Do Perceived Entrepreneurial Orientation and Corporate Size Matter? Perceived Commitment to Environmental, Social, and Governance Practices and Corporate Financial Performance in Hong Kong Hotels

Tai Ming Wut (), Helen Shun-Mun Wong, Jing Bill Xu, Elaine Ah-Heung Chan and Stephanie Wing Lee
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Tai Ming Wut: College of Professional and Continuing Education, The Hong Kong Polytechnic University, Hong Kong SAR, China
Helen Shun-Mun Wong: College of Professional and Continuing Education, The Hong Kong Polytechnic University, Hong Kong SAR, China
Jing Bill Xu: Center for Gaming and Tourism Studies, Macau Polytechnic University, Macao, China
Elaine Ah-Heung Chan: College of Professional and Continuing Education, The Hong Kong Polytechnic University, Hong Kong SAR, China
Stephanie Wing Lee: College of Professional and Continuing Education, The Hong Kong Polytechnic University, Hong Kong SAR, China

Sustainability, 2025, vol. 17, issue 11, 1-17

Abstract: Pressure from competitors and regulatory interventions are external factors influencing hotels’ commitment to Environmental, Social and Governance (ESG) initiatives. This study aimed to explore the relationships between perceived entrepreneurial orientation, perceived commitment to ESG practices, and corporate financial performance through the lens of the resource-based view of the firm. Additionally, the moderating effect of hotel size was analyzed. Data were collected via a survey of hotel managers in Hong Kong in 2025. The results indicate a significant relationship between perceived entrepreneurial orientation and commitment to ESG practices. This study provides a solid understanding of the relationships among perceived entrepreneurial orientation, corporate autonomy, commitment to ESG practices, and corporate financial performance. The moderating effect of corporate size reveals that size itself does not directly influence how commitment to ESG affects corporate financial performance in the hotel industry. In contrast, hotel size does influence how entrepreneurial orientation relates to ESG commitment; specifically, smaller hotels are more entrepreneurial and committed to ESG practices when they have greater decision-making autonomy. However, entrepreneurial orientation and ESG commitment do not significantly influence financial performance, regardless of hotel size. This study offers practical implications for policymakers regarding the relevance of entrepreneurial orientation and corporate autonomy in enhancing commitment to ESG practices.

Keywords: perceived entrepreneurial orientation; corporate size; perceived commitment to ESG practices; hospitality industry; resource-based view (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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