GREEN INVESTMENTS IN THE FUNCTION OF DEVELOPMENT OF TOURISM AND HOSPITALITY OF THE REPUBLIC OF SERBIA
Keywords:
green investments, sustainable development, hotel sector, tourism, Republic of Serbia
Abstract
Green investments in the tourism and hospitality industry are an indispensable component in the era of sustainable development. The modern development of the tourism and hospitality industry implies investing in sustainable business models with the aim of preserving natural resources and reducing pollution. Green investing can influence hotel's better position on the market, taking the position of leader in sustainable business, and contribute to the awareness of the users of hotel services in the direction of more responsible behavior towards the natural environment. This paper examines the current situation regarding green investments in the tourism and hospitality industry of the Republic of Serbia. The results of the research showed a pronounced orientation of hotels to invest in sustainable business models, and obstacles that slow down the trend of green investments.
Downloads
Download data is not yet available.
References
Amenc, N., Goltz, F., & Tang, L. (2010). Adoption of green investing by institutional investors: a European survey. France: An EDHEC-Risk Institute.
Budarma, I. K., Astawa, I. K., Sri Widhari, C. I., & Erawati, N. M. R. (2020). Competitive Advantage of Green Hospitality Business Practices in 5 Star Hotels in Bali. Technium Social Sciences Journal, 13, 420-431.
de Grosbois, D. (2012). Corporate social responsibility reporting by the global hotel industry: Commitment, initiatives and performance. International Journal of Hospitality Management, 31, 896–905.
Eyraud, L., Clements, B., & Wane, A. (2013). Green investment: Trends and determinants. Energy Policy, 60, 852-865.
Hunjra, A. I., Hassan, M. K., Zaied, Y. B., & Managi, S. (2023). Nexus between green finance, environmental degradation, and sustainable development: Evidence from developing countries. Resources Policy, 81, 103371.
Khatter, A. (2023). Challenges and Solutions for Environmental Sustainability in the Hospitality Sector. Sustainability, 15(15), 11491.
Legrand, W., Kirsche, C., Sloan, P., & Simons-Kaufmann, C. (2012). Making 20 2020 happen: is the hospitality industry mitigating its environmental impacts? The barriers and motivators that German hoteliers have to invest in sustainable management strategies and technologies and their perceptions of online self help. WIT Transactions on Ecology and the Environment, 161, 115-126.
Legrand, W., Chen, J. S., & Laeis, G. C. (2022). Sustainability in the hospitality industry: Principles of sustainable operations. Routledge.
León-Gómez, A., Ruiz-Palomo, D., Fernández-Gámez, M. A., & García-Revilla, M. R. (2021). Sustainable tourism development and economic growth: Bibliometric review and analysis. Sustainability, 13(4), 2270.
Liu, N., Liu, C., Xia, Y., Ren, Y., & Liang, J. (2020). Examining the coordination between green finance and green economy aiming for sustainable development: A case study of China. Sustainability, 12(9), 3717.
Liu, K.-N., & Hu, C. (2022). Critical success factors of green hotel investment in Taiwan. International Journal of Contemporary Hospitality Management, 34(3), 951-971.
Mensah, I., (2006). Environmental management practices among hotels in greater Accra region. International Journal of Hospitality Management 25(3), 414–431.
Modica, P. D., Altinay, L., Farmaki, A., Gursoy, D., & Zenga, M. (2020). Consumer perceptions towards sustainable supply chain practices in the hospitality industry. Current Issues in Tourism, 23(3), 358-375.
Siedschlag, I., Meneto, S., & Tong Koecklin, M. (2022). Enabling Green Innovations for the Circular Economy: What Factors Matter?. Sustainability, 14(19), 12314.
Statista. (2023). Global market size of the hospitality industry 2023 | Statista. Retrived January 16, 2024 from: https://www.statista.com/statistics/1247012/global-market-size-of-the-hospitality-industry/.
Tran, T., Do, H., Vu, T., & Do, N. (2020). The factors affecting green investment for sustainable development. Decision Science Letters, 9(3), 365-386.
Xie, Z., Wang, J., & Zhao, G. (2022). Impact of green innovation on firm value: evidence from listed companies in China’s heavy pollution industries. Frontiers in Energy Research, 9, 806926.
