Coping with hypercompetition in the financial services industry in Thailand: environmental scanning practices of leaders and followers

The research on medium‐sized finance companies in Thailand shows that companies with well‐organized and managed environmental scanning practices are recovering from the impact of the 1997 financial crisis and are able to respond to the hypercompetitive market context. The industry leaders and followers show two distinct approaches in responding to business environment. The industry leaders focus on short‐ and long‐term horizons, look at a broader set of factors, are able to influence and better foresee changes in the environment and respond towards these movements more pragmatically. The industry followers are slow in capturing changes in the business environment, do not influence industry regulations and can only comply once the policies are handed out by the regulators. The leaders have managed to overcome the debt burden and are looking forward. The followers have to devote attention to cleaning up the past.