The Importance Of Corporate Social Responsibility In The Hotel Industry

Introduction
Corporate social responsibility, corporate social performance or being green are terms that we are more and more confronted with nowadays. As demand for companies to step out of their basic business models increases (McWilliams & Siegel, 2001), hotel companies face new challenges (Waddock & Graves, 1997). Especially in service oriented sectors such as the hotel industry customers increasingly expect hotel companies and hotels to take on their social and environmental responsibilities to contribute to a better world (Benavides-Velasco et al., 2014). However, hotels ulterior aim is to be profitable. Therefore, corporate social responsibility can be strategically employed, together with total quality management, in order to increase profits by differentiating the product and thus attracting socially responsible customers (Bagnoli & …show more content…
If hotels want to ensure successful financial performance, they should consider using total quality management as well as capital to improve the quality of their corporate social responsibility strategy. In order to dive deeper into the relationship between corporate social responsibility and financial performance, a literature review of six articles related to corporate social responsibility, stakeholder management, and the hotel industry was conducted. Up to date little research has been done on corporate social responsibility in