Chapter 8: Confluence of Corporate Social Responsibility, Sustainability and Financial Performance in Tourism and Hospitality

Purpose: Recent years have seen a tremendous surge in research into corporate social responsibility (CSR). One noticeable aspect is the increasing relevance of CSR in the tourist and hospitality industry, which reflects the industry's fast growth and emphasis on solving societal issues. The current study aimed to assess CSR in tourism and hospitality offering a thorough understanding of CSR in a wider context of sustainability, financial performance and ethical considerations.

Methodology: A qualitative desk research approach was undertaken to conduct this study. Thorough review of contemporary research literature, including content analysis, was done for data gathering.

Findings: Findings show that CSR is rising as a key trend in the worldwide tourism and hospitality business, with a significant impact on the industry's performance and development. Tourism and hospitality industry shows both positive and negative economic impacts on the environment and society. To offset negative impacts, this industry is progressively embracing CSR initiatives. An integration between CSR and sustainable tourism, highlights the stability of socioeconomic, environmental, and cultural growth while considering interests of all stakeholders. The effect of CSR on the financial performance of the tourist and hospitality industry reveals that CSR has a favorable influence on financial performance of hotels, but mixed outcomes are shown in restaurants, cruises, and airlines. Highlighting insights on tourism corporations incorporating strategic and ethical CSR ideals into their activities, this study concludes with practical implications.

Originality: This study creates a unified integrated framework based on intersection of strategic CSR, financial performance, sustainability, and ethical aspects in tourism and hospitality.