Business Excellence of Eco-Friendly Hotels in the Region of the Western Balkans: Case Study of Eco-Friendly Hotels in Serbia
DOI:
https://doi.org/10.17059/ekon.reg.2023-4-22Keywords:
BEX model, environmentally responsible business, eco hotel, Green Key, hospitality, Western Balkan regionAbstract
Hotel industry, as a very dynamic activity within the tourism industry, applies innovations in business and develops voluntary eco-business standards for developing sustainable tourism. The paper aims to assess business excellence of hotels that are holders of the international eco-certificate Green Key in Serbia, a country in the Western Balkan region, by using the BEX model. The study reviews and presents the current situation when it comes to implementation and valorisation of eco-principles and standards in hotel business in Serbia, while examining their business excellence, as well as the opportunities for better positioning in the international tourism market. The research results show that the examined companies do not have poor ranks of business excellence. It is recommended for these hotels to continue with the current business while implementing innovations in sustainable business in order to improve business results. By monitoring the value of the BEX index, it is possible to avoid business risks, while expanding eco-awareness and implementing sustainable business policies, which would help hotel companies improve their business.
References
Alihodžić, A., & Džafić, J. (2012). Models for the evaluation of business excellence in capital market of Bosnia and Hercegovina. Singidunum Journal of Applied Sciences, 9 (I), 9-15. Retrieved from: https://journal.singidunum.ac.rs/paper/models-for-the-evaluation-of-business-excellence-in-capital-market-of-bosnia-and-herzegovina.html (Date of access: 24.04.2022)
Asadi, S., Pourhashemi, S. O., Nilashi, M., Abdullah, R., Samad, S., Yadegaridehkordi, E., Aljojo, N., & Razali, S. (2020). Investigating influence of green innovation on sustainability performance: A case on Malaysian hotel industry, Journal of Cleaner Production, 258, 120860. https://doi.org/10.1016/j.jclepro.2020.120860
Aznar, J. P., Sayeras, J. M., Galiana, J., & Rocafort, A. (2016). Sustainability Commitment, New Competitors’ Presence, and Hotel Performance: The Hotel Industry in Barcelona. Sustainability, 8 (8), 755. https://doi.org/10.3390/su8080755
Belak, V., & Aljinović-Barać, Ž. (2008). Tajne tržišta kapitala [Capital market secrets]. Belak Excellens: Zagreb, 450. (In Croat.)
Berk, J., DeMarzo, P., & Harford, J. (2018). Fundamentals of Corporate Finance. Pearson, 770.
Bubić, J., & Hajnrih, J. (2012). The analyses business performances of agricultural enterprises in Vojvodina during the current crisis. Economics of Agriculture, 59 (2), 183-194. Retrieved from: https://www.ea.bg.ac.rs/index.php/EA/article/view/578 (Date of access: 25.04.2022)
Chang, K. C., Hsu, C. L., Hsu, Y. T., & Chen, M. C. (2019). How green marketing, perceived motives and incentives influence behavioral intentions. Journal of Retailing and Consumer Services, 49, 336–345. https://doi.org/10.1016/j.jretconser.2019.04.012
Dzobelova, B. V., Dovtaev, S. S., Kuzina, F.A., Shadieva, Y. M., & Elgaitarova, T. N. (2020). Analytical support of the management accounting system in an unstable economy conditions. International Review, 3-4, 130-136. https://doi.org/10.5937/intrev2003130D
Elkington, J. (1998). Partnerships from cannibals with forks: The triple bottom line of 21st-century business. Environmental Quality Management, 8 (1), 37-51. https://doi.org/10.1002/tqem.3310080106
Fink, A. (1998). Conducting research literature reviews: from paper to the internet. Thousand Oaks: Sage, 245.
