The objectives of this study were to 1) examine the impact of strategic management accounting (SMA) that influences business sustainability by integrating comprehensive internal information and external business environment to formulate strategic decision-making to enhance competitiveness, and 2) investigate the serial mediating role of business strategies and competitive advantages. Data were collected from a total of 168 samples of listed companies in the Stock Exchange of Thailand and analyzed by using partial least squares structural equation model. The results showed that strategic management accounting had a positive direct impact on innovation-oriented strategy, efficiency-oriented strategy, and sustainable performance. Innovation-oriented strategy and competitiveness was found to have serial mediating effect on strategic management accounting and performance sustainability. However, both efficiency-oriented strategy and competitiveness had no serial mediating effect on strategic management accounting and sustainable performance. The implications in this present study confirm that strategic management accounting plays a significant role in determining effective business strategies; therefore, executives need to focus on related resources to foster the strategic management accounting which in turn enhances the firm’s competitiveness and sustainable performance.

Alabdullah, T. T. Y. (2019). Management accounting and service companies’ performance: research in emerging economies. Australasian Accounting, Business and Finance Journal, 13(4), 100-118. https://doi.org/10.14453/aabfj.v13i4.8

Alamri, A. M. (2019). Association between strategic management accounting facets and organizational performance. Baltic Journal of Management, 14(2), 212-234. https://doi.org/10.1108/bjm-12-2017-0411

Aldehayyat, J. S. (2015). Environmental scanning in business organisations. Management Research Review, 38(5), 459-481. https://doi.org/10.1108/mrr-02-2014-0032

Alonso-Almeida, M. d. M., Bremser, K., & Llach, J. (2015). Proactive and reactive strategies deployed by restaurants in times of crisis. International Journal of Contemporary Hospitality Management, 27(7), 1641-1661. https://doi.org/10.1108/ijchm-03-2014-0117

Anning-Dorson, T. (2018). Innovation and competitive advantage creation. International Marketing Review, 35(4), 580-600. https://doi.org/10.1108/imr-11-2015-0262

Armstrong, J. S., & Overton, T. S. (1977). Estimating nonresponse bias in mail surveys. Journal of Marketing Research, 14, 396-402. https://doi.org/10.1177/002224377701400320

Bansal, M., & Bashir, H. A. (2023). Business strategy and classification shifting: Indian evidence. Journal of Accounting in Emerging Economies, 13(1), 69-92. https://doi.org/10.1108/jaee-03-2021-0099

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99-120. http://dx.doi.org/10.1177/014920639101700108

Barney, J., Wright, M., & Ketchen, D. J. (2016). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27(6), 625-641. https://doi.org/10.1177/014920630102700601

Berliantiningrum, R., Sunaryanto, H., & Pratikto, H. H. (2017). The effect of strategic management and strategic management accounting system on the performance of manufacturing companies in east Java (Using the perspective of institutional theory). International Journal of Business, Economics and Law, 12(1), 44-51.

Correia, R. J., Dias, J. G., & Teixeira, M. S. (2021). Dynamic capabilities and competitive advantages as mediator variables between market orientation and business performance. Journal of Strategy and Management, 14(2), 187-206. https://doi.org/10.1108/jsma-12-2019-0223

Cronbach, L. J. (1990). Essential of psychological testing, 5th ed. New York: Harper CollinsPublishers. Inc.

Dalwai, T., & Salehi, M. (2021). Business strategy, intellectual capital, firm performance, and bankruptcy risk: evidence from Oman’s non-financial sector companies. Asian Review of Accounting, 29(3), 474-504. https://doi.org/10.1108/ara-01-2021-0008

Dang, L. A., Le, T. M. H., Le, T. H., & Pham, T. B. T. (2021). The effect of strategic management accounting on business performance of sugar enterprises in Vietnam. Accounting, 7, 1085-1094. https://doi.org/10.5267/j.ac.2021.2.031

Farchi, C., Touzi, B., Farchi, F., & Mousrij, A. (2021). Sustainable performance assessment: A systematic literature review. Journal of Sustainable Development of Transport and Logistics, 6(2), 124-142. https://doi.org/10.14254/jsdtl.2021.6-2.8

