Analysis of risk opportunities in operating the Thai homestay business in compliance with ESG concepts.

This research aims to study the potential business risks for Thai homestays that do not operate according to Thai Homestay Standards which are aligned with ESG concepts, and to study management and development approaches for Thai homestay businesses to align with ESG principles. The research is mixedmethods, combining qualitative and quantitative research, to analyze customer expectations regarding homestay businesses aligned with ESG concepts and the business operations of the best operators according to ESG concepts. The qualitative research used interviews with 3 homestay business operators in Nong Khai province certified with the Thai Homestay Standard. The quantitative research used questionnaires from a sample of Thai tourists with experience or interest in staying at homestays nationwide, sampled proportionally to the number of Thai Standard certified homestays in each region. Data was collected between February - March 2568 [2025]. Data was analyzed using the mean, percentage, standard deviation, and Confirmatory Factor Analysis (CFA). The results of the analysis of potential business risks for Thai homestays that do not operate according to Thai Homestay Standards which are aligned with ESG concepts show that homestays operating according to the Thai Homestay Standard conduct business efficiently and have low risk, consistent with customer expectations regarding the Social (S) and Environmental (E) aspects, with values of 0.90 and 0.87 respectively. Although the Governance (G) aspect did not align with customer expectations, with a value of 0.21, it still indicated efficient business operations and low risk. However, the sustainable growth of the Thai homestay business requires effective risk management alongside sustainable development.