From CSR to ESG, keywords for sustainability in tourism
A bibliometric analysis
DOI:
https://doi.org/10.14267/VEZTUD.2026.01.04Keywords:
sustainable tourism, CSR, corporate social responsibility, ESG, bibliometric analysisAbstract
The study examines the potential for ESG (Environmental, Social and Governance) approach to replace the CSR concept, which has encountered numerous practical implementation challenges. The question is analyzed in the context of the tourism sector, which represents a novel area of research into these issues, simultaneously addressing economic, social, and environmental concerns. Following the introduction of the relationship between CSR and ESG and the interpretation of ESG elements in tourism, 297 studies were examined using bibliometric analysis and the PRISMA methodology. The bibliometric map revealed a strong link between CSR and ESG concepts. While ESG does not negate the necessity of CSR, it can provide a measurement and framework for addressing the problems associated with the concept. Another finding is that in this sector, the environmental aspect of ESG is dominant. Sustainability in this sector is primarily environmental and natural, while social and economic sustainability and ethics are less prominent.
Downloads
References
Alamineh, G.A., Hussein, J.W., Endaweke, Y., & Taddesse, B. (2023). The Local Communities’ Perceptions on the Social Impact of Tourism and its Implication for Sustainable Development in Amhara Regional State. Heliyon, 9(6), e17088. https://doi.org/10.1016/j.heliyon.2023.e17088
Baas, J., Schotten, M., Plume, A., Côté, G., & Karimi, R. (2020). Scopus as a Curated, High-quality Bibliometric Data Source for Academic Research in Quantitative Science Studies. Quantitative Science Studies, 1(1), 377-386. https://doi.org/10.1162/qss_a_00019
Bajic, S., & Yurtoglu, B. (2018). Which Aspects of CSR Predict Firm Market Value? Journal of Capital Markets Studies, 2(1), 50-69. https://doi.org/10.1108/JCMS-10-2017-0002
Baloch, Q., Shah, S., Iqbal, N., Sheeraz, M., Asadullah, M., Mahar, S., & Khan, A. (2023). Impact of Tourism Development Upon Environmental Sustainability: a Suggested Framework for Sustainable Ecotourism. Environmental Science and Pollution Research, 30(3), 5917-5930. https://doi.org/10.1007/s11356-022-22496-w
Bendell, J. (2004). Barricades and Boardrooms - A Contemporary History of the Corporate Accountability Movement. UN Research Institute for Social Development. https://coilink.org/20.500.12592/7xc7tb on 25 Oct 2024.
Blach, J., Bukalska, E., Kaźmierska-Jóźwiak, B., & Radman Pesa, A. (2025). Sustainability Performance, Corporate Governance, and Financial Performance: Evidence from Poland and Central European listed Companies. Journal of Entrepreneurship, Management and Innovation, 21(1), 58-80. https://doi.org/10.7341/20252114
Boffo, R., & Patalano, R. (2020). ESG Investing: Practices, Progress and Challenges. OECD Publishing. https://www.oecd.org/en/publications/esg-investing-practices-progress-and-challenges_b4f71091-en.html
Buallay, A., Al-Ajmi, J., & Barone, E. (2022). Sustainability Engagement’s Impact on Tourism Sector Performance: Linear and Nonlinear Models. Journal of Organizational Change Management, 35(2), 361-384. https://doi.org/10.1108/JOCM-10-2020-0308
Carroll, A.B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), 39-48. https://doi.org/10.1016/0007-6813(91)90005-G
Chaney D., & Séraphin, H. (2023). A Systematic Literature Review and Lexicometric Analysis on Overtourism: Towards an Ambidextrous Perspective. Journal of Environmental Management, 347, 119123. https://doi.org/10.1016/j.jenvman.2023.119123