Farida, I., & Setiawan, D. (2022). Business strategies and competitive advantage: The role of performance and innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(3). https://doi.org/10.3390/joitmc8030163

Ferreira, J., Cardim, S., & Coelho, A. (2021). Dynamic capabilities and mediating effects of innovation on the competitive advantage and firm’s performance: the moderating role of organizational learning capability. Journal of the Knowledge Economy, 12(2), 620-644. https://doi.org/10.1007/s13132-020-00655-z

Gomes, G., Seman, L. O., Berndt, A. C., & Bogoni, N. (2022). The role of entrepreneurial orientation, organizational learning capability and service innovation in organizational performance. Revista de Gestão, 29(1), 39-54. https://doi.org/10.1108/rege-11-2020-0103

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis, 7th ed. Pearson education, Inc.

Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2-24. https://doi.org/10.1108/ebr-11-2018-0203

Hariguna, T., Ruangkanjanases, A. (2024). Assessing the impact of social media interaction in s-commerce strategies mediated by relationship quality. Journal of Infrastructure, Policy and Development, 8(2) 2807, 1-20. https://doi.org/10.24294/jipd.v8i2.2807

Hendar, H., Ratnawati, A., Ab Razak, W. M. W., & Abdullah, Z. (2020). Market intelligence on business performance: The mediating role of specialized marketing capabilities. Journal of Intelligence Studies in Business, 10(1), 42-58. https://doi.org/10.37380/jisib.v1i1.562

Herzallah, A., Gutierrez-Gutierrez, L. J., & Rosas, J. F. M. (2017). Quality ambidexterity, competitive strategies, and financial performance: An empirical study in industrial firms. International Journal of Operations & Production Management, 37(10), 1496-1519. https://doi.org/10.1108/IJOPM-01-2016-0053

Hilman, H., & Kaliappen, N. (2015). Innovation strategies and performance: Are they truly linked? World Journal of Entrepreneurship, Management and Sustainable Development, 11(1), 48-63. https://doi.org/10.1108/WJEMSD-04-2014-0010

Hossain, M. S., Hussain, K., Kannan, S., & Kunju Raman Nair, S. K. (2022). Determinants of sustainable competitive advantage from resource-based view: implications for hotel industry. Journal of Hospitality and Tourism Insights, 5(1), 79-98. https://doi.org/10.1108/jhti-08-2020-0152

Ilmudeen, A., & Bao, Y. (2020). IT strategy and business strategy mediate the effect of managing IT on firm performance: empirical analysis. Journal of Enterprise Information Management, 33(6), 1357-1378. https://doi.org/10.1108/jeim-03-2019-0068

Jaf, R. A. S., Sabr, S. A., & Nader, K. A. (2015). Impact of management accounting techniques on achieve competitive advantage. Research Journal of Finance and Accounting, 6(4), 84-98.

James, P. C. (2012). The application of innovative management accounting principles for enhancing profitability and competitiveness: An exploratory study of Jamaican manufacturers. International Journal of Business and Social Research (IJBSR), 2(6), 47-60.

Kaneko, P., & Yimruan, S. (2017). Combination of strategic management accounting implementation, organizational culture, and human resource accounting capabilities on sustainable competitive advantage: Literature review on Thai Traditional Puppetry Businesses. PSAKU International Journal of Interdisciplinary Research, 6(1), 67-78. https://doi.org/10.12778/235108618x15452373185822

Keskin, H., Ayar Şentürk, H., Tatoglu, E., Gölgeci, I., Kalaycioglu, O., & Etlioglu, H. T. (2021). The simultaneous effect of firm capabilities and competitive strategies on export performance: the role of competitive advantages and competitive intensity. International Marketing Review, 38(6), 1242-1266. https://doi.org/10.1108/imr-09-2019-0227