Font, F., & McCabe, S. (2017). Sustainability and marketing in tourism: its contexts, paradoxes, approaches, challenges and potential. Journal of Sustainable Tourism, 25 (7), 869-883. https://doi.org/10.1080/09669582.2017.1301721
Graci, S., & Dodds, R. (2008). Why go green? The business case for environmental commitment in the Canadian hotel industry. Anatolia, 19 (2), 251–270. https://doi.org/10.1080/13032917.2008.9687072
Gupta, A., Dash, S., & Mishra, A. (2019). All that glitters is not green: creating trustworthy ecofriendly services at green hotels. Tourism Management, 70, 55–169. https://doi.org/10.1016/j.tourman.2018.08.015
Horng, S. J., Liu, C. H., Chou, S. F., Tsai, C. Y., & Chung, Y. C. (2017). From innovation to sustainability: Sustainability innovations of eco-friendly hotels in Taiwan. International Journal of Hospitality Management, 63, 44-52. https://doi.org/10.1016/j.ijhm.2017.02.005
Horváth, A., & Jónás-Berki, M. (2018). Environmental and Social Responsibility Supplemented with Green Case Studies from the Side of the Tourism Service Providers. Turizam, 22 (2), 52–62. https://doi.org/10.5937/22-17527
Kapiki S. (2012) Implementing Sustainable Practices in Greek Eco-Friendly Hotels. Journal of Environmental Protection and Ecology, 13 (2A), 1117–1123. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2150606 (Date of access: 01.05.2022)
Kim, Y. H., Barber, N., & Kim, D.-K. (2019). Sustainability research in the hotel industry: Past, present, and future, Journal of Hospitality Marketing & Management, 28 (5), 576-620. https://doi.org/10.1080/19368623.2019.1533907
Knežević, G., Stanišić, N., & Mizdraković V. (2014). Predictive ability of the BEX model: The case of foreign Investors in Serbia from 2008 to 2012. Teme, 38 (4), 1475–1488. Retrieved from: https://www.researchgate.net/publication/280878333 (Date of access: 25.04.2022)
Lavrikova, Yu. G., Buchinskaia, O. N., & Wegner-Kozlova, E. O. (2021). Greening of Regional Economic Systems within the Framework of Sustainable Development Goals. Ekonomika regiona [Economy of regions], 17 (4), 1110-1122. https://doi.org/10.17059/ekon.reg.2021-4-5
Legrand, W., Sloan, P., & Chen, J. (2017). Sustainability in the Hospitality Industry. Routledge, 548.
Leonidou, L. C., Fotiadis, T. A., Christodoulides, P., Spyropoulou, S., & Katsikeas, C. S. (2015). Environmentally friendly export business strategy: Its determinants and effects on competitive advantage and performance. International Business Review, 24 (5), 798–811. https://doi.org/10.1016/j.ibusrev.2015.02.001
Mensah, I., & Mensah, R. D. (2013). International tourists’ environmental attitude towards hotels in Accra. International Journal of Academic Research in Business and Social Sciences, 3 (5), 444-455. Retrieved from: https://ir.ucc.edu.gh/xmlui/handle/123456789/7481 (Date of access: 25.04.2022)
Merli, R., Preziosi, M., Acampora, A., Lucchetti, M. C., & Ali, F. (2019). The impact of green practices in coastal tourism: An empirical investigation on an eco-labelled beach club. International Journal of Hospitality Management, 77, 471-482. https://doi.org/10.1016/j.ijhm.2018.08.011
Milovanović, S. (2015). Balancing Differences and Similarities within The Global Economy: Towards A Collaborative Business Strategy. Procedia Economics and Finance, 23, 185–190. https://doi.org/10.1016/S2212-5671(15)00369-X
Mora, H., Pujol-López, F. A., Mendoza-Tello, J. C., & Morales-Morales, M. R. (2018). An education-based approach for enabling the sustainable development gear. Computers in Human Behavior, 107, 105775. https://doi.org/10.1016/j.chb.2018.11.004
Nilashi, M., Ahani, A., Esfahani, D. M., Yadegaridehkordi, E., Samad, S., Ibrahim, O., Sharef, N. M., & Akbari, E. (2019). Preference learning for eco-friendly hotels recommendation: A multi-criteria collaborative filtering approach. Journal of Cleaner Production, 215, 767-783. https://doi.org/10.1016/j.jclepro.2019.01.012
Pamfilie, R., Firoiu, D., Croitoru, A. G., & Ionescu G. H. (2018). Circular Economy — A New Direction for the Sustainability of the Hotel Industry in Romania? Amfiteatru Economica, 20 (48), 388-404. https://doi.org/10.24818/EA/2018/48/388
Radović, N., & Čerović, S. (2021). The Impact of Ecological Responsibility on Business Excellence of Mountain Hotels. Ekonomika preduzeća, 69 (7-8), 434-449. https://doi.org/10.5937/EKOPRE2108438R
Radović, N., & Milićević, S. (2020). The examination and assessment of winery business and contribution to the development of wine tourism of Serbia, Ekonomika poljoprivrede [Economics of Agriculture], 67 (4), 1103–1123. https://doi.org/10.5937/ekoPolj2004103R
Rahman, I., & Reynolds, D. (2016). Predicting green hotel behavioral intentions using a theory of environmental commitment and sacrifice for the environment. International Journal of Hospitality Management, 52, 107–116 https://doi.org/10.1016/j.ijhm.2015.09.007
Rajin, D., Milenković D., & Radojević T. (2016). Bankruptcy prediction models in the Serbian Agricultural Sector. Ekonomika poljoprivrede [Economics of Agriculture], 63 (1), 89-105 https://doi.org/10.5937/ekoPolj1601089R
Regester, M., & Larkin, J. (2012). Risk Issues and Crisis Management. London. UK: Kogan Page, 256.
