Improving Hotels’ Operational Efficiency Through ESG Investment: A Risk Management Perspective

Published Online:https://doi.org/10.1287/serv.2023.0080

References

  • Agarwal P (2021) Shattered but smiling: Human resource management and the wellbeing of hotel employees during COVID-19. Internat. J. Hospitality Management 93:102765.CrossrefGoogle Scholar
  • Amel-Zadeh A, Serafeim G (2018) Why and how investors use ESG information: Evidence from a global survey. Financial Anal. J. 74(3):87–103.CrossrefGoogle Scholar
  • Arbelo A, Pérez-Gómez P, Arbelo-Pérez M (2017) Cost efficiency and its determinants in the hotel industry. Tourism Econom. 23(5):1056–1068.CrossrefGoogle Scholar
  • Assaf AG, Agbola FW (2011) Modelling the performance of Australian hotels: A DEA double bootstrap approach. Tourism Econom. 17(1):73–89.CrossrefGoogle Scholar
  • Assaf AG, Tsionas M (2018) Measuring hotel performance: Toward more rigorous evidence in both scope and methods. Tourism Management 69:69–87.CrossrefGoogle Scholar
  • Badunenko O, Henderson DJ, Kumbhakar SC (2012) When, where and how to perform efficiency estimation. J. Royal Statist. Soc. Ser. A 175(4):863–892.CrossrefGoogle Scholar
  • Banker RD, Charnes A, Cooper WW (1984) Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Sci. 30(9):1078–1092.LinkGoogle Scholar
  • Barnett ML (2007) Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Acad. Manage. Rev. 32(3):794–816.CrossrefGoogle Scholar
  • Barnett ML, Salomon RM (2006) Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance. Strategic Management J. 27(11):1101–1122.CrossrefGoogle Scholar
  • Barnett ML, Salomon RM (2012) Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management J. 33(11):1304–1320.CrossrefGoogle Scholar
  • Barros CP (2005) Measuring efficiency in the hotel sector. Ann. Tourism Res. 32(2):456–477.CrossrefGoogle Scholar
  • Barros CP, Botti L, Peypoch N, Robinot E, Solonandrasana B (2011) Performance of French destinations: Tourism attraction perspectives. Tourism Management 32(1):141–146.CrossrefGoogle Scholar
  • Boussofiane A, Dyson RG, Thanassoulis E (1991) Applied data envelopment analysis. European J. Oper. Res. 52(1):1–15.CrossrefGoogle Scholar
  • Buchanan B, Cao CX, Chen C (2018) Corporate social responsibility, firm value, and influential institutional ownership. J. Corporate Finance 52:73–95.CrossrefGoogle Scholar
  • Busulwa R, Pickering M, Mao I (2022) Digital transformation and hospitality management competencies: Toward an integrative framework. Internat. J. Hospitality Management 102:103132.CrossrefGoogle Scholar
  • Cardillo G, Bendinelli E, Torluccio G (2022) COVID‐19, ESG investing, and the resilience of more sustainable stocks: Evidence from European firms. Bus. Strategy Environ. 32(1):602–623.CrossrefGoogle Scholar
  • Chan J, Gao YL, McGinley S (2021) Updates in service standards in hotels: How COVID-19 changed operations. Internat. J. Contemporary Hospitality Management 33(5):1668–1687.CrossrefGoogle Scholar
  • Chen S, Chen HH, Zhang KQ, Xu XL (2018) A comprehensive theoretical framework for examining learning effects in green and conventionally managed hotels. J. Cleaner Production 174:1392–1399.CrossrefGoogle Scholar
  • Coelli TJ, Rao DSP, O’Donnell CJ, Battese GE (2005) An Introduction to Efficiency and Productivity Analysis (Springer Science & Business Media, New York).Google Scholar
  • Cullinane K, Ji P, Wang T (2005) The relationship between privatization and DEA estimates of efficiency in the container port industry. J. Econom. Bus. 57(5):433–462.CrossrefGoogle Scholar
  • Davahli MR, Karwowski W, Sonmez S, Apostolopoulos Y (2020) The hospitality industry in the face of the COVID-19 pandemic: Current topics and research methods. Internat. J. Environ. Res. Public Health. 17(20):7366.CrossrefGoogle Scholar
  • de Grosbois D (2012) Corporate social responsibility reporting by the global hotel industry: Commitment, initiatives and performance. Internat. J. Hospitality Management 31(3):896–905.CrossrefGoogle Scholar
  • Dyson RG, Allen R, Camanho AS, Podinovski VV, Sarrico CS, Shale EA (2001) Pitfalls and protocols in DEA. European J. Oper. Res. 132(2):245–259.CrossrefGoogle Scholar
  • Eccles RG, Ioannou I, Serafeim G (2014) The impact of corporate sustainability on organizational processes and performance. Management Sci. 60(11):2835–2857.LinkGoogle Scholar
  • Franco S, Caroli MG, Cappa F, Del Chiappa G (2020) Are you good enough? CSR, quality management and corporate financial performance in the hospitality industry. Internat. J. Hospitality Management 88:102395.CrossrefGoogle Scholar