Koçyiğit, Y., & Tabak, A. (2020). The interaction among organizational flexibility, competitive strategy and competitive advantage: A path analytic study. In: Agile Business Leadership Methods for Industry 4.0. pp.303-326. https://doi.org/10.1108/978-1-80043-380-920201017

March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71-87. https://doi.org/10.1287/orsc.2.1.71

Navarro-García, A., Peris-Oritz, M., & Barrera-Barrera, R. (2016). Market intelligence effect on perceived psychic distance, strategic behaviours and export performance in industrial SMEs. Journal of Business & Industrial Marketing, 31(3), 365-380. https://doi.org/10.1108/jbim-03-2013-0065

Oboh, C. S., & Ajibolade, S. O. (2017). Strategic management accounting and decision making: A survey of the Nigerian Banks. Future Business Journal, 3(2), 119-137. https://doi.org/10.1016/j.fbj.2017.05.004

Ogunleye, O. J., Fagboro, G. D., & Oparinde, D. O. (2021). The impact of strategic management accounting on corporate sustainability in Nigerian Banks. Global Journal of Accounting, 7(1), 69-79.

Ojra, J., Opute, A. P., & Alsolmi, M. M. (2021). Strategic management accounting and performance implications: a literature review and research agenda. Future Business Journal, 7(1). https://doi.org/10.1186/s43093-021-00109-1

Oyewo, B., Ajibolade, S., & Omolehinwa, E. (2020). The usage of customer accounting as a source of sustainable competitive advantage: Some evidence from quoted manufacturing companies in Nigeria. International Journal of Accounting & Finance, 9(1), 18-46.

Panjaitan, D., Lesmana, D., & Maimunah, M. (2018). Effect of use of management accounting systems on competitive advantages: business unit performance as a mediator (Study of MSMEs in Palembang city). Journal of Accounting and Strategic Finance, 1(01), 33-44. https://doi.org/10.33005/jasf.v1i01.22

Phornlaphatrachakorn, K. (2018). Strategic cost management and firm profitability: An empirical investigation of instant foods and convenience foods businesses in Thailand. International journal of business, 23(4), 357-371.

Phornlaphatrachakorn, K., & Na-Kalasindhu, K. (2020). Strategic management accounting and firm performance: evidence from finance businesses in Thailand. Journal of Asian Finance, Economics and Business, 7(8), 309-320. https://doi.org/10.13106/jafeb.2020.vol7.no8.309

Polit, D. & Beck, T. (2012). Nursing research: generating and assessing evidence for nursing practice, 9th ed. Philadelphia: Lippincott Williams & Wilkins.

Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in delivering business performance. International Journal of Production Economics, 171, 241-249. https://doi.org/10.1016/j.ijpe.2015.07.037

Quartey, S. H. (2019). Knowledge and sustainable competitive advantage of the Eyre Peninsula’s fishing industry in Australia. Knowledge and Process Management, 26(2), 86-97. https://doi.org/10.1002/kpm.1592

Rahab, R., Anwar, N., & Priyono, R. E. (2016). Effect of core competence on sustainable competitive advantages of Batik Banyumas Small and Medium Enterprises. Journal of Comparative International Management, 19(1), 19-34.

Rovinelli, R. J., & Hambleton, R. K. (1976). On the use of content specialists in the assessment of criterion-referenced test item validity. Available online: https://files.eric.ed.gov/fultlext/ED121845.pdf (accessed on 30 November 2022).

Saqib, Z. A., & Zhang, Q. (2021). Impact of sustainable practices on sustainable performance: the moderating role of supply chain visibility. Journal of Manufacturing Technology Management, 32(7), 1421-1443. https://doi.org/10.1108/jmtm-10-2020-0403

Sarstedt, M., Ringle, C. M., & Hair, J. F. (2021). Partial least squares structural equation modeling. In: Handbook of market research Cham: Springer International Publishing.

Simmonds, K., Cost, I. O., & Accountants, M. (1981). The Fundamentals of Strategic Management Accounting. Institute of Cost and Management Accountants. Available online: https://books.google.co.th/books?id=yJNjGQAACAAJ (accessed on 30 November 2022).

