p < 0.05) strengthens their positive effects. These findings suggest that effective governance enhances sustainable growth, and sustainability awards amplify this influence among Thai listed firms. The study offers implications for regulators to foster governance frameworks and award programs supporting sustainable growth.