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

Author

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  • Alexandros Garefalakis

    (Department of Business Administration and Tourism, Hellenic Mediterranean University, 714 10 Iraklio, Greece
    Department of Economics and Business, Neapolis University Pafos, Pafos 8042, Cyprus)

  • Filia Stratidaki

    (Department of Business Administration and Tourism, Hellenic Mediterranean University, 714 10 Iraklio, Greece)

  • Erasmia Angelaki

    (Department of Business Administration and Tourism, Hellenic Mediterranean University, 714 10 Iraklio, Greece)

  • Danai Antonaki

    (Department of Business Administration and Tourism, Hellenic Mediterranean University, 714 10 Iraklio, Greece)

  • Christos Papademetriou

    (Department of Economics and Business, Neapolis University Pafos, Pafos 8042, Cyprus)

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.

Suggested Citation

  • Alexandros Garefalakis & Filia Stratidaki & Erasmia Angelaki & Danai Antonaki & Christos Papademetriou, 2026. "Governance and Financial Outcomes of ESG Implementation in Tourism Enterprises: A Case Study from Greece," IJFS, MDPI, vol. 14(3), pages 1-27, March.
    • Handle: RePEc:gam:jijfss:v:14:y:2026:i:3:p:61-:d:1876537
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