Stocker, F., Zanini, M. T., & Reis Irigaray, H. A. (2021). The role of multi-stakeholders in market orientation and sustainable performance. Marketing Intelligence & Planning, 39(8), 1091-1103. https://doi.org/10.1108/mip-05-2021-0157

Sugiyarti, L., & Asmilia, N. (2020). Managerial performance: The mediating role of strategy management accounting techniques on competitive advantage and organization performance. Economics and Accounting Journal, 3(2), 80-89. https://doi.org/10.32493/eaj.v3i2.y2020.p80-89

Sukumar, A., Jafari-Sadeghi, V., Garcia-Perez, A., & Dutta, D. K. (2020). The potential link between corporate innovations and corporate competitiveness: evidence from IT firms in the UK. Journal of Knowledge Management, 24(5), 965-983. https://doi.org/10.1108/jkm-10-2019-0590

Talaja, A., Miočević, D., Alfirević, N., & Pavičić, J. (2017). Market orientation, competitive advantage and business performance: Exploring the indirect effects. Drustvena istrazivanja, 26(4). https://doi.org/10.5559/di.26.4.07

Tenhiälä, A., & Laamanen, T. (2018). Right on the money? The contingent effects of strategic orientation and pay system design on firm performance. Strategic Management Journal, 39(13), 3408-3433. https://doi.org/10.1002/smj.2953

Thapayom, A. (2019). Strategic management accounting techniques and organizational sustainable performance: evidence from industrial estates in Rayong area, Thailand. Journal of Modern Management Science, 21(1), 51-74.

Thapayom, A. (2021). Strategic cost management as a valuable approach for achieving organizational sustainability: Evidence from industrial businesses in Rayong. Journal of Accounting Profession, 17(53), 98-125. https://doi.org/10.14456/jap.2021.5

Treacy, M., & Wiersema, F. (1995). How market leaders keep their edge. Fortune, 131(2), 52-57.

Turner, M. J., Way, S. A., Hodari, D., & Witteman, W. (2017). Hotel property performance: The role of strategic management accounting. International Journal of Hospitality Management, 63, 33-43. https://doi.org/10.1016/j.ijhm.2017.02.001

Valdiansyah, R. H., & Augustine, Y. (2021). Modeling of beyond budgeting, competitor accounting, transparency, competitive advantage, and organizational performance: The case of Indonesia SMEs. Technium Social Sciences Journal, 22, 334-349. https://doi.org/10.47577/tssj.v22i1.4333

Wajdi, F., & Arsjah, R. J. (2019). The influence of organizational capabilities, strategic management accounting on organizational performance mediated by competitive advantage in companies in Indonesia. Research Journal of Finance and Accounting, 10(22), 141-151. https://doi.org/10.7176/rjfa/10-22-17

Wongchaiya, S., & Pheunpha, P. (2018). The influences of business strategies and entrepreneur characteristics on the business success of Small and Medium Entreprises. Journal of the Association of Researchers, 23(2), 139-152.

YahiaMarzouk, Y., & Jin, J. (2022). Impact of environmental scanning on organizational resilience and competitive advantage: a study of Egyptian SMEs. Continuity & Resilience Review, 4(2), 192-223. https://doi.org/10.1108/crr-10-2021-0037

Yoshikuni, A. C., & Albertin, A. L. (2018). Effects of strategic information systems on competitive strategy and performance. International Journal of Productivity and Performance Management, 67(9), 2018-2045. https://doi.org/10.1108/ijppm-07-2017-0166

Yu, W., Chavez, R., Jacobs, M., Wong, C. Y., & Yuan, C. (2019). Environmental scanning, supply chain integration, responsiveness, and operational performance. International Journal of Operations & Production Management, 39(5), 787-814. https://doi.org/10.1108/ijopm-07-2018-0395

Yuan, Y., Lu, L. Y., Tian, G., & Yu, Y. (2018). Business strategy and corporate social responsibility. Journal of Business Ethics, 162(2), 359-377. https://doi.org/10.1007/s10551-018-3952-9