Aristidis Papagrigoriou

The increasing integration of Environmental, Social, and Governance (ESG) practices into corporate strategy has raised important questions about their financial implications. This study examines the relationship between ESG performance and financial outcomes in the tourism industry, an industry that is both highly visible and environmentally sensitive. To achieve this, this study analyzes the impact of the three ESG dimensions on financial performance, measured by Return on Assets (ROA). Using panel data econometric techniques, this study examines a balanced panel dataset of 154 listed tourism services firms between 2017 and 2021 to assess how each ESG pillar influences profitability. ESG data were sourced from Refinitiv Eikon, a widely validated provider in ESG-financial research. The analysis employs panel data econometric techniques with firm size and leverage as control variables. Our findings indicate that the Environmental, Social, and Governance scores each have a statistically significant negative effect on ROA, while the ESG controversies score is not statistically significant. These results suggest that despite the reputational value of ESG engagement, its short-term financial impact may be limited or negative in capital-intensive service sectors, such as tourism. This study contributes to the literature by providing sector-specific, post-crisis empirical evidence and highlights the need for a nuanced understanding of ESG–financial dynamics across industries.

This study explores the impact of guest satisfaction on the financial performance of 5-star hotels, with a focus on both service quality and environmental sustainability. The purpose of the research is to understand how improvements in key satisfaction dimensions influence hotel profitability, as measured by EBITDA, ROA, and ROE. Satisfaction was measured across SERVQAUL dimensions and the dimension of environmental sustainability. The data were analyzed using the Multicriteria Satisfaction Analysis (MUSA) method and linear regression models to determine the effect of satisfaction on financial performance. Results indicate that responsiveness is the most important factor for guests, while environmental sustainability ranks high in importance but shows lower satisfaction scores. The findings suggest that investing in both service quality and sustainability can significantly enhance a hotel’s financial returns. The study concludes that hotel managers should prioritize improvements in environmental sustainability and responsiveness to optimize guest satisfaction and financial performance.

This study seeks to determine how multicultural management affects the promotion of a healthy and efficient working climate in hotels in Athens. Specifically, it explores employees’ attitudes toward diversity and multiculturalism, the effects of multicultural communication on cooperation and interpersonal dynamics, as well as the overall effects on organizational outcomes. This study uses both quantitative and qualitative research methods through structured questionnaires on 242 employees from the units of the hotel. Descriptive statistics, ANOVA, and regression analysis were used to analyze the relationship between multicultural management practices and workplace efficiency. The findings show that positive employee experiences and attitudes toward multiculturalism improve the working environment. Multicultural communication enhances collaborative and conflict-solving skills, and efficient multicultural management enhances teamwork and organizational outcomes. Personal experiences and observations of multiculturalism also provide a lot of input to a positive work climate. Multicultural people management practices are imperative for enhancing productive organizational relations in the hospitality industry. Therefore, the issues of appreciating cultural differences, the ongoing diversity training, and helping the workers to overcome language barriers should be emphasized. Hotels should also ensure that diversity training, dialog, and polices are ongoing and clear. Further research should investigate the time-dependency of multicultural management on employee turnover and guest satisfaction, cultural differences in various regions and industries, and the impact of technology and remote work on multicultural team dynamics.

One of the most common forest disturbances, fire, has a significant influence on the people, societies, economies, and environment of countries all over the world. This study explores the different environmental and socioeconomic effects of forest fires to establish priorities for countries in battling and mitigating the harmful effects of forest fires based on data collected from 382 professionals working in Greece’s forestry and agriculture sectors. Secondary data, especially from Statista, were further utilized to enhance the analytical comparisons and conclusions of this study. Wildfires in Greece destroy agricultural land and greatly impact the rural economy and community. This study showed that forest fires have led to several economic costs, mainly affecting the incomes of different investors in the forest sector in Greece. It was revealed that the overall cost of a fire is determined by the direct and indirect expenditures as well as the price of fire control and preventative methods. Direct expenses are broken down into two categories: direct damage that occurs immediately and direct losses that are caused immediately after a fire. Governments should take the initiative to create and expand bilateral and/or multilateral cooperation and coordination, as well as exchange necessary financial resources, technology, and training, to reduce the effects of forest fires in a fragile international man-made and natural environment.