Does countries' environmental, social and governance (ESG) risk rating influence international tourism demand? A case of the Visegrád Four

Bibliographic Data

ID19554146
AuthorsAdewale Samuel Hassan (0000-0002-2696-9907, University of Johannesburg, corresponding author), Daniel Meyer (0000-0002-1057-6498), Daniel Francois Meyer (0000-0001-6715-7545, University of Johannesburg)
Year2025
Volume11
Issue1
Pages62-81
Publication date2025-04-18
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of Tourism Futures (JOURNAL)
Journal identifiersISSN: 2055-5911 • E-ISSN: 2055-592X
PublisherEmerald (PUBLISHER)
DOI10.1108/jtf-05-2021-0127
OpenAlexW4212926795
LanguageEN
Citations received4
References cited81

Purpose This study examines whether international tourism demand in the Visegrád countries is influenced by countries' risk rating on environmental, social and governance (ESG) factors, as non-economic factors relating to ESG risks have been ignored by previous researches on determinants of international tourism demand. Design/methodology/approach The study investigates panel data for the Visegrád countries comprising the Czech Republic, Hungary, Poland and Slovakia over the period 1995–2019. Recently developed techniques of augmented mean group (AMG) and common correlated effects mean group (CCEMG) estimators are employed so as to take care of cross-sectional dependence, nonstationary residuals and possible heterogeneous slope coefficients. Findings The regression estimates suggest that besides economic factors, the perception of international tourists regarding ESG risk is another important determinant of international tourism demand in the Visegrád countries. The study also established that income levels in the tourists' originating countries are the most critical determinant of international tourism demand to the Visegrád countries. Originality/value The research outcomes of the study include the need for the Visegrád countries to direct policies towards further mitigating their ESG risks in order to improve future international tourism demand in the area. They also need to ensure exchange rate stability to prevent volatility and sudden spikes in the relative price of tourism in their countries

Business · Corporate governance · Econometrics · Economics · Geography · Originality · Panel data · Political science · Tourism · Diverse Aspects of Tourism Research · Energy, Environment, Economic Growth · Market Dynamics and Volatility · Finance

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