Environmental, social, and governance (ESG) measurement in the tourism and hospitality industry: views from a developing country

References

• Argote, L., Lee, S., & Park, J. (2021). Organizational learning processes and outcomes: Major findings and future research directions. Management Science, 67(9), 5399–5429. https://doi.org/10.1287/mnsc.2020.3693
   Web of Science ®Google Scholar
• Armstrong, A. (2020). Ethics and ESG. Australasian Accounting Business & Finance Journal, 14(3), 6–17. https://doi.org/10.14453/aabfj.v14i3.2
   Web of Science ®Google Scholar
• Bae, J. H. (2022). Developing ESG evaluation guidelines for the tourism sector: With a focus on the hotel industry. Sustainability, 14(24), 16474. https://doi.org/10.3390/su142416474
   Web of Science ®Google Scholar
• Bansal, P. (., Smith, W. K., & Vaara, E. (2018). New ways of seeing through qualitative research. Academy of Management Journal, 61(4), 1189–1195. https://doi.org/10.5465/amj.2018.4004
   Web of Science ®Google Scholar
• Berbekova, A., Uysal, M., & Assaf, A. G. (2021). A thematic analysis of crisis management in tourism: A theoretical perspective. Tourism Management, 86, 104342. https://doi.org/10.1016/j.tourman.2021.104342
   Web of Science ®Google Scholar
• Bernardi, C., & Stark, A. W. (2018). Environmental, social and governance disclosure, integrated reporting, and the accuracy of analyst forecasts. The British Accounting Review, 50(1), 16–31. https://doi.org/10.1016/j.bar.2016.10.001
   Web of Science ®Google Scholar
• Bhalla, R., Chowdhary, N., & Ranjan, A. (2021). Spiritual tourism for psychotherapeutic healing post COVID-19. Journal of Travel & Tourism Marketing, 38(8), 769–781. https://doi.org/10.1080/10548408.2021.1930630
   Web of Science ®Google Scholar
• Bodhanwala, S., & Bodhanwala, R. (2021). Exploring relationship between sustainability and firm performance in travel and tourism industry: A global evidence. Social Responsibility Journal, 18(7), 1251–1269. https://doi.org/10.1108/SRJ-09-2020-0360
   Web of Science ®Google Scholar
• Brandl, K., Darendeli, I., & Mudambi, R. (2019). Foreign actors and intellectual property protection regulations in developing countries. Journal of International Business Studies, 50(5), 826–846. https://doi.org/10.1057/s41267-018-0172-6
   Web of Science ®Google Scholar
• Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
   Google Scholar
• Braun, V., & Clarke, V. (2021). Can I use TA? Should I use TA? Should I not use TA? Comparing reflexive thematic analysis and other pattern-based qualitative analytic approaches. Counselling and Psychotherapy Research, 21(1), 37–47. https://doi.org/10.1002/capr.12360
   Web of Science ®Google Scholar
• Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716. https://doi.org/10.1016/j.frl.2020.101716
   PubMed Web of Science ®Google Scholar
• Buallay, A., Al-Ajmi, J., & Barone, E. (2021). Sustainability engagement’s impact on tourism sector performance: Linear and nonlinear models. Journal of Organizational Change Management. https://doi.org/10.1108/JOCM-10-2020-0308
   Web of Science ®Google Scholar
• Çakar, K. (2018). Critical success factors for tourist destination governance in times of crisis: A case study of Antalya, Turkey. Journal of Travel & Tourism Marketing, 35(6), 786–802. https://doi.org/10.1080/10548408.2017.1421495
   Web of Science ®Google Scholar
• Çakar, K., & Uzut, İ. (2020). Exploring the stakeholder’s role in sustainable degrowth within the context of tourist destination governance: The case of Istanbul, Turkey. Journal of Travel & Tourism Marketing, 37(8–9), 917–932. https://doi.org/10.1080/10548408.2020.1782307
   Web of Science ®Google Scholar
