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The Effects of Environmental Management and Debt Financing on Sustainable Financial Growth in the Tourism Industry

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  • Xin Long Xu
  • Chao Sun
  • Yi Li
  • Nidi Zhou

Abstract

Environmental management and sustainable financial growth are currently hot topics in academic research. This article examines the relationships among environmental management, debt financing, and sustainable financial growth in the Chinese tourism industry. The results show that environmental management and debt financing have promoted sustainable financial growth, and the overall effect of debt financing on sustainable financial growth has been affected by environmental management. After employing different methods of controlling the endogeneity, these conclusions are still robust. We also examine the mediating effect and threshold effect on environmental management, debt financing, and sustainable financial growth, and the results reveal that debt financing can mediate the effect of environmental management on sustainable financial growth and that there is nonlinear impact of debt financing on sustainable financial growth in different thresholds of environmental management. The analysis results show that the presented policy proposals promote the development of tourism companies from the aspects of debt financing and environmental management.

Suggested Citation

  • Xin Long Xu & Chao Sun & Yi Li & Nidi Zhou, 2020. "The Effects of Environmental Management and Debt Financing on Sustainable Financial Growth in the Tourism Industry," SAGE Open, , vol. 10(3), pages 21582440209, August.
    • Handle: RePEc:sae:sagope:v:10:y:2020:i:3:p:2158244020948530
    DOI: 10.1177/2158244020948530
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    2. Puciato Daniel & Oleśniewicz Piotr, 2023. "European Union Funds as Stimulators of Sustainable Tourism Development in Municipalities of the Lower Silesian Region in Poland in 2014-2019," Polish Journal of Sport and Tourism, Sciendo, vol. 30(3), pages 36-43, September.
    3. Xin Long Xu & Jianping Li & Dengsheng Wu & Xi Zhang, 2021. "The intellectual capital efficiency and corporate sustainable growth nexus: comparison from agriculture, tourism and renewable energy sector," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(11), pages 16038-16056, November.
    4. Dai, Yijia & Chen, Xuanyuan, 2023. "Evaluating green financing mechanisms for natural resource management: Implications for achieving sustainable development goals," Resources Policy, Elsevier, vol. 86(PB).
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    6. Siti Nurhidayah Mohd Roslen & Chua Mei Shan & Azlul Kalilah Zaghlol & Rafiatul Adlin Hj Mohd Ruslan, 2023. "Financial Risk and International Inbound Tourism: A Malaysian Illustration," Information Management and Business Review, AMH International, vol. 15(3), pages 95-107.
    7. Bagh, Tanveer & Zhou, Bingjun & Alawi, Suha Mahmoud & Azam, Rauf I, 2024. "ESG resilience: Exploring the non-linear effects of ESG performance on firms sustainable growth," Research in International Business and Finance, Elsevier, vol. 70(PA).

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