Table 1:
Descriptive statistics of main variables in the study
| Variable | n | Average | STD | Median | Minimum | Maximum |
|---|---|---|---|---|---|---|
| MCERTi | 947 | 0.085 | 0.271 | 0.000 | 0.000 | 1.000 |
| ROSi | 947 | 0.071 | 1.198 | 0.192 | 11.000 | 13.293 |
| MCAPi | 947 | 139,941 | 132.374 | 93.000 | 11.000 | 1008.000 |
| MNSTi | 947 | 3.264 | 0.983 | 3.000 | 1.000 | 5.000 |
| MBRANDi | 947 | 0.325 | 0.461 | 0.000 | 0.000 | 1.000 |
[i] Note: 1) Variable definition: MCERT - average number of hotels with environmental certification in each hotel company; ROS - return on sales; MCAP - the average size (number of beds) of hotels in each hotel company; MNST - average number of stars of hotels in each hotel company; MBRAND - average number of affiliated hotels in each hotel company; STD – standard deviation.
Table 2:
Pearson correlation
| Variables | MCERTi | ROSi | MCAPi | MNSTi | MBRANDi |
|---|---|---|---|---|---|
| MCERTi | 1.000 | 0.031 | 0.143 | 0.152 | 0.127 |
| P-Value | 0.335 | <0.001 | <0.001 | <0.001 | |
| ROSi | 1.000 | 0.007 | 0.058 | 0.027 | |
| P-Value | 0.831 | 0.074 | 0.395 | ||
| MCAPi | 1.000 | 0.452 | 0.281 | ||
| P-Value | <0.001 | <0.001 | |||
| MNSTi | 1.000 | 0.229 | |||
| P-Value | <0.001 | ||||
| MBRANDi | 1.000 |
[i] Note: Variable definition is presented in Table 1.
Table 3:
Determinants of environmental certification
| Variable | Coefficient | Expected Sign | t Value | P-Value |
|---|---|---|---|---|
| Constant | −3.751 | +/− | −7.100 | <0.001 |
| ROSi | 0.092 | + | 0.930 | 0.352 |
| MCAPi | 0.001 | + | 1.720 | 0.085 |
| MNSTi | 0.574 | + | 2.940 | 0.003 |
| MBRANDi | 3.230 | + | 2.870 | 0.004 |
| Sigma | 1.570 | 10.590 | <0.001 | |
| Log Likelihood | −89.540 | |||
| AIC | 191.079 | |||
| Schwarz Criterion | 220.199 |
[i] Note: Variable definition is presented in Table 1.