  • Fernández MA, Becerra R (2015) An analysis of Spanish hotel efficiency. Cornell Hospitality Quart. 56(3):248–257.CrossrefGoogle Scholar
  • Garay L, Font X (2012) Doing good to do well? Corporate social responsibility reasons, practices and impacts in small and medium accommodation enterprises. Internat. J. Hospitality Management 31(2):329–337.CrossrefGoogle Scholar
  • Gillan SL, Koch A, Starks LT (2021) Firms and social responsibility: A review of ESG and CSR research in corporate finance. J. Corporate Finance 66:101889.CrossrefGoogle Scholar
  • Gloßner S (2019) Investor horizons, long-term blockholders, and corporate social responsibility. J. Banking Finance 103:78–97.CrossrefGoogle Scholar
  • Grewal J, Riedl EJ, Serafeim G (2019) Market reaction to mandatory nonfinancial disclosure. Management Sci. 65(7):3061–3084.LinkGoogle Scholar
  • Grönroos C, Ojasalo K (2004) Service productivity: Toward a conceptualization of the transformation of inputs into economic results in services. J. Bus. Res. 57(4):414–423.CrossrefGoogle Scholar
  • Hang M, Geyer‐Klingeberg J, Rathgeber AW (2019) It is merely a matter of time: A meta‐analysis of the causality between environmental performance and financial performance. Bus. Strategy Environ. 28(2):257–273.CrossrefGoogle Scholar
  • Harris P (2007) We the people: The importance of employees in the process of building customer experience. J. Brand Management 15(2):102–114.CrossrefGoogle Scholar
  • Haugland SA, Myrtveit I, Nygaard A (2007) Market orientation and performance in the service industry: A data envelopment analysis. J. Bus. Res. 60(11):1191–1197.CrossrefGoogle Scholar
  • Honma S, Hu JL (2012) Analyzing Japanese hotel efficiency. Tourism Hospitality Res. 12(3):155–167.CrossrefGoogle Scholar
  • Hu BA, Cai LA (2004) Hotel labor productivity assessment: A data envelopment analysis. J. Travel Tourism Marketing 16(2–3):27–38.CrossrefGoogle Scholar
  • Hu JL, Shieh HS, Huang CH, Chiu CN (2009) Cost efficiency of international tourist hotels in Taiwan: A data envelopment analysis application. Asia Pacific J. Tourism Res. 14(4):371–384.CrossrefGoogle Scholar
  • Huang Y, Mesak H, Hsu MK, Qu H (2012) Dynamic efficiency assessment of the Chinese hotel industry. J. Bus. Res. 65(1):59–67.CrossrefGoogle Scholar
  • Jiang Y, Wen J (2020) Effects of COVID-19 on hotel marketing and management: A perspective article. Internat. J. Contemporary Hospitality Management 32(8):2563–2573.CrossrefGoogle Scholar
  • Jung HS, Jung YS, Yoon HH (2021) COVID-19: The effects of job insecurity on the job engagement and turnover intent of deluxe hotel employees and the moderating role of generational characteristics. Internat. J. Hospitality Management 92:102703.CrossrefGoogle Scholar
  • Kilic H, Okumus F (2005) Factors influencing productivity in small island hotels: Evidence from Northern Cyprus. Internat. J. Contemporary Hospitality Management 17(4):315–331.CrossrefGoogle Scholar
  • Kim S (2011) Factor determinants of total factor productivity growth in the Malaysian hotel industry: A stochastic frontier approach. Cornell Hospitality Quart. 52(1):35–47.CrossrefGoogle Scholar
  • Kim C, Kang HJ, Chung K, Choi K (2021) COVID-19 and hotel productivity changes: An empirical analysis using Malmquist productivity index. Service Sci. 13(4):243–257.LinkGoogle Scholar
  • Kim HD, Kim T, Kim Y, Park K (2019) Do long-term institutional investors promote corporate social responsibility activities? J. Banking Finance 101:256–269.CrossrefGoogle Scholar
  • Kularatne T, Wilson C, Månsson J, Hoang V, Lee B (2019) Do environmentally sustainable practices make hotels more efficient? A study of major hotels in Sri Lanka. Tourism Management 71:213–225.CrossrefGoogle Scholar
  • Lee S, Park SY (2009) Do socially responsible activities help hotels and casinos achieve their financial goals? Internat. J. Hospitality Management 28(1):105–112.CrossrefGoogle Scholar
  • Margaritis D, Psillaki M (2007) Capital structure and firm efficiency. J. Bus. Finance Account. 34(9‐10):1447–1469.CrossrefGoogle Scholar
  • Mensah EA, Boakye, KA (2021) Conceptualizing post-COVID 19 tourism recovery: A three-step framework. Tourism Planning Development 20(1):37–61.CrossrefGoogle Scholar
  • Mok V, Yeung G, Han Z, Li Z (2007) Leverage, technical efficiency and profitability: An application of DEA to foreign-invested toy manufacturing firms in China. J. Contemporary China 16(51):259–274.CrossrefGoogle Scholar
  • Moneva JM, Bonilla-Priego MJ, Ortas E (2020) Corporate social responsibility and organisational performance in the tourism sector. J. Sustainable Tourism 28(6):853–872.CrossrefGoogle Scholar
