Management Accounting Practices and Financial Performance of Hotel Business in Thailand: Are Contingency Theory Perspectives Still Relevant During the Covid-19 Pandemic?

Abstract

This study examines the impact of perceived uncertainty on management accounting practices (MAPs) and financial performance in Thai hotels during the COVID-19 pandemic. Using Generalized Structured Composite Analysis (GSCA), results show that uncertainty significantly influences MAP implementation, enhancing financial performance. MAPs partially mediate the relationship between uncertainty and performance, indicating their role in addressing uncertainty but not fully explaining performance outcomes. This research highlights that MAPs should be seen not just as reactive measures but as proactive tools for building resilience in dynamic environments, offering insights into contingency theory application.