The Impact Of Corporate Environmental Responsibility On Corporate Financial Performance In Hospitality Industry

At present,the world is facing severe environmental problems.With the awakening of the public,s awareness of environmental protection and the development and development of a low-carbon economy,environmental issues are receiving more and more attention.The environmental responsibility of enterprises is increasingly valued by the global practice and academic circles.However,the current researches on corporate environmental responsibility are dominated by manufacturing or polluting industries,and there are few studies on service enterprises such as tourism.In the academic field,corporate environmental responsibility has not yet attracted enough attention from tourism scholars,.Compared with manufacturing,the environmental responsibility of tourism has a fundamental difference.Because of its close connection with the environment and its connection with community residents,the tourism industry is more concerned by consumers and the public.In manufacturing,environmental responsibility is mainly affected by government regulations.The concept of green hotels and low-carbon hotels is becoming more and more known,and more hotels have begun to join the green and environmentally friendly team.It is becoming more and more common for hotel companies to fulfill their environmental responsibilities,and these behaviors have become more important for the operation of the hotel itself.The relationship between corporate social responsibility(CSR)and corporate financial performance(CFP)has always been a core issue in the field of corporate social responsibility research.At present,in the research industry,the research on corporate environmental responsibility mainly focuses on the secondary industries that consume resources and pollutes,such as manufacturing and energy,and are less involved in the service industry.The research on the relationship between corporate social responsibility and financial performance is mainly based on the overall social responsibility,and there is very little literature on subdividing into environmental responsibility.Most of the research on environmental responsibility is based on the analysis of carbon information disclosure or the measurement of environmental responsibility using a single indicator.There is no perfect environmental responsibility indicator system.Therefore,this paper empirically analyzes the relationship between corporate environmental responsibility and financial performance through the construction of environmental responsibility index system and the research on hotel industry.In the research object,this paper chooses the hotel industry as the research object.Through the analysis of the environmental responsibility performance of the hotel industry,it is found that the hotel industry is very different from the manufacturing industry in the practice of environmental responsibility.Due to the heavy dependence of tourism on the environment,tourism companies must shoulder a broader and deeper level of responsibility in relation to manufacturing enterprises to promote the development of sustainable tourism.The hotel industry is also one of the three pillar industries of tourism.in this way.In recent years,with the rise of green tourism,the protection of natural heritage and the protection of cultural heritage have been paid more and more attention.A large number of tourism enterprises have formulated their own sustainable tourism strategy and extensive publicity.At the same time,it is found that most of the environmental responsibility behaviors of the hotel industry are concentrated on projects related to their operating eosts,which may be a key factor affecting their financial performanee.In terms of research methods,this article selects 40 reports froru 11 hotel companies in 2013 from 2016 in the global top 100 hotels in the hotel industry through content analysis,and encodes the collected reports to analyze the hotel.The environmental responsibility of the industry fulfills the status quo,and the environmental responsibility scores of various hotel companies are obtained through the entropy method.It has made up for the shortcomings of the previous use of a single indicator in the study of environmental responsibility that cannot fully reflect the fulfillment of corporate social responsibility.As the hotel industry as a service industry,close contact with customers,along with the global consumer social awareness and the increasing willingness to participate in CSR activities,customers have an increasingly significant impact on the production methods and business activities of enterprises,and their social value creation in the enterprise The important role of the activity is also becoming more and more important.Most of the traditional researches do not pay enough attention to the positive promotion effect of customer participation on the effectiveness of CSR activities,and regard the enterprise as the sole social responsibility bearer,while ignoring the importance of the participation of stakeholders such as customers in CSR activities and enterprise value creation.Through empirical analysis,the following conclusions are drawn:(1)The fulfillment of environmental responsibility of hotel industry is positively related to the profitability of the enterprise.When the company assumes environmental responsibility,it also gains benefits from environmental performance,which promotes the improvement of corporate profitability.(2)There is a positive correlation between the fulfillment of social environmental responsibility and,the growth ability in hospitality industry.However,there is no significant relationship between the current environmental responsibility and the current growth capacity,or between the two lagging periods of environmental responsibility and the current growth ability.It is inevitable that enterprises need to invest a large amount of funds to fulfill their environmental responsibilities.Although it may increase costs in the short term,it can increase the competitiveness of enterprises and promote economic growth in the long run.The investment in hotel corporate environmental responsibility requires a certain amount of time to transform into the advantages of the company and promote the growth ability.(3)Customers participating in corporate environmental responsibility activities can improve the effectiveness of corporate environmental responsibility and promote corporate profitability.The participation of customers in CSR activities has enhanced the awareness of environmental protection,established a good corporate image,and contributed to the improvement of environmental responsibility activities.