Industry-specific effect of CSR initiatives: hotels and airlines

Purpose – This study aims to examine the relationships between a firm's corporate social responsibility (CSR) activities and its performance and risk. The authors hypothesize that industry-level effects are highly determinant of the sign and magnitude of these relationships to establish a ranking of industries to identify the position of the most prominent tourism-related industries: hotels and airlines. Based on the cybernetic model of decision making and the heuristics thereof, shareholders base their investment decisions derived from CSR announcements on the idea that the industries behave differently; their fixed costs being a relevant factor. Design/methodology/approach – The authors estimate the industry-specific effects of CSR initiatives on firms' performance and risk using a sample of 583 announcements from the Spanish Stock Market. Findings – The results show that while CSR announcements have a positive effect on performance when the authors do not account for industry-specific factors, once the authors incorporate these factors into the analysis, the authors find that firm performance and risk vary quite substantially as a function of the industry to which the firm belongs. Interestingly, while the hotel industry presents an average behavior (standing at 9th position in returns, 15th in terms of risk, and 8th according to the ratio returns/volatility), the airline industry presents the worst situation of all industries: last in performance and last in risk. Practical implications – The results help managers assess their decisions and allocate CSR resources optimally. Originality/value – This article is the first attempt to empirically test and comprehensively detect the different relationships between CSR and firm performance across industries.

Steamboats and pleasure travels: success and failure of the first Spanish initiatives in the mid-nineteenth century

Steam technology revolutionised maritime transport during the nineteenth century. Together with the establishment of the first regular lines, steamers soon led to the commencement of pleasure navigation. The aim of this article is to analyse the impact and scope of this process in Spain, by means of a study of the first experiences in the mid-nineteenth century. In addition to a brief introduction and final conclusions, the paper is structured around four sections. The first contains an appraisal of the situation of passenger transport. Some information is then provided regarding the first cruise in 1854. Next, the essay highlights some of the features of short excursions that were very well received by the public, especially in the island of Majorca. Finally, attention is given to a very special type of travel, the main attraction of which lay in the opportunity to witness an event of a military nature.