Governance and Financial Outcomes of ESG Implementation in Tourism Enterprises: A Case Study from Greece

This study investigates the financial and strategic implications of ESG implementation in the hotel sector, focusing on cost structures, stakeholder engagement, and risk-related outcomes. Empirical evidence remains limited in tourism-intensive economies, particularly regarding operational practices. Using a mixed-methods approach, we combine survey data from hotel managers in Crete, Greece, with a case study of a leading hotel enterprise. The findings reveal that environmental initiatives require substantial investment but can lead to operational efficiencies and regulatory alignment. Social and governance practices, while less capital intensive, play a key role in internal stakeholder trust. The study concludes that the integration of ESG into measurable key performance indicators, when strategically aligned with corporate objectives, contributes to long-term financial viability. These insights reinforce ESG’s growing role in enhancing resilience and governance effectiveness within the hospitality sector.

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Publication Details

Journal
International Journal of Financial Studies
Published
2026-03-03
DOI
https://doi.org/10.3390/ijfs14030061
Primary Topic
Environmental Sustainability in Business
Type
article
Field-Weighted Citation Impact
0.00
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article

Governance and Financial Outcomes of ESG Implementation in Tourism Enterprises: A Case Study from Greece

Christos Papademetriou, Erasmia Angelaki, Danai Antonaki, Alexandros Garefalakis et al.
International Journal of Financial Studies
Environmental Sustainability in Business
article

Governance and Financial Outcomes of ESG Implementation in Tourism Enterprises: A Case Study from Greece

Christos Papademetriou, Erasmia Angelaki, Danai Antonaki, Alexandros Garefalakis, Filia Stratidaki
article en

Abstract

This study investigates the financial and strategic implications of ESG implementation in the hotel sector, focusing on cost structures, stakeholder engagement, and risk-related outcomes. Empirical evidence remains limited in tourism-intensive economies, particularly regarding operational practices. Using a mixed-methods approach, we combine survey data from hotel managers in Crete, Greece, with a case study of a leading hotel enterprise. The findings reveal that environmental initiatives require substantial investment but can lead to operational efficiencies and regulatory alignment. Social and governance practices, while less capital intensive, play a key role in internal stakeholder trust. The study concludes that the integration of ESG into measurable key performance indicators, when strategically aligned with corporate objectives, contributes to long-term financial viability. These insights reinforce ESG’s growing role in enhancing resilience and governance effectiveness within the hospitality sector.

International Journal of Financial StudiesVol. 14(3)
Hellenic Mediterranean University (GR), Neapolis University Pafos (CY)
Decent work and economic growth
Openalex Percentile: Top 45%
Environmental Sustainability in Business
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Governance and Financial Outcomes of ESG Implementation in Tourism Enterprises: A Case Study from Greece — Christos Papademetriou, Erasmia Angelaki, et al. · International Journal of Financial Studies (2026) | TGRS Research Map | TGRS