Ruepert, A. M., Keizer, K., & Steg, L. (2017). The relationship between corporate environmental responsibility, employees’ biospheric values and pro-environmental behaviour at work. Journal of Environmental Psychology, 54, 65–78. https://doi.org/10.1016/j.jenvp.2017.10.006
Sajjad, A., Jillani, A., & Raziq, M. M. (2018). Sustainability in the Pakistani hotel industry: an empirical study. Corporate Governance, 18 (4), 714-727. https://doi.org/10.1108/CG-12-2017-0292
Shen, L., Qian, J., & Chen, S. C. (2020). Effective communication strategies of sustainable hospitality: A qualitative exploration. Sustainability, 12 (17), 6920. https://doi.org/10.3390/su12176920
Sloan, P., Legrand, W., & Chen, J. (2009). Sustainability in the Hospitality Industry. Butterworth-Heinemann, 200.
Teng, C. C., Lu, A. C. C., & Huang, T. T. (2018). Drivers of consumers’ behavioral intention toward green hotels. International Journal of Contemporary Hospitality Management, 30 (2), 1134–1151. https://doi.org/10.1108/IJCHM-04-2017-0203
Thongplew, N., Spaargaren, G., & van Koppen, C. S. A. K. (2017). Companies in search of the green consumer: Sustainable consumption and production strategies of companies and intermediary organizations in Thailand. NJAS — Wageningen Journal of Life Sciences, 83, 12–21. https://doi.org/10.1016/j.njas.2017.10.004
Trang, H. L. T., Lee, J. S., & Han, H. (2019). How do green attributes elicit pro-environmental behaviors in guests? The case of green hotels in Vietnam. Journal of Travel & Tourism Marketing 36 (1), 14–28. https://doi.org/10.1080/10548408.2018.1486782
Verma, V. K., Chandra, B., & Kumar, S. (2019). Values and ascribed responsibility to predict consumers’ attitude and concern towards green hotel visit intention. Journal of Business Research, 96, 206–216. https://doi.org/10.1016/j.jbusres.2018.11.021
Wang, J., Wang, S., Wang, Y., Li, J., & Zhao, D. (2018). Extending the theory of planned behavior to understand consumers’ intentions to visit green hotels in the Chinese context. International Journal of Contemporary Hospitality Management, 30 (4), 2810–2825. https://doi.org/10.1108/IJCHM-04-2017-0223
Yadav, R., Balaji, M.S., & Jebarajakirthy, C. (2019). How psychological and contextual factors contribute to travelers’ propensity to choose green hotels? International Journal of Hospitality Management, 77, 385–395. https://doi.org/10.1016/j.ijhm.2018.08.002
Yarimoglu, E., & Gunay, T. (2020). The extended theory of planned behavior in Turkish customers’ intentions to visit green hotels. Business Strategy and the Environment, 29 (3), 1097–1108. https://doi.org/10.1002/bse.2419
Yousaf, Z., Radulescu, M., Sinisi, C. I., Serbanescu, L., & Paunescu, L.M. (2021). Harmonization of Green Motives and Green Business Strategies towards Sustainable Development of Hospitality and Tourism Industry: Green Environmental Policies. Sustainability, 13 (12), 6592. https://doi.org/10.3390/su13126592
Xu, X. R., & Pratt S. (2018). Social media influencers as endorsers to promote travel destinations: an application of self-congruence theory to the Chinese Generation Y. Journal of Travel & Tourism Marketing, 35 (7), 958-972. https://doi.org/10.1080/10548408.2018.1468851
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Радович Никица , Станишич Милован , Николич Елена
This work is licensed under a Creative Commons Attribution 4.0 International License.