Cheffi, W., Abdel-Maksoud, A., & Farooq, M. (2021). CSR Initiatives, Organizational Performance and the Mediating Role of Integrating CSR into Management Control Systems. Journal of Management Control, 32(3), 333-367. https://doi.org/10.1007/s00187-021-00323-6
Chen, Z., & Hang, H. (2021). Corporate Social Responsibility in Times of Need: Community Support During the COVID-19 Pandemics. Tourism Management, 87, 104364. https://doi.org/10.1016/j.tourman.2021.104364
Connors, S., Anderson-MacDonald, S., & Thomson, M. (2017). Overcoming the ‘Window Dressing’ Effect: Mitigating the Negative Effects of Inherent Skepticism Towards Corporate Social Responsibility. Journal of Business Ethics, 145, 599-621. https://doi.org/10.1007/s10551-015-2858-z
Dorfleitner, G., Halbritter, G., & Nguyen, M. (2015). Measuring the level and risk of corporate responsibility— an empirical comparison of different ESG rating approaches. Journal of Asset Management, 16(7), 450- 466. https://doi.org/10.1057/jam.2015.31
Eccles, R.G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835-2857. https://doi.org/10.1287/mnsc.2014.1984
Ellen, P.S., Webb, D.J., & Mohr, L.A. (2006). Building Corporate Associations: Consumer Attributions for Corporate Socially Responsible Programs. Journal of the Academy of Marketing Science, 34, 147-157. https://doi.org/10.1177/0092070305284976
Fennell, D., & Cooper, C. (2020). Sustainable Tourism: Principles, Contexts and Practices. Channel View Publications.
Font, X., & Lynes, J. (2018). Corporate Social Responsibility in Tourism and Hospitality, Journal of Sustainable Tourism, 26(7), 1027-1042. https://doi.org/10.1080/09669582.2018.1488856
Freeman, R.E. (1984). Strategic management: A stakeholder approach. Pitman.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and Financial Performance: Aggregated Evidence From More Than 2000 Empirical Studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917
Fun, F.S., Chiun, L.M., Songan, P., & Nair, V. (2014). The Impact of Local Communities’ Involvement and Relationship Quality on Sustainable Rural Tourism in Rural Area, Sarawak. The moderating impact of self-efficacy. Procedia - Social and Behavioral Sciences, 144, 60-65. https://doi.org/10.1016/j.sbspro.2014.07.274
Giese, G., Lee, L.E., Melas, D., Nagy, Z., & Nishikawa, L. (2019). Foundations of ESG Investing: How ESG Affects Equity Valuation, Risk, and Performance. Journal of Portfolio Management, 45(5), 69-83. https://doi.org/10.3905/jpm.2019.45.5.069
Gonda T. (2022). Alternatív turizmus. Akadémiai Kiadó.
Gonda, T., & Rátz, T. (2023). Attitudes and Actions in Responsible Tourism – An Analysis of Generational Differences. GeoJournal of Tourism and Geosites, 46(1), 234-242. https://doi.org/10.30892/gtg.46126-1020
GRI (2016). GRI Standards. Global Reporting Initiative. https://www.globalreporting.org/standards/download-the-standards/
Han, J.H., Lee, M.J., & Hwang, Y. (2016). Tourists’ Environmentall Responsible Behavior in Response to Climate Change and Tourist Experiences in Nature-Based Tourism. Sustainability, 8, 644. https://doi.org/10.3390/su8070644
Harris, R., Williams, P., & Griffin, T. (2012). Sustainable Tourism. Routledge
Hegedűs, S., Kardos, B., & Győri, Z. (2023). A nem pénzügyi információk nyilvánosságra hozatalára vonatkozó EU-s szabályozás alkalmazása a magyar tőzsdén jegyzett cégek esetében 2019 és 2022 között. Vezetéstudomány, 54(12), 24-39. https://doi.org/10.14267/VEZTUD.2023.12.03
Ionescu, G.H., Firoiu, D., Pirvu, R. & Vilag, R.D. (2019). The Impact of ESG Factors on Market Value of Companies From Travel and Tourism Industry. Technological and Economic Development of Economy, 25(5), 820-849. https://doi.org/10.3846/tede.2019.10294
Irimiás, A., Jászberényi, M., & Michalkó, G. (2019). A turisztikai termékek innovatív fejlesztése. Akadémiai Kiadó.
