Corporate Social Responsibility and Investment Preferences of Tour Operators

This study examines the role of corporate social responsibility (CSR) in the investment preferences of tour operators through a discrete choice experiment conducted among tour operator managers worldwide. Stakeholder theory is used as a theoretical platform for explaining the role of CSR within the tour operators' investment preferences. The findings indicate that, when making investment decisions, tour operators generally tend to balance the interests of the local community, employees and businesses, and to consider the effects of their investments on the local economy and the environment. However, empirical evidence indicates that tour operator's investment preferences are moderated by three factors, namely: local government pressure, size of the investment, and tour operator profile. In particular, greater attention should be paid to high-scale investments, and to investments made by generalist tour operators if destinations want to preserve their distinctive sociocultural and natural assets and provide well-being to local communities.