Implementation of Integrated Management Systems and Corporate Social Responsibility Initiatives—A Romanian Hospitality Industry Perspective

George H. Ionescu, Daniela Firoiu, Ramona Pîrvu, Roxana Bădîrcea and Cristian Drăgan
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George H. Ionescu: Department of Finance, Credit and Accounting, Romanian-American University, Bucharest 012101, Romania
Daniela Firoiu: Department of Commerce, Economic Integration and Business Administration, Romanian-American University, Bucharest 012101, Romania
Ramona Pîrvu: Department of Economics, Accounting and International Business, University of Craiova, Craiova 200585, Romania
Roxana Bădîrcea: Department of Finance, Banking and Financial Analysis, University of Craiova, Craiova 200585, Romania
Cristian Drăgan: Department of Economics, Accounting and International Business, University of Craiova, Craiova 200585, Romania

Sustainability, 2018, vol. 10, issue 10, 1-15

Abstract: The growing market value of a company remains the main concern of the management, as well as of the shareholders. Implementing integrated management systems is not always easy and is not low-priced either, but the benefits to clients, management, employees, or shareholders are considerable. At the same time, the involvement of companies in corporate social responsibility activities represents a return of part of the benefits to the community, the benefits being found on multiple plans for all the stakeholders. Through this study, we aim to identify the effects of implementing integrated management systems and quantify the influence of corporate social responsibility initiatives on the market value of hospitality industry companies in Romania. Analyzing the results of the study demonstrates the existence of a direct correlation between the implementation of integrated management systems and the evolution of the economic performance of the companies. Also, the results reveal a positive correlation between the existence of corporate social responsibility initiatives and the increase of the market value of Romanian hotel industry companies.

Keywords: hospitality industry; integrated management system; market value; sustainable hospitality; social responsibility (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:10:y:2018:i:10:p:3684-:d:175612

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