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Sustainability in the Service Industries
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Sustainability in the Service Industries

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Sustainability and Finance".

Deadline for manuscript submissions: 8 May 2024 | Viewed by 40157

Special Issue Editor

Dr. Babu George

E-Mail Website
Guest Editor
Professor and Associate Dean, School of Business, Christian Brothers University, Memphis, TN, USA
Interests: digital economy; higher education; sustainability; international business
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

There is an ever-increasing worldwide recognition that economics should serve nature, rather than being subservient to the immediate concerns of profit-maximizing businesses. The (counter)discipline of Green Economics offers the philosophical basis and theoretical frameworks for systematic investigations in this topical area. Economics, as we know it traditionally, does not engage seamlessly with knowledge in natural sciences, and this has crippled efforts to infuse into it considerations on environmental issues and sustainability in general. Even when the traditional economics discipline engaged with other social sciences in the past, it was always with the prejudice that its perspectives triumphed over those of others. In this regard, green economics promises a broader range of multidisciplinarily sourced actionable knowledge that can make a positive change in the world. It also deconstructs some of the internal contradictions within economics and makes it a science of hope.

Service industries have a cardinal role in enforcing the above mandate. Service processes need to be made more sustainable. Fortunately, key stakeholders, including business managements, customers, and governments, are in broad agreement regarding this, although their reasons for support vary widely. Additionally, there is relatively less accord on how to implement green practices in different industry segments. Given the nuanced nature of services, there is not always a simple way to achieve and maintain a competitive advantage by following textbook green practices, either. This has actually led to a wide range of service innovations, some of which have become benchmarks for others to emulate. Innovations are not just in products (e.g., use of organically grown food products in the restaurants) but also in processes (e.g., algorithms that power global cargo movements, with the objective of minimizing carbon footprints) and philosophies that frame industries (e.g., focus on sustaining healthy lifestyles versus reactive medical interventions to cure diseases in hospitals).

We invite contributions from scholars and scholarly practitioners on green economic implications for service industry firms.

Dr. Babu George
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Ecology 
  • Environment 
  • Sustainable development 
  • Triple bottomline 
  • Service industries (hospitality, tourism, transport, banking, healthcare, telecommunication, public services, community services, etc.) 
  • Economics 
  • Nature 
  • Conservation 
  • Recycling 
  • Reuse 
  • Carbon footprints 
  • Lean processes 
  • Justice 
  • Wellbeing 
  • Holistic approach 
  • Future of business

Published Papers (6 papers)

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Research

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13 pages, 685 KiB  
Article
Sustainability Initiatives for Green Tourism Development: The Case of Wayanad, India
by Nimi Markose, Bindu Vazhakkatte Tazhathethil and Babu George
J. Risk Financial Manag. 2022, 15(2), 52; https://doi.org/10.3390/jrfm15020052 - 24 Jan 2022
Cited by 9 | Viewed by 5088
Abstract
Mainstream sustainability discussions draw focus to the balance between commercial and environmental interests. Responsible tourism (RT) practices are an outcome of these discussions and RT is a significant contributor to the “greenification” of economies in many countries. Green tourism promotes travel that supports [...] Read more.
Mainstream sustainability discussions draw focus to the balance between commercial and environmental interests. Responsible tourism (RT) practices are an outcome of these discussions and RT is a significant contributor to the “greenification” of economies in many countries. Green tourism promotes travel that supports natural and cultural aspirations, while also supporting protection of the destination community’s limited resources. Kerala, India, is a pioneer in implementing RT. The present study exploratively analyzes the RT initiatives at different phases, especially within the lens of sustainable responsible tourism initiatives for green tourism development. The research is descriptive in nature and is guided by the bottom line approach (TBL) for green economic development. The findings highlight the dynamics of challenges experienced in the different phases of RT implementation. Based on our analysis of the secondary data