Determinants of climate change disclosure practices of global hotel companies: Application of institutional and stakeholder theories

Grosbois, Danuta de; Fennell, David A.

doi:10.1016/j.tourman.2021.104404

Cited by 47 publications

(34 citation statements)

References 95 publications

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“…Hotel carbon emissions are expected to rise at a 3.2 percent annual rate, reaching 728 Mt CO 2 by 2035 [ 46 ]. As a direct result of this, hotels are required to reduce their emissions of greenhouse gases by 66% by the year 2030 and by 90% by the year 2050 [ 47 ]. Understandably, climate change is expected to have negative consequences on the performance and competitiveness of hotels [ 48 ].…”

Section: Theoretical Frameworkmentioning

confidence: 99%

Are Coastal Hotels Ready for Climate Change? The Case of Alexandria, Egypt

Kamar

Aliane

Elbestawi

et al. 2023

IJERPH

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Climate change casts a shadow on the tourism industry in Egypt in general, and on coastal hotels in particular, as the coastal areas of Egypt have been classified as the most vulnerable to climate change in the Middle East. As such, mitigating the negative impacts and threats of climate change requires an assessment of the vulnerability of coastal hotels and the extent to which adaptation measures are applied. Accordingly, this study applied a hybrid methodology to achieve three main objectives. First, to evaluate Alexandria’s vulnerability to future climate change (at the destination level) by analyzing the recent climatic trends and expected scenarios. Second, to assess the vulnerability of Alexandria’s coastal hotels to climate change (sector level) using satellite images, aerial mapping, remote sensing, and geographic information systems (GIS). Third, to explore how coastal hotels are adapting to the risks of climate change using the four business-focused adaptation measures (i.e., technical, managerial, policies, and awareness-raising). The findings of the study revealed and confirmed that the hotel sector in Alexandria is threatened by sea level rise (SLR). Four hotels are at risk of inundation, and the extent of hotels at risk will increase with future scenarios of SLR. On the other hand, the results of examining the adaptation measures of 36 hotels indicated that the scope of the adaptation measures differed significantly between hotels due to factors such as hotel category, size, duration of operation, and EMS status, but overall, the scope of application was more comprehensive and varied than expected. Technical adaptation measures were the most common and applied by the majority of hotels in Alexandria. The results of this study should help figure out what adaptation measures coastal hotels should take and show policymakers where they should focus their adaptation efforts.

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Section: Theoretical Frameworkmentioning

confidence: 99%

Are Coastal Hotels Ready for Climate Change? The Case of Alexandria, Egypt

Kamar

Aliane

Elbestawi

et al. 2023

IJERPH

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“…The GRI guidelines were introduced in 2000 and were revised continuously to provide a standardized framework and to ensure the comparability and consistency of the global reporting [11]. This framework's popularity has grown significantly and can be viewed as the most widely adopted reporting framework currently [16].…”

Section: Gri Adoptionmentioning

confidence: 99%

“…Furthermore, stakeholders call upon firms to assume additional responsibilities for the benefit of the community and environment, generating in the hotel industry a gradual adoption of corporate social responsibility (CSR) practices [10]. Global carbon reporting frameworks and guidelines were developed to facilitate measurement and reporting processes, such as the Global Reporting Initiative (GRI), which together with a growing number of academic studies, has resulted in a considerable number of companies reporting their climate change performance [11].…”

Section: Introductionmentioning

confidence: 99%

Energy Use and Its Key Factors in Hotel Chains

2022

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Hotel chains are reported as one of the most energy-intensive sectors and a growing number of international studies on this theme have been developed. This research aims to understand energy use and some of its key factors in hotel chains worldwide. Data were collected on variables related to previous research and those present in the Global Reporting Initiative (GRI) framework. The sample was composed by 45 international hotel chains, representing more than 54,000 properties and 7,500,000 rooms. Multiple linear regression was employed to assess how the predictor variables (water use, carbon intensity, RevPAR, and NetRoom) are associated with energy use (dependent variable). It was presented that hotel chains can pass on the price of energy consumption to their guests, increasing their revenue per available room (RevPAR), but the returns in profitability are not being generated. The RevPAR variable maintained a positive relationship, +0.244, with energy use in the first regression model, with R2 adjusted equal to 0.9506, while the net profit per room (NetRoom) presented a negative relationship in both models, −0.0006 and −0.0010, respectively, with R2 adjusted equal to 0.9304 in the second model. Investing in updating their energy systems, hotel chains can contribute to a more sustainable future, build positive marketing, retain guests, and generate a long-run financial return. This research contributes to the scientific literature by confirming relationships and providing evidence among new, and not yet explored, variables. It is expected to create a reference for policies to reduce energy use in hotels and for hotel owners to upgrade their systems.

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“…The use of the TCFD reporting framework is voluntary in most countries, with limited oversight of the quality of reporting. The content of CRDs is at the discretion of the firm, but is typically expected to contain information on strategy and policy, risks and opportunities, GHG emissions and targets, and GHG emissions-reduction initiatives [23]. Firms choosing to report against the TCFD disclosure framework will report against the four categories of governance, strategy, risk management and performance metrics, and targets.…”

Section: Climate Risk Disclosure: History Value and Driversmentioning

confidence: 99%

“…This suggests that improved information gathered for disclosure improves climate risk governance. By undertaking CRDs, firms gain legitimacy, reduce risk and uncertainty, enhance brand value, gain competitive advantages, and achieve financial gain [23]. Ameli [30] suggests assumptions that disclosure results in shifts of finance from risky to less risky is an "efficient market hypothesis" (EMH) whereby market participants are all rational actors.…”

Section: Climate Risk Disclosure: History Value and Driversmentioning

confidence: 99%

What Can Machine Learning Teach Us about Australian Climate Risk Disclosures?

et al. 2022

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There seems to be no agreed taxonomy for climate-related risks. The information in firms’ climate risk disclosures represents a new resource for identifying the priorities and strategies of Australian companies’ management of climate risk. This research surveys 839 companies listed on the Australian Stock Exchange for the presence of climate risk disclosures, identifying 201 disclosures on climate risk. The types of climate risks and the risk management strategies were extracted and evaluated using machine learning. The analysis revealed that Australian firms are focused on acute physical climate risks, followed by market and regulatory risks. The predominant management strategy for these risks was to use a risk reduction approach, rather than avoiding or transferring risk. The analysis showed that key Australian industry sectors, such as materials, banking, insurance, and energy are focusing on different mixtures of risk types, but they are all primarily managing risks through risk-reduction strategies. An underlying driver of climate risk disclosure was composed of the financial implications of climate risk, particularly with respect to acute physical risks. The research showed that emission reductions represent a primary consideration for Australian firms in their disclosures identifying how they are responding to climate risk. Further research using machine learning to evaluate climate risk disclosure should focus on analysing entire climate risk reports for key topics and trends over time.

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Determinants of climate change disclosure practices of global hotel companies: Application of institutional and stakeholder theories

Cited by 47 publications

References 95 publications

Are Coastal Hotels Ready for Climate Change? The Case of Alexandria, Egypt

Are Coastal Hotels Ready for Climate Change? The Case of Alexandria, Egypt

Energy Use and Its Key Factors in Hotel Chains

What Can Machine Learning Teach Us about Australian Climate Risk Disclosures?

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