Does an Environmental Management System Affect Green Inno-Vation: The Role of Green Financing in China’s Tourism Sector in a Circular Economy

Xiang Ji, Shiqi Zhang and Yuan Lu ()
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Xiang Ji: School of Economics, Hainan University, Haikou 570228, China
Shiqi Zhang: HNU-ASU Joint International Tourism College, Hainan University, Haikou 570228, China
Yuan Lu: School of Economics, Hainan University, Haikou 570228, China

Sustainability, 2023, vol. 15, issue 8, 1-10

Abstract: The occurrence of climate change is becoming a challenge for the survival of business organizations. These changes pressure business organizations to adopt strategies to protect the natural environment. In order to cope with these changes, business organizations concentrate on strategic decisions regarding the protection of the natural environment due to the demand of various stakeholders. Continuous and updated information on environmental issues is required to successfully formulate and implement decisions to protect the natural environment. Therefore, the environmental management system (EMS) is an important mechanism that enables business organization to collect information about the demands of various stakeholders regarding the natural environment. Most studies have examined the green innovation (GI) of the tourism sector and related the innovation of natural environmental protection activities with management’s capabilities and strategic decisions. Limited studieshave considered EMSs as important to bring GI into the tourism sector. GI comprises various environmental initiatives that play a vital role in impacting the GI of the tourism sector worldwide. However, these are ignored by researchers. Therefore, we examined the effect of the EMS on GI. Moreover, we also examined the extent to which green financing of the tourism sector intervenes in the EMS and GI link. Data were collected from 322 managers in the tourism sector. The collected data were analyzed with the help of correlation and regression techniques. The study findings confirmed that the EMS positively affects GI, while green financing mediates the connection between the EMS and GI. Hence, this study offers numerous practical suggestions for improving the GI of the tourism sector in the emerging circular economy.

Keywords: environmental management system; green financing; green innovation; tourism sector (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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