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This study aims to explore how ESG transparency influences financial performance in the tourism industry.

February 26, 2026SustainabilityOpen Access

The Impact of the CSRD on Managerial Strategies and Sustainable Competitive Advantages in the Tourism Industry

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Quantitative analysis examines ESG impacts on profitability in tourism, indicating strategic benefits.

This study aims to explore how ESG transparency influences financial performance in the tourism industry.
Analyzed a panel from 2019 to 2024 for 10 listed tourism companies
Employed advanced econometric models with fixed effects
Conducted descriptive analyses and robustness tests on ESG performance
Examined sectoral differences in ESG impact among tourism sub-sectors
Found a positive relationship between ESG scores and profitability (ROA)
Identified a negative relationship between ESG and WACC, indicating lower capital costs
Noted variances in ESG performance effects across different tourism sub-sectors
Highlighted ESG compliance as a driver for sustainable competitive advantage in tourism

Butnaru et al. (2026) studied this question.

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