## 4 Empirical Analysis  
### Screening of Influencing Factors for Model Input  
For this research, the SEM-VALTM model was developed by specifying three latent variables: economic, social, and environmental variables. In selecting the indicators to serve as the observed variables for explaining each latent variable in this model, indicators have been utilized based on Thailand's national policies, which have guided the country's management in the areas of the economy, society, and environment from the past to the present. For constructing the SEM-VALTM model, secondary data from 1990 to 2024 were employed. These data were sourced from government agencies responsible for data collection to determine the indicators. Each agency was required to prepare information under its jurisdiction in accordance with the sustainability policy. The indicators were assigned rates standardized to a common unit, enabling the data to be used for research, further studies, and as critical information for policy and planning decisions in Thailand. The indicators were designed to support the formulation of strategies and administrative plans for the country in the short, medium, and long term. This ensures the data are used accurately and appropriately. By standardizing the units of measurement for all indicators, the results of any calculations derived from the data are ensured to be as accurate and reliable as possible. For this research, the indicators were prepared as observed variables for each latent variable, as follows:  
1. Economic Sector: The organization responsible for preparing and collecting the data is the Office of the National Economic and Social Development Council (NESDC). In this research, the following indicators have been utilized: the industrial structure rate \((IN)\); per capita GDP rate \((Y)\); qual foreign tourist rate \((Ft)\); urbanization rate \((Ur)\); indirect foreign investment rate \((If)\); total exports rate \((E-M)\); and government expenditure rate \((Ge)\). 2. Social Sector: The organizations responsible for preparing and collecting the data are the National Statistical Office and the Ministry of Information and Communication Technology. In this research, the following indicators have been utilized: the consumer protection rate \((Sc)\); social security rate \((Se)\); employment rate \((Es)\); and health and illness rate \((Hr)\). 3. Environmental Sector: The organization responsible for preparing and collecting the data is the Department of Alternative Energy Development and Efficiency. In this research, the following indicators have been utilized: the consumption rate \((Ee)\); green technology rate \((Eg)\); renewable energy rate \((Ei)\); and carbon dioxide emissions \((CO_{2})\). Thailand has established a national strategy that includes the formulation of a sustainability policy. Under this policy, three key organizations have been designated to collect and prepare indicator data. These three agencies are responsible for compiling the data and calculating the rates as specified. This ensures that the data related to the economy, society, and environment are standardized and utilize consistent units across all domains. Such data have been designated for use in developing various models. In the past, Thailand has utilized these data in models such as the ANN model, MARP model, GB model, Gray model, and ARIMAX model. Accordingly, this research employs secondary data, designated as reliable and appropriate indicators, to develop the SEM-VALTM model. This model is designed to analyze the influence of relationships and to facilitate forecasting for future applications. For the SEM-VALTM model, the researcher selected only stationary indicators.