Janusz, G.K. & Bajdor, P. (2013). Towards to Sustainable Tourism – Framework, Activities and Dimensions. Procedia Economics and Finance, 6, 523-529. https://doi.org/10.1016/S2212-5671(13)00170-6
Jarvis, N., Weeden, C., & Simcock, N. (2010). The Benefits and Challenges of Sustainable Tourism Certification: A Case Study of the Green Tourism Business Scheme in the West of England. Journal of Hospitality and Tourism Management, 17(1), 83-93. https://doi.org/10.1375/jhtm.17.1.83
Job, H., Becken, S., & Lane, B. (2017). Protected Areas in a Neoliberal World and the Role of Tourism in Supporting Conservation and Sustainable Development: An Assessment of Strategic Planning, Zoning, Impact Monitoring, and Tmanagement at Natural World Heritage Sites. Journal of Sustainable Tourism, 25, 1697- 1718. https://doi.org/10.1080/09669582.2017.1377432
Johann, M. (2022). CSR Strategy in Tourism During the COVID-19 Pandemic, Sustainability. 14, 3773. https://doi.org/10.3390/su14073773
Joshi, A. (2016). Comparison between Scopus & ISI Web of Science. Journal Global Values, 7, 1-11.
Kim, S., & Li, Z. (2021). Understanding the Impact of ESG Practices in Corporate Finance. Sustainability, 13(7), 3746. https://doi.org/10.3390/su13073746
Koens, K., Postma, A., & Papp, B. (2018). Is Overtourism Overused? Understanding the Impact of Tourism in a City Context. Sustainability. 10(12), 4384. https://doi.org/10.3390/su10124384
Lagun, K. (2023). The Role of Eco-friendly Hotels Towards Sustainability – An Initiative from the Hospitality Sector. International Journal of Emerging Knowledge Studies, 2(7), 176-180.
Lukács, R. (2015). A vállalati társadalmi felelősségvállalás kommunikációjának elvei és eszközrendszere a marketingben. Vezetéstudomány, 46(9-10), 2-11. https://doi.org/10.14267/VEZTUD.2015.09.01
Lv, J., Wang, N., Ju, H. & Cui, X. (2023). Influence of Green Technology, Tourism, and Inclusive Financial Development on Ecological Sustainability: Exploring the Path Toward Green Revolution. Economic Research, 36(1), 2116349. https://doi.org/10.1080/1331677X.2022.2116349
Márkus, M. (2024). Az ESG-pontszám hatása a rendszerkockázati kitettségre, amerikai tőzsdei vállalatok hozamainak dinamikus kapcsoltságát vizsgálva. Vezetéstudomány, 55(1), 16-26. https://doi.org/10.14267/VEZTUD.2024.01.02
Matolay, R. (2010). Vállalatok társadalmi felelősségvállalása hatékonysági vonzatok. Vezetéstudomány, 41(7-8), 43-50. https://doi.org/10.14267/VEZTUD.2010.07.05
Matten, D., & Moon, J. (2008). ‘Implicit’ and ‘explicit’ CSR: A Conceptual Framework for a Comparative Understanding of Corporate Social Responsibility. Academy of Management Review, 33(2), 404-424. https://doi.org/10.5465/amr.2008.31193458
Mihalic, T., Mohamadi, S., Abbasi, A., & Dávid, L.D. (2021): Mapping a Sustainable and Responsible Tourism Paradigm: A Bibliometric and Citation Network Analysis. Sustainability, 13, 853. https://doi.org/10.3390/su13020853
Moher, D., Liberati, A., & Tetzlaff, J. (2009). Preferred Reporting Items for Systematic Reviews and Meta-analyses: The PRISMA Statement. Annals of Internal Medicine, 151, 264-269. https://doi.org/10.1371/journal.pmed.1000097
Mukherjee, D., Lim, W.M., Kumar, S., & Donthu, N. (2022). Guidelines for Advancing Theory and Practice Through Bibliometric Research. Journal of Business Research, 148, 101-115. https://doi.org/10.1016/j.jbusres.2022.04.042
Nicolaides, A. (2018). Ethical Hospitality Marketing, Brand-Boosting and Business Sustainability. African Journal of Hospitality, Tourism and Leisure, 7(1), 1-12. https://uir.unisa.ac.za/handle/10500/24454
