IDEAS home Printed from https://ideas.repec.org/a/wly/ijfiec/v31y2026i2p1995-2011.html

Sustainability Performance and Corporate Risk: Evidence From the Tourism Industry

Author

Listed:
  • Omneya Abdelsalam
  • Antonios Chantziaras
  • Vassiliki Grougiou
  • Stergios Leventis
  • Nikolaos Tsileponis

Abstract

We investigate the impact of sustainability performance (Refinitiv Environmental, Social, and Governance [ESG] scores) on corporate risk (CR). We apply stakeholder theory and the resource‐based view to an international sample of 247 tourism firms from 2002 to 2018. We demonstrate a negative association between ESG and CR, which is more pronounced when pension funds act as the controlling shareholders. We reveal that tourism firms with stronger ESG performance have statistically and economically significantly less risk of volatile earnings and a lower probability of failure than their counterparts with poor ESG. Our findings are robust to endogeneity and model misspecification. Overall, we add new evidence suggesting that ESG generates value and concrete positive outcomes for tourism firms, an effect moderated by the identity of controlling shareholders.

Suggested Citation

  • Omneya Abdelsalam & Antonios Chantziaras & Vassiliki Grougiou & Stergios Leventis & Nikolaos Tsileponis, 2026. "Sustainability Performance and Corporate Risk: Evidence From the Tourism Industry," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(2), pages 1995-2011, April.
    • Handle: RePEc:wly:ijfiec:v:31:y:2026:i:2:p:1995-2011
    DOI: 10.1002/ijfe.70027
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/ijfe.70027
    Download Restriction: no
    File URL: https://libkey.io/10.1002/ijfe.70027?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:ijfiec:v:31:y:2026:i:2:p:1995-2011. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.interscience.wiley.com/jpages/1076-9307/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.