Applying the reduce,reuse, and recycle principle in the hospitality sector: Its antecedents and performance implications |
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Authors: | Alexis Ioannidis Konstantinos J Chalvatzis Leonidas C Leonidou Zhiteng Feng |
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Institution: | 1. Norwich Business School, University of East Anglia, Norwich, UK;2. Department of Business and Public Administration, University of Cyprus, Nicosia, Cyprus;3. Hull University Business School, University of Hull, Hull, UK |
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Abstract: | Although the literature on eco-friendly strategies followed by firms is abundant, the focus on the reduce, reuse, and recycle (3Rs) policies as the cornerstone of environmental sustainability is scarce. This study examines the 3Rs environmental strategy among 143 large organizations in the hospitality industry. We use the resource-based view (RBV) of the firm theory to test the strategy's determinants and its impact on business performance on a suggested conceptualization level. As hypothesized, green corporate governance and environmental management systems, along with slack financial resources, were found to positively influence the adoption of a 3Rs environmental strategy. In turn, the implementation of the latter leads to superior business performance, measured in terms of operating profits and Tobin's Q. The study has several implications on a theoretical, managerial, and public policy level where intriguing directions for future research are provided. |
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Keywords: | 3Rs environmental strategy performance RBV sustainable development |
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