Zhang, D., Mohsin, M., & Taghizadeh-Hesary, F. (2022). Does green finance counteract the climate change mitigation: Asymmetric effect of renewable energy investment and R&D. Energy Economics, 113, 106183.
Budarma, I. K., Astawa, I. K., Sri Widhari, C. I., & Erawati, N. M. R. (2020). Competitive Advantage of Green Hospitality Business Practices in 5 Star Hotels in Bali. Technium Social Sciences Journal, 13, 420-431.
de Grosbois, D. (2012). Corporate social responsibility reporting by the global hotel industry: Commitment, initiatives and performance. International Journal of Hospitality Management, 31, 896–905.
Eyraud, L., Clements, B., & Wane, A. (2013). Green investment: Trends and determinants. Energy Policy, 60, 852-865.
Hunjra, A. I., Hassan, M. K., Zaied, Y. B., & Managi, S. (2023). Nexus between green finance, environmental degradation, and sustainable development: Evidence from developing countries. Resources Policy, 81, 103371.
Khatter, A. (2023). Challenges and Solutions for Environmental Sustainability in the Hospitality Sector. Sustainability, 15(15), 11491.
Legrand, W., Kirsche, C., Sloan, P., & Simons-Kaufmann, C. (2012). Making 20 2020 happen: is the hospitality industry mitigating its environmental impacts? The barriers and motivators that German hoteliers have to invest in sustainable management strategies and technologies and their perceptions of online self help. WIT Transactions on Ecology and the Environment, 161, 115-126.
Legrand, W., Chen, J. S., & Laeis, G. C. (2022). Sustainability in the hospitality industry: Principles of sustainable operations. Routledge.
León-Gómez, A., Ruiz-Palomo, D., Fernández-Gámez, M. A., & García-Revilla, M. R. (2021). Sustainable tourism development and economic growth: Bibliometric review and analysis. Sustainability, 13(4), 2270.
Liu, N., Liu, C., Xia, Y., Ren, Y., & Liang, J. (2020). Examining the coordination between green finance and green economy aiming for sustainable development: A case study of China. Sustainability, 12(9), 3717.
Liu, K.-N., & Hu, C. (2022). Critical success factors of green hotel investment in Taiwan. International Journal of Contemporary Hospitality Management, 34(3), 951-971.
Mensah, I., (2006). Environmental management practices among hotels in greater Accra region. International Journal of Hospitality Management 25(3), 414–431.
Modica, P. D., Altinay, L., Farmaki, A., Gursoy, D., & Zenga, M. (2020). Consumer perceptions towards sustainable supply chain practices in the hospitality industry. Current Issues in Tourism, 23(3), 358-375.
Siedschlag, I., Meneto, S., & Tong Koecklin, M. (2022). Enabling Green Innovations for the Circular Economy: What Factors Matter?. Sustainability, 14(19), 12314.
Statista. (2023). Global market size of the hospitality industry 2023 | Statista. Retrived January 16, 2024 from: https://www.statista.com/statistics/1247012/global-market-size-of-the-hospitality-industry/.
Tran, T., Do, H., Vu, T., & Do, N. (2020). The factors affecting green investment for sustainable development. Decision Science Letters, 9(3), 365-386.
Xie, Z., Wang, J., & Zhao, G. (2022). Impact of green innovation on firm value: evidence from listed companies in China’s heavy pollution industries. Frontiers in Energy Research, 9, 806926.
Zhang, D., Mohsin, M., & Taghizadeh-Hesary, F. (2022). Does green finance counteract the climate change mitigation: Asymmetric effect of renewable energy investment and R&D. Energy Economics, 113, 106183.
Published
2024-07-12
How to Cite
Podovac, M., Alkier, R., & Milojica, V. (2024). GREEN INVESTMENTS IN THE FUNCTION OF DEVELOPMENT OF TOURISM AND HOSPITALITY OF THE REPUBLIC OF SERBIA. Tourism International Scientific Conference Vrnjačka Banja - TISC, 8(1), 280-289. https://doi.org/10.52370/TISC24280MP
Section
Articles
