Are you good enough? CSR,quality management and corporate financial performance in the hospitality industry |
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| Institution: | 1. Department of Business and Management, Luiss Guido Carli University, Viale Romania 32, 00197, Rome, Italy;2. Department of Economics and Business, University of Sassari, Via Muroni 25, 07100, Sassari, Italy;3. School of Tourism & Hospitality, University of Johannesburg, Johannesburg, South Africa;1. Independendent Researcher;2. CERIIM, Excelia Business School, France;3. Department of International Trade and Business, Samsun University, Samsun, Turkey;4. Arthur J. Bauernfeind College of Business, Murray State University, Murray, KY 42071, United States;5. College of Engineering and Technology, American University of the Middle East, Kuwait;1. Dpto. Economía y Administración de Empresas, E.T.S. Ingeniería Industrial, Universidad de Málaga, Campus de Teatinos, 29071 Málaga, Spain;2. Dpto. Economía y Administración de Empresas, Facultad de Ciencias Económicas y Empresariales, Universidad de Málaga, Campus El Ejido, s/n, 29071 Málaga, Spain;1. Arthur J. Bauernfeind College of Business, Murray State University, Murray, KY, 42071, USA;2. CERIIM, Excelia Business School, France;3. Regional Institute of Central Asia, 720017, Bishkek, Kyrgyzstan;4. College of Engineering and Technology, American University of the Middle East, Kuwait;1. School of Hotel & Tourism Management, The Hong Kong Polytechnic University, 17 Science Museum Road, TST East, Hong Kong Special Administrative Region;2. School of Hotel & Tourism Management, The Hong Kong Polytechnic University, Hong Kong Special Administrative Region |
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| Abstract: | Hospitality firms are increasingly investing in corporate social responsibility (CSR) to generate strong relationships with stakeholders while aiming to benefit their own performance. However, CSR may bring both costs and benefits to the focal firm. We analyze how corporate financial performance (CFP) is affected by CSR, finding that the impact of CSR on CFP has a U-shaped form, where CSR is a cost that translates into higher benefits only when it generates solid relationships between firms and their stakeholders. Furthermore, we adopt a contingency approach, assessing the role of quality management (QM) on the CSR-CFP relationship. We find that the simultaneous implementation of CSR and QM is less beneficial to CFP than the isolated implementation of CSR due to the redundancy of different activities aimed at similar goals, i.e., stakeholders’ satisfaction. In doing so, we advance academic understanding of the impact of CSR and QM on CFP. |
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| Keywords: | Corporate social responsibility Corporate financial performance Quality management U-shaped Hospitality Stakeholder theory |
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