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.
Authors
- Christos Papademetriou (ORCID: https://orcid.org/0000-0002-7167-7786)
- Erasmia Angelaki (ORCID: https://orcid.org/0009-0006-1336-4315)
- Danai Antonaki
- Alexandros Garefalakis
- Filia Stratidaki
Institutions
- Hellenic Mediterranean University (GR)
- Neapolis University Pafos (CY)
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