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Exploring the potential of crowdfunding for corporate social responsibility in the hotel industry: insights from portuguese hoteliers
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| 1.2 MB | Adobe PDF |
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Abstract(s)
Like all economic organizations, hotels face pressure to engage in corporate social responsibility (CSR) strategies. Despite the numerous benefits of implementing CSR, hoteliers still encounter challenges in practice, particularly due to the high costs involved. Crowdfunding can serve as an alternative funding source for various projects, including CSR activities. However, the scarcity of practical examples of crowdfunding in the hospitality industry indicates that hospitality managers are hesitant to adopt this funding method. This study aims to explore hoteliers' experiences with CSR and their perceptions of using crowdfunding specifically for CSR purposes. To achieve this, a qualitative research method was employed, with data collected through semi-structured interviews. The sample consisted of individuals in higher managerial positions within the hotel industry in Portugal. Thematic analysis was used for data analysis. The results show that hoteliers have a positive attitude and perception toward using crowdfunding for CSR activities. Additionally, our findings reveal that transparent communication, strong partnerships, trust, customer awareness and engagement, and willingness to participate are crucial for the success of potential crowdfunding campaigns. This study recommends reward-based crowdfunding as a suitable approach for CSR activities in hotels. The findings may encourage hotel executives to integrate crowdfunding into their CSR strategies and inspire institutions, governments, and NGOs to view hotels as potential collaborators. This research lays the foundation for future practical and academic investigations.
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Keywords
Corporate social responsibility Crowdfunding Hotel industry Hospitality