• Camilleri, M. A. (2018). The tourism industry: An overview. Travel Marketing, Tourism Economics and the Airline Product, Tourism, Hospitality & Event Management. Springer, Cham. https://doi.org/10.1007/978-3-319-49849-2_1
   Google Scholar
• Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance? Journal of Business Economics and Management, 21(4), 1165–1184. https://doi.org/10.3846/jbem.2020.12725
   Web of Science ®Google Scholar
• Chen, C. D., Su, C. H. J., & Chen, M. H. (2022a). Are ESG-committed hotels financially resilient to the COVID-19 pandemic? An autoregressive jump intensity trend model. Tourism Management, 104581, 104581. https://doi.org/10.1016/j.tourman.2022.104581
   Google Scholar
• Chen, C. D., Su, C. H. J., & Chen, M. H. (2022b). Understanding how ESG-focused airlines reduce the impact of the COVID-19 pandemic on stock returns. Journal of Air Transport Management, 102, 102229. https://doi.org/10.1016/j.jairtraman.2022.102229
   PubMed Web of Science ®Google Scholar
• China Enterprise Reform and Development Society. (2022). Corporate ESG Disclosure Guidelines. https://www.ttbz.org.cn/StandardManage/Detail/66613
   Google Scholar
• Choi, K., Wang, Y., & Sparks, B. (2019). Travel app users’ continued use intentions: It’s a matter of value and trust. Journal of Travel & Tourism Marketing, 36(1), 131–143. https://doi.org/10.1080/10548408.2018.1505580
   Web of Science ®Google Scholar
• Chua, B. L., & Han, H. (2022). Green hotels: The state of green hotel research and future prospects. Journal of Travel & Tourism Marketing, 39(5), 465–483. https://doi.org/10.1080/10548408.2022.2136329
   Web of Science ®Google Scholar
• Cormier, D., & Magnan, M. (2003). Environmental reporting management: A continental European perspective. Journal of Accounting and Public Policy, 22(1), 43–62. https://doi.org/10.1016/S0278-4254(02)00085-6
   Google Scholar
• Crifo, P., Forget, V. D., & Teyssier, S. (2015). The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors. Journal of Corporate Finance, 30, 168–194. https://doi.org/10.1016/j.jcorpfin.2014.12.006
   Web of Science ®Google Scholar
• Dagiliene, L. (2010). The research of corporate social responsibility disclosures in annual reports. Inžinerinė ekonomika, 21(2), 197–204.
   Web of Science ®Google Scholar
• Darnall, N., Ji, H., Iwata, K. & Arimura, T. H. (2022). Do ESG reporting guidelines and verifications enhance firms' information disclosure? Corporate Social Responsibility & Environmental Management, 29(5), 1214–1230. https://doi.org/10.1002/csr.2265
   Web of Science ®Google Scholar
• de Grosbois, D., & Fennell, D. A. (2022). Determinants of climate change disclosure practices of global hotel companies: Application of institutional and stakeholder theories. Tourism Management, 88, 104404. https://doi.org/10.1016/j.tourman.2021.104404
   Web of Science ®Google Scholar
• Dorfleitner, G., Halbritter, G., & Nguyen, M. (2015). Measuring the level and risk of corporate responsibility–an empirical comparison of different ESG rating approaches. Journal of Asset Management, 16(7), 450–466. https://doi.org/10.1057/jam.2015.31
   Web of Science ®Google Scholar
• Drieger, P. (2013). Semantic network analysis as a method for visual text analytics. Procedia-Social and Behavioral Sciences, 79, 4–17. https://doi.org/10.1016/j.sbspro.2013.05.053
   Google Scholar
• Elshaer, A. M. (2019). Labor in the tourism and hospitality industry: Skills, ethics, issues, and rights. CRC Press.
   Google Scholar
• Fairchild, R., Guney, Y., & Thanatawee, Y. (2014). Corporate dividend policy in Thailand: Theory and evidence. International Review of Financial Analysis, 31, 129–151. https://doi.org/10.1016/j.irfa.2013.10.006
   Web of Science ®Google Scholar
• Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
   Web of Science ®Google Scholar
• Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art.
