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Financial Strength meets Sustainability: how Profitability and Company size elevate ESG Ratings in the Hospitality Industry Cover

Financial Strength meets Sustainability: how Profitability and Company size elevate ESG Ratings in the Hospitality Industry

European Journal of Tourism, Hospitality and Recreation
Volume 15 (2025): Issue 2 (December 2025)
By: ,   and    
Open Access
|Dec 2025
Figures & tables

Figures & Tables

Figure 1:

Thematic areas of ESG implementation in hospitality

Table 1:

Descriptive statistics

ESGMcapx1x2x3x4x5x6x7x8x9x10x11x12
Mean28.16209263153.72.420.72.813.30.10.20.00.23.61.3130.61.3
St. Error0.61524382351.70.416.90.21.40.00.00.00.10.70.256.20.1
Median28.12339305764.01.52.22.410.50.10.20.00.11.60.910.31.2
St. Dev.4.512099409816.82.9123.01.810.20.20.20.00.44.71.5413.30.7
Min.17.078240000.00.10.40.20.5-0.2-0.70.0-0.80.00.2-13.50.2
Max.38.171680000000.018.2899.09.772.01.10.70.11.920.410.22522.23.0
Count63.063.057.053.057.056.056.056.054.048.050.054.054.056.0
Table 2:

Correlation matrix

VariablesESGMcapx1x2x3x4x5x6x7x8x9x10x11x12
ESG1.000
Mcap-0.717
(0.000)		1.000
x1-0.084
(0.536)		0.132
(0.327)		1.000
x2-0.109
(0.439)		0.055
(0.696)		0.093
(0.509)		1.000
x3-0.304
(0.022)		0.263
(0.048)		0.521
(0.000)		0.198
(0.155)		1.000
x4-0.024
(0.862)		0.155
(0.255)		-0.028
(0.837)		0.061
(0.667)		0.241
(0.073)		1.000
x5-0.204
(0.132)		0.293
(0.029)		0.854
(0.000)		0.179
(0.203)		0.267
(0.046)		-0.259
(0.056)		1.000
x6-0.361
(0.006)		0.486
(0.000)		0.194
(0.152)		0.390
(0.004)		0.511
(0.000)		0.062
(0.652)		0.281
(0.036)		1.000
x7-0.315
(0.020)		0.315
(0.020)		0.124
(0.372)		0.362
(0.010)		0.508
(0.000)		-0.117
(0.405)		0.282
(0.038)		0.484
(0.000)		1.000
x8-0.313
(0.030)		0.132
(0.369)		0.096
(0.514)		0.818
(0.000)		0.163
(0.268)		-0.400
(0.005)		0.233
(0.111)		0.225
(0.123)		0.578
(0.000)		1.000
x9-0.034
(0.815)		0.019
(0.898)		-0.240
(0.101)		0.573
(0.000)		-0.035
(0.811)		0.234
(0.113)		-0.305
(0.035)		0.009
(0.950)		-0.017
(0.912)		0.351
(0.017)		1.000
x100.188
(0.173)		-0.148
(0.286)		0.679
(0.000)		-0.041
(0.779)		-0.198
(0.150)		-0.143
(0.307)		0.622
(0.000)		-0.134
(0.334)		-0.237
(0.085)		-0.122
(0.410)		-0.242
(0.106)		1.000
x110.199
(0.149)		-0.140
(0.313)		-0.063
(0.652)		-0.052
(0.721)		-0.170
(0.218)		-0.008
(0.954)		0.002
(0.991)		-0.079
(0.568)		-0.029
(0.838)		0.035
(0.820)		-0.136
(0.366)		-0.002
(0.992)		1.000
x12-0.012
(0.928)		0.058
(0.670)		-0.464
(0.000)		-0.006
(0.965)		-0.230
(0.088)		0.047
(0.734)		-0.462
(0.000)		-0.042
(0.756)		-0.080
(0.564)		0.057
(0.703)		0.617
(0.000)		-0.391
(0.004)		-0.313
(0.021)		1.000
Table 3:

Results of the estimated model

SourceSSdfMSNumber of obs=48
F(3, 44)=5.88
Model219.472967373.1576558Prob > F=0.0018
Residual547.8668244412.4515187R-squared=0.2860
Adj R-squared=0.2373
Total767.3397924716.3263785Root MSE=3.5287
ESGCoefficientStd. err.tP>|t|[95% conf. interval]
x3-1.4644170.4480518-3.270.002-2.367407-0.5614283
x744.9019623.096051.940.058-1.64507491.449
x8-4.442541.631259-2.720.009-7.730126-1.154953
_cons30.985111.19458925.940.00028.5775833.39265
Table 4:

Variance inflation factor

VariableVIF1/VIF
X71.670.597577
X81.510.664001
X31.140.873558
Table 5:

Results of the estimated model after the bootstrap method

SourceSSdfMSNumber of obs=48
Replications=1000
Model219.472967373.1576558Wald chi2(3)=17.18
Residual547.8668244412.4515187Prob > chi2=0.0006
R-squared= 0.2860
Total767.3397924716.3263785Adj R-squared=0.2373
Root MSE=3.5287
ESGCoefficientBootstrap std. err.tP>|t|[95% conf. interval]
x3-1.4644170.3656436-4.010.000-2.181066-0.7477691
x744.9019622.887341.960.0500.043600889.76032
x8-4.442542.527524-1.760.079-9.3963960.5113168
_cons30.985110.992510531.220.00029.0398332.9304
DOI: https://doi.org/10.2478/ejthr-2025-0019 | Journal eISSN: 2182-4924 | Journal ISSN: 2182-4916
Journal RSS Feed
Language: English
Page range: 267 - 279
Submitted on: Dec 18, 2024
Accepted on: Dec 4, 2025
Published on: Dec 31, 2025
Published by: Polytechnic Institute of Leiria
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year
Keywords:
Environmental,
social and governance criteria, hotel financial performance,
company size,
sustainability,
Sustainalytics
Related subjects:
Business and economics,
Business management,
Business management, other,
Industries,
Tourism, hospitality, travel,
Event industry, leisure industry,
Sports and recreation,
Sports and recreation, other

© 2025 Siniša Bogdan, Maja Nikšić Radić, Anđela Gajić, published by Polytechnic Institute of Leiria
This work is licensed under the Creative Commons Attribution 4.0 License.

Volume 15 (2025): Issue 2 (December 2025)
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