Interrelationships among Tourism, Economic, and Environmental Time Series—The Case of Slovenia

Sergej Gricar (), Violeta Šugar and Jasmina Starc
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Sergej Gricar: Faculty of Business and Management Sciences, University of Novo Mesto, Na Loko 2, 8000 Novo Mesto, Slovenia
Violeta Šugar: Faculty of Economics and Tourism “Dr Mijo Mirković”, Juraj Dobrila University of Pula, 52100 Pula, Croatia
Jasmina Starc: Faculty of Business and Management Sciences, University of Novo Mesto, Na Loko 2, 8000 Novo Mesto, Slovenia

Sustainability, 2023, vol. 15, issue 19, 1-20

Abstract: This study examines the relationship between CO 2 emissions and economic factors in the hospitality industry, covering the period from January 2000 to December 2021. The research findings reveal an association between prices, fiscal and monetary factors, and wages in the hospitality industry. CO 2 emissions contribute to environmental degradation and are among the external variables. To test the validity of their hypotheses, the researchers employ the principal components analysis method, using two main components and new regressors to explain most of the variances in a sample of 18 variables. The study employs monthly time series data to explore the links between the variables in the hospitality industry. The study results reveal a connection between shocks during the analysed period and increased CO 2 emissions. The period under review includes Slovenia’s European accession in 2004, adoption of the Euro in 2007, the financial crises in 2008/2009, economic expansion in the previous decade, and, most recently, the COVID-19 pandemic and the beginning of energy distortions. The study’s primary application involves processing 264 monthly observations, which provide an essential time series vector. The discussion section delves into the country’s sustainable tourism development concept, aligning with the Sustainable Development Goals (SDGs) Key Action 12.

Keywords: CO 2; hospitality industry; principal component analysis; time series; tourism quality management; wages (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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