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Implementation of Integrated Management Systems and Corporate Social Responsibility Initiatives—A Romanian Hospitality Industry Perspective

Author

Listed:
  • George H. Ionescu

    (Department of Finance, Credit and Accounting, Romanian-American University, Bucharest 012101, Romania)

  • Daniela Firoiu

    (Department of Commerce, Economic Integration and Business Administration, Romanian-American University, Bucharest 012101, Romania)

  • Ramona Pîrvu

    (Department of Economics, Accounting and International Business, University of Craiova, Craiova 200585, Romania)

  • Roxana Bădîrcea

    (Department of Finance, Banking and Financial Analysis, University of Craiova, Craiova 200585, Romania)

  • Cristian Drăgan

    (Department of Economics, Accounting and International Business, University of Craiova, Craiova 200585, Romania)

Abstract

The growing market value of a company remains the main concern of the management, as well as of the shareholders. Implementing integrated management systems is not always easy and is not low-priced either, but the benefits to clients, management, employees, or shareholders are considerable. At the same time, the involvement of companies in corporate social responsibility activities represents a return of part of the benefits to the community, the benefits being found on multiple plans for all the stakeholders. Through this study, we aim to identify the effects of implementing integrated management systems and quantify the influence of corporate social responsibility initiatives on the market value of hospitality industry companies in Romania. Analyzing the results of the study demonstrates the existence of a direct correlation between the implementation of integrated management systems and the evolution of the economic performance of the companies. Also, the results reveal a positive correlation between the existence of corporate social responsibility initiatives and the increase of the market value of Romanian hotel industry companies.

Suggested Citation

  • George H. Ionescu & Daniela Firoiu & Ramona Pîrvu & Roxana Bădîrcea & Cristian Drăgan, 2018. "Implementation of Integrated Management Systems and Corporate Social Responsibility Initiatives—A Romanian Hospitality Industry Perspective," Sustainability, MDPI, vol. 10(10), pages 1-15, October.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:10:p:3684-:d:175612
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    References listed on IDEAS

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    Cited by:

    1. Abhishek Behl & P. S. Raghu Kumari & Harnesh Makhija & Dipasha Sharma, 2022. "Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: case of the Indian energy sector," Annals of Operations Research, Springer, vol. 313(1), pages 231-256, June.
    2. George H. Ionescu & Daniela Firoiu & Ramona Pîrvu & Marian Enescu & Mihai-Ionuț Rădoi & Teodor Marian Cojocaru, 2020. "The Potential for Innovation and Entrepreneurship in EU Countries in the Context of Sustainable Development," Sustainability, MDPI, vol. 12(18), pages 1-18, September.
    3. Claudia Gabriela Baicu & Iulia Monica Oehler-Sincai & Olimpia State & Delia Popescu, 2019. "Bioeconomy and Social Responsibility in The Sustainable Hotel Industry," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 21(52), pages 639-639, August.
    4. Daniela Firoiu & Ramona Pîrvu & Elena Jianu & Laura Mariana Cismaș & Sorin Tudor & Gabriela Lățea, 2022. "Digital Performance in EU Member States in the Context of the Transition to a Climate Neutral Economy," Sustainability, MDPI, vol. 14(6), pages 1-22, March.
    5. Angelo Presenza & Antonio Messeni Petruzzelli & Angelo Natalicchio, 2019. "Business Model Innovation for Sustainability. Highlights from the Tourism and Hospitality Industry," Sustainability, MDPI, vol. 11(1), pages 1-5, January.
    6. Jurčević, Marija, 2019. "The Analysis of the Process of Building an Integrated Management System," 7th International OFEL Conference on Governance, Management and Entrepreneurship: Embracing Diversity in Organisations (Dubrovnik, 2019), in: 7th International OFEL Conference on Governance, Management and Entrepreneurship: Embracing Diversity in Organisations. April 5th - 6th, 2019, Dubrovn, pages 381-390, Governance Research and Development Centre (CIRU), Zagreb.

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