   Google Scholar
• Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
   Google Scholar
• FSB. (2017). Recommendations of the task force on climate-related financial disclosures. Retrieved June 29, 2017, from https://www.fsb.org/2017/06/recommendations-of-the-task-force-on-climate-related-financial-disclosures-2/
   Google Scholar
• Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135–147. https://doi.org/10.1016/j.jclepro.2017.02.180
   Web of Science ®Google Scholar
• Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
   Web of Science ®Google Scholar
• Goldman Sachs.Goldman Sachs Environmental Policy: 2006 Year-End Report. (2006). Retrieved December , 2006, from https://www.goldmansachs.com/citizenship/sustainability-reporting/env-report-2006.pdf
   Google Scholar
• GRI. GRI Universal Standards. (2021). Frequently Asked Questions (FAQs). Retrieved December , 2022, from https://www.globalreporting.org/media/wtaf14tw/a-short-introduction-to-the-gri-standards.pdf
   Google Scholar
• Groysberg, B., Healy, P., Nohria, N., & Serafeim, G. (2011). What factors drive analyst forecasts? Financial Analysts Journal, 67(4), 18–29. https://doi.org/10.2469/faj.v67.n4.4
   Web of Science ®Google Scholar
• Gupta, P. (2021). Understanding and adopting ESG–an overview part I: The evolution of ESG from CSR.
   Google Scholar
• Han, H., Yu, J., Lee, K. S., & Baek, H. (2020). Impact of corporate social responsibilities on customer responses and brand choices. Journal of Travel & Tourism Marketing, 37(3), 302–316. https://doi.org/10.1080/10548408.2020.1746731
   Web of Science ®Google Scholar
• Harper, D., & Thompson, A. (2011). Qualitative research Methods in Mental Health and Psychotherap^y (1st ed.). John Wiley & Sons, Ltd. https://doi.org/10.1002/9781119973249
   Google Scholar
• Huang, D. Z. (2021). Environmental, social and governance (ESG) activity and firm performance: A review and consolidation. Accounting & Finance, 61(1), 335–360. https://doi.org/10.1111/acfi.12569
   Web of Science ®Google Scholar
• IFRS. Exposure draft on IFRS S1 general requirements for disclosure of sustainability-related financial information. Retrieved March 31, 2022, from https://www.ifrs.org/content/dam/ifrs/project/general-sustainability-related-disclosures/exposure-draft-ifrs-s1-general-requirements-for-disclosure-of-sustainability-related-financial-information.pdf
   Google Scholar
• IFRS Annual Report. (2018).Retrieved November 22, 2019, from https://www.sasb.org/wp-content/uploads/2019/11/SASB-Annual-Report-2018-w.pdf
   Google Scholar
• Ionescu, G. H., Firoiu, D., Pirvu, R., & Vilag, R. D. (2019). The impact of ESG factors on market value of companies from travel and tourism industry. Technological and Economic Development of Economy, 25(5), 820–849. https://doi.org/10.3846/tede.2019.10294
   Web of Science ®Google Scholar
• Jørgensen, M. T., & McKercher, B. (2019). Sustainability and integration–the principal challenges to tourism and tourism research. Journal of Travel & Tourism Marketing, 36(8), 905–916. https://doi.org/10.1080/10548408.2019.1657054
   Web of Science ®Google Scholar
• Kim, B., & Lee, S. (2020). The impact of material and immaterial sustainability on firm performance: The moderating role of franchising strategy. Tourism Management, 77, 103999. https://doi.org/10.1016/j.tourman.2019.103999
   Web of Science ®Google Scholar
• Krippendorff, K. (2018). Content analysis: An introduction to its methodology. Sage publications.
   Google Scholar
• Kumar, S., Baag, P. K., & SK, V. (2021). Impact of ESG integration on equity performance between developed and developing economy: Evidence from S and P 500 and NIFTY 50. The Empirical Economics Letters, 20(4), 01–16.
