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Applying the reduce, reuse, and recycle principle in the hospitality sector: Its antecedents and performance implications
Author(s) -
Ioannidis Alexis,
Chalvatzis Konstantinos J.,
Leonidou Leonidas C.,
Feng Zhiteng
Publication year - 2021
Publication title -
business strategy and the environment
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.123
H-Index - 105
eISSN - 1099-0836
pISSN - 0964-4733
DOI - 10.1002/bse.2809
Subject(s) - conceptualization , cornerstone , hospitality , sustainability , business , hospitality industry , marketing , corporate governance , corporate sustainability , reuse , industrial organization , resource (disambiguation) , strategic management , economics , tourism , finance , art , ecology , computer network , artificial intelligence , computer science , political science , law , visual arts , biology
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.