The Impact of the CSRD on Managerial Strategies and Sustainable Competitive Advantages in the Tourism Industry

The paper investigates the relationship between ESG transparency/performance and financial performance in tourism, with a focus on profitability (ROA), capital structure (D/E), and cost of capital (WACC). The empirical analysis uses a 2019–2024 panel for 10 listed tourism companies—Booking Holdings, Expedia Group, Airbnb, Marriott International, Hilton Worldwide, Hyatt Hotels, InterContinental Hotels Group, Wyndham Hotels & Resorts, TUI Group, and Carnival Corporation—covering distinct sub-sectors (OTA/Platform, Hotels, Tour Operator, Cruise). The study is based on a quantitative methodology that includes descriptive analyses and the application of advanced econometric models. Methodologically, the paper applies panel econometric models with fixed effects (firm and year), sectoral controls and robustness tests (ESG × Sector interactions, alternative size specifications). The results indicate, on average, a positive association between ESG and profitability (ROA) scores, as well as a negative relationship with WACC (indicating a lower cost of capital for firms with higher ESG), after controlling for size, country and sector. The effects are heterogeneous across sub-sectors, with the ESG–performance relationship more pronounced in hotels (where capital intensity and operational exposure are higher) and less pronounced for OTA platforms, but remain directional and statistically significant in most specifications. Overall, ESG compliance and performance emerge not only as reporting obligations, but also as strategic tools associated with sustainable competitive advantage in tourism. Therefore, the CSRD is not just a reporting obligation, but also a strategic tool that boosts financial performance and managerial innovation. The study provides directions for future research on the use of artificial intelligence in the evaluation of ESG reporting and the expansion of the analysis to other economic branches.