Socially responsible investment,ethical rating,and separating contracts: A theoretical exploration in hospitality industry |
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| Institution: | 1. Rosen College of Hospitality Management, University of Central Florida, 9907 Universal Boulevard, Orlando, FL, 32819, United States;2. Dedman School of Hospitality, Florida State University, B, University Center, 288 Champions Way, Tallahassee, FL, 32306, United States;3. The School of Hospitality Business, Michigan State University, Broad College of Business, 645 Shaw Lane, East Lansing, MI, 48825, United States;1. Department of Tourism and Hospitality Management, School of Sport, Tourism and Hospitality Management, Temple University, 1810 North 13th Street, Philadelphia, PA 19122, United States;2. Department of Tourism and Hospitality Management, School of Sport, Tourism and Hospitality Management, Temple University, 1810 North 13th Street, 325 Speakman Hall, Philadelphia, PA 19122, United States;3. Department of Tourism and Hospitality Management, Temple University, 1810 North 13th Street, Speakman Hall 308, Philadelphia, PA 19122-6083, United States;1. School of Management, Harbin Institute of Technology, 92 West Dazhi Street, Harbin 150001, China;2. School of Hotel and Tourism Management, The Hong Kong Polytechnic University, Hong Kong Special Administrative Region;3. Department of Tourism and Hospitality Management, Temple University, Philadelphia, USA;4. Business School, Sichuan University, Chengdu, Sichuan, China;1. School of Hospitality and Tourism Management, Purdue University, Marriott Hall 247, 900 West State Street, West Lafayette, IN, 47907, USA;2. School of Hotel and Tourism Management, The Hong Kong Polytechnic University, Kowloon, Hong Kong |
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| Abstract: | This study theoretically examines the role of the ethical rating agencies. First, in an infinitely repeated game framework, it shows that hotels with low environmental, social, and governance risk would prefer to signal their worthiness to isolate them from risky ones. Next, by employing the Bayesian approach, this study shows that a socially responsible investment (SRI) would advise a hotel to obtain an ethical rating when the expected value of sample information turns positive. This analysis could guide future empirical investigation and policy frameworks about the ethical screening. |
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| Keywords: | Hotels Ethical investment Rating Bayesian methods |
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