   Google Scholar
• Leiper, N. (1979). The framework of tourism: Towards a definition of tourism, tourist, and the tourist industry. Annals of Tourism Research, 6(4), 390–407. https://doi.org/10.1016/0160-7383(79)90003-3
   Google Scholar
• Li, T. T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663. https://doi.org/10.3390/su132111663
   Web of Science ®Google Scholar
• Martin, P. R., & Moser, D. V. (2016). Managers’ green investment disclosures and investors’ reaction. Journal of Accounting and Economics, 61(1), 239–254. https://doi.org/10.1016/j.jacceco.2015.08.004
   Web of Science ®Google Scholar
• Matos, P. (2020). ESG and responsible institutional investing around the world: A critical review. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3668998
   Google Scholar
• McKercher, B. (1993). Some fundamental truths about tourism: Understanding tourism’s social and environmental impacts. Journal of Sustainable Tourism, 1(1), 6–16. https://doi.org/10.1080/09669589309450697
   Google Scholar
• PRI. (2019) Policy, structure and process. Retrieved October 15, 2019 from https://www.unpri.org/download?ac=10224
   Google Scholar
• Quan, L., Kim, J. J., & Han, H. (2022). Customer views on comprehensive green hotel selection attributes and analysis of importance-performance. Journal of Travel & Tourism Marketing, 39(6), 535–554. https://doi.org/10.1080/10548408.2022.2162657
   Web of Science ®Google Scholar
• Rhou, Y., & Singal, M. (2020). A review of the business case for CSR in the hospitality industry. International Journal of Hospitality Management, 84, 102330. https://doi.org/10.1016/j.ijhm.2019.102330
   Web of Science ®Google Scholar
• Siegel, L. A., & Wang, D. (2019). Keeping up with the joneses: Emergence of travel as a form of social comparison among millennials. Journal of Travel & Tourism Marketing, 36(2), 159–175. https://doi.org/10.1080/10548408.2018.1499579
   Web of Science ®Google Scholar
• Singal, M. (2015). How is the hospitality and tourism industry different? An empirical test of some structural characteristics. International Journal of Hospitality Management, 47, 116–119. https://doi.org/10.1016/j.ijhm.2015.03.006
   Web of Science ®Google Scholar
• Singhania, M., & Saini, N. (2023). Institutional framework of ESG disclosures: Comparative analysis of developed and developing countries. Journal of Sustainable Finance & Investment, 13(1) , 1–44. https://doi.org/10.1080/20430795.2021.1964810
   Web of Science ®Google Scholar
• Stanley, M. (2019). Sustainable signals: Individual investor interest driven by impact, conviction and choice. Morgan Stanley Institute for Sustainable Investing.
   Google Scholar
• Su, C. H. J., & Chen, C. D. (2020). Does sustainability index matter to the hospitality industry? Tourism Management, 81, 104158. https://doi.org/10.1016/j.tourman.2020.104158
   Web of Science ®Google 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. https://doi.org/10.1016/j.tourman.2017.03.018
   Web of Science ®Google Scholar
• Theyel, G. (2000). Management practices for environmental innovation and performance. International Journal of Operations & Production Management, 20(2), 249–266. https://doi.org/10.1108/01443570010304288
   Web of Science ®Google Scholar
• Trang, H. L. T., Lee, J. S., & Han, H. (2019). How do green attributes elicit pro-environmental behaviors in guests? The case of green hotels in Vietnam. Journal of Travel & Tourism Marketing, 36(1), 14–28. https://doi.org/10.1080/10548408.2018.1486782
   Web of Science ®Google Scholar
• UN Global Compat. (2021). ESG Report (2020). Retrieved June 17, 2021 from https://canacolenergy.com/site/assets/files/2808/sustainability_report_2020.pdf
   Google Scholar
• Velte, P. (2016). Sustainable management compensation and ESG performance–the German case. Problems and Perspectives in Management, 14(4), 17–24. https://doi.org/10.21511/ppm.14(4).2016.02
   Google Scholar
• Walters, T. (2016). Using thematic analysis in tourism research: Ingenta connect. Tourism Analysis, 21(1), 6. https://doi.org/10.3727/108354216X14537459509017
   Google Scholar
• Wilburn, K., & Wilburn, R. (2020). ESG reporting using UN sustainable development goals. Journal of Strategic Innovation and Sustainability, 15(2), 109–128.
   Google Scholar
• Yeon, J., Song, H. J., Yu, H. C., Vaughan, Y., & Lee, S. (2021). Are socially responsible firms in the US tourism and hospitality industry better off during COVID-19? Tourism Management, 85, 104321. https://doi.org/10.1016/j.tourman.2021.104321
   PubMed Web of Science ®Google Scholar