  • Oukil A, Channouf N, Al-Zaidi A (2016) Performance evaluation of the hotel industry in an emerging tourism destination: The case of Oman. J. Hospitality Tourism Management 29:60–68.CrossrefGoogle Scholar
  • Pal D (2021) Socially responsible investment, ethical rating, and separating contracts: A theoretical exploration in hospitality industry. Internat. J. Hospitality Management 93:102771.CrossrefGoogle Scholar
  • Parte-Esteban L, Alberca-Oliver P (2015) Determinants of technical efficiency in the Spanish hotel industry: Regional and corporate performance factors. Current Issues Tourism 18(4):391–411.CrossrefGoogle Scholar
  • Peng H, Zhang J, Lu L, Tang G, Yan B, Xiao X, Han Y (2017) Eco-efficiency and its determinants at a tourism destination: A case study of Huangshan National Park, China. Tourism Management 60:201–211.CrossrefGoogle Scholar
  • Price Waterhouse Coopers (2021) Beyond compliance: Consumers and employees want business to do more on ESG How business can close the expectations gap. Accessed June 28, 2022, https://www.pwc.com/us/en/services/consulting/library/consumer-intelligence-series/consumer-and-employee-esg-expectations.html.Google Scholar
  • Pulina M, Santoni V (2018) A two-stage DEA approach to analyse the efficiency of the hospitality sector. Tourism Econom. 24(3):352–365.CrossrefGoogle Scholar
  • Radwan HR, Jones E, Minoli D (2012) Solid waste management in small hotels: A comparison of green and non-green small hotels in Wales. J. Sustainable Tourism 20(4):533–550.CrossrefGoogle Scholar
  • Refinitiv (2022) Environmental, Social and Governance (ESG) scores from Refinitiv. Accessed January 23, https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf.Google Scholar
  • Rodríguez FJG, Cruz YDMA (2007) Relation between social-environmental responsibility and performance in hotel firms. Internat. J. Hospitality Management 26(4):824–839.CrossrefGoogle Scholar
  • Saeidi SP, Sofian S, Saeidi P, Saeidi SP, Saaeidi SA (2015) How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. J. Bus. Res. 68(2):341–350.CrossrefGoogle Scholar
  • Sainaghi R, Baggio R, Phillips P, Mauri AG (2018) Hotel performance and research streams: A network cluster analysis. Internat. J. Contemporary Hospitality Management 32(2):425–462CrossrefGoogle Scholar
  • Scott D, Becken S (2010) Adapting to climate change and climate policy: Progress, problems and potentials. J. Sustainable Tourism 18(3):283–295.CrossrefGoogle Scholar
  • Simar L, Wilson PW (2000) Statistical inference in nonparametric frontier models: The state of the art. J. Productivity Anal. 13(1):49–78.CrossrefGoogle Scholar
  • Simar L, Wilson PW (2007) Estimation and inference in two-stage, semi-parametric models of production processes. J. Econometrics 136(1):31–64.CrossrefGoogle Scholar
  • Shin H, Sharma A, Nicolau JL, Kang J (2021) The impact of hotel CSR for strategic philanthropy on booking behavior and hotel performance during the COVID-19 pandemic. Tourism Management 85:104322.CrossrefGoogle Scholar
  • Su C-HJ, Chen CD (2020) Does sustainability index matter to the hospitality industry? Tourism Management 81:104158.CrossrefGoogle Scholar
  • Theodoulidis B, Diaz D, Crotto F, Rancati E (2017) Exploring corporate social responsibility and financial performance through stakeholder theory in the tourism industries. Tourism Management 62:173–188.CrossrefGoogle Scholar
  • Tobin J (1958) Estimation of relationships for limited dependent variables. Econometrica 26(1):24–36.CrossrefGoogle Scholar
  • Torres P, Augusto M (2021) Attention to social issues and CEO duality as enablers of resilience to exogenous shocks in the tourism industry. Tourism Management 87:104400.CrossrefGoogle Scholar
  • Tybout JR (2000) Manufacturing firms in developing countries: How well do they do, and why? J. Econom. Literature 38(1):11–44.CrossrefGoogle Scholar
  • Uyar A, Kilic M, Koseoglu MA, Kuzey C, Karaman AS (2020) The link among board characteristics, corporate social responsibility performance, and financial performance: Evidence from the hospitality and tourism industry. Tourism Management Perspect. 35:100714.CrossrefGoogle Scholar
  • Wang FC, Hung WT, Shang JK (2006) Measuring pure managerial efficiency of international tourist hotels in Taiwan. Service Indust. J. 26(1):59–71.CrossrefGoogle Scholar
  • Whitelock VG (2019) Multidimensional environmental social governance sustainability framework: Integration, using a purchasing, operations, and supply chain management context. Sustainable Development 27(9):923–931.CrossrefGoogle Scholar
  • World Tourism Organization (2018) UNWTO Annual Report 2017. Accessed July 6, 2022, https://www.e-unwto.org/doi/book/10.18111/9789284419807.Google Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.