Pan, S.Y., Gao, M., Kim, H., Shah, K.J., Pei, S.L., & Chiang, P.C. (2018). Advances and Challenges in Sustainable Tourism Toward a Green Economy. Science of the Total Environment, 635, 452-469. https://doi.org/10.1016/j.scitotenv.2018.04.134
Peng, C. (2021). Protecting World Heritage in China by Enacting Laws: Sustainable Tourism Development. Chinese Journal of Population, Resources and Environment, 19, 104-109. https://doi.org/10.1016/j.cjpre.2021.12.011
Pillai, R., Islam, M.A., Sreejith, S., & Al-Malkawi, H-A. (2024). Comparative Analysis of Environmental, Social and Governance (ESG) Ratings: Do Sectors and Regions Differ? Journal of Management and Governance, 29, 69-109. https://doi.org/10.1007/s10997-023-09692-7
Pisani, F. & Russo, G. (2021). Sustainable Finance and COVID-19: The Reaction of ESG Funds to the 2020 Crisis. Sustainability, 13(23), 13253. https://doi.org/10.3390/su132313253
Pranita, D., Sarjana, S. & Mushofa, B.M. (2022). Mediating Role of Sustainable Tourism and Creative Economy to Improve Community Wellbeing. African Journal of Hospitality, Tourism and Leisure, 11(2), 781-794. https://doi.org/10.46222/ajhtl.19770720.253
Putzer, P. (2011). CSR – Merre tovább? Marketing és Menedzsment, 45(4), 45–52. https://journals.lib.pte.hu/index.php/mm/article/view/479
Putzer, P. & Posza, A. (2024). Transition from CSR to ESG in Tourism – A Bibliometric Analysis. Organizacija, 57(3), 249-259. https://doi.org/10.2478/orga-2024-0018
Quatrini, S. (2021). Challenges and Opportunities to Scale Up Sustainable Finance after the COVID-19 Crisis: Lessons and Promising Innovations from Science and Practice. Ecosystem Services, 48, 101240. https://doi.org/10.1016/j.ecoser.2020.101240
Raffay-Danyi, Á., & Hajmásy, G. (2021). A dolgozói elégedettség vizsgálata a belső CSR-tevékenységek tükrében. Vezetéstudomány, 52(4), 32-47. https://doi.org/10.14267/VEZTUD.2021.04.04
S&P Global (2021). The fear of greenwashing may be greater than the reality across the global financial markets. S&P Global Ratings. https://www.spglobal.com/ratings/en/research/articles/210823-the-fearof-greenwashing-may-be-greater-than-the-realityacross-the-global-financial-markets-12074863
Saarinen, J. (2019). Communities and Sustainable Tourism Development: Community Impacts and Local Benefit Creation Tourism. In McCool, S. F., Bosak, K. (eds.). A Research Agenda for Sustainable Tourism (pp. 216- 222). Edward Elgar Publishing. https://doi.org/10.4337/9781788117104.00020
Saarinen, J. (2021). Is Being Responsible Sustainable in Tourism? Connections and Critical Differences. Sustainability, 13, 6599. https://doi.org/10.3390/su13126599
Schwartz, K., Tapper, R. & Font, X. (2008). A Sustainable Supply Chain Management Framework for Tour Operators. Journal of Sustainable Tourism, 16(3), 298-314. https://doi.org/10.2167/jost785.0
Shoo, R.A. & Songorwa, A.N. (2013). Contribution of Ecotourismto Nature Conservation and Improvement of Livelihoods around Amani Nature Reserve, Tanzania. Journal of Ecotourism, 12, 75-89. https://doi.org/10.1080/14724049.2013.818679
Singh, A.B., Mishra, Y. & Yadav, S. (2024). Toward Sustainability: Interventions for Implementing Energ-Efficient Systems into Hotel Buildings. Engineering Proceedings, 67(1), 80. https://doi.org/10.3390/engproc2024067080
Steblianskaia, E., Vasiev, M., Denisov, A.R., Bocharnikov, V., Steblyanskaya, A.N., & Wang, Q. (2023). Environmental- social-governance Concept Bibliometric Analysis and Systematic Literature Review: Do Investors Becoming More Environmentally Conscious? Environmental and Sustainability Indicators, 1(1). https://doi.org/10.1016/j.indic.2022.100218
Swarbrooke, J. (2014). Sustainable tourism management. CABI.
Szczanowicz J., & Saniuk, S. (2016). Evaluation and Reporting of CSR in SME Sector. Management, Sciendo, 20(1), 96-110. https://doi.org/10.1515/manment-2015-0027
Szegedi, K., Khan, Y., Lentner, C., & Tatay, T. (2024). A társadalmi felelősségvállalás és a pénzügyi teljesítmény kapcsolata a hagyományos és az iszlám kereskedelmi bankok gyakorlatában a pakisztáni bankrendszer tükrében. Vezetéstudomány, 55(3), 44–57. https://doi.org/10.14267/VEZTUD.2024.03.04
Talan, G., Sharma, G. D., Pereira, V., & Muschert, G. W. (2024). From ESG to holistic value addition: Rethinking sustainable investment from the lens of stakeholder theory. International Review of Economics & Finance, 96A (November 2024), 103530. https://doi.org/10.1016/j.iref.2024.103530
Tóth, F. (2021). Hidden preferences in social responsibility: The analysis of Erste SEEDS corporate social responsibility programme. Vezetéstudomány/Budapest Management Review, 52(5), 14-26. https://doi.org/10.14267/VEZTUD.2021.05.02
United Nations Principles for Responsible Investment (UN PRI) (2006). Principles for Responsible Investment. https://www.unpri.org/about-us/about-the-pri
United Nations World Tourism Organization (UNWTO) (2012). Global Code of Ethics for Tourism. For Responsible Tourism. United Nations World Tourism Organisation.
United Nations World Tourism Organization (UNWTO) (2017). Sustainable tourism. https://www.unwto.org/sustainable-development/sustainable-tourism-key-facts-and-figures
United Nations World Tourism Organization (UNWTO) (2019). Tourism’s Carbon Emissions Measured in Landmark Report Launched at COP25. https://www.unwto.org/news/tourisms-carbon-emissions-measured-in-landmark-report-launched-at-cop25
United Nations World Tourism Organization (UNWTO) (2023). Global and regional tourism performance – Tourism GDP and Jobs. https://www.unwto.org/tourism-data/global-and-regional-tourism-performance
Van Eck, N.J., & Waltman, L. (2014). Visualizing bibliometric networks. In Ding, Y., Rousseau, R. & Wolfram, D. (Eds.), Measuring scholarly impact: Methods and practice (pp. 285-320). Springer.
Waltman, L., van Eck, N.J., & Noyons, E. (2010). A unified approach to mapping and clustering of bibliometric networks. Journal of Informetrics, 4(4), 629-635. https://doi.org/10.1016/j.joi.2010.07.002
World Economic Forum (2022). Travel & Tourism Development Index 2021. https://www3.weforum.org/docs/WEF_Travel_Tourism_Development_2021.pdf
World Travel & Tourism Council (WTTC) (2023). Global Travel & Tourism Catapults into 2023 Says WTTC. https://wttc.org/Portals/0/Documents/Press%20Releases/2023-Global-EIR%20Release-04-25-23.pdf?ver=BzZ5KOds5nqqPHniwPP0vQ%3d%3d
World Travel & Tourism Council (WTTC) (2024). Social Trends in Travel & Tourism Employment – The impacts of COVID-19. https://researchhub.wttc.org/product/social-trends-in-travel-tourism-employmentthe-impacts-of-covid-19
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Corvinus University of Budapest, publisher of Vezetéstudomány / Budapest Management Review

This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors assign copyright to Vezetéstudomány / Budapest Management Review. Authors are responsible for permission to reproduce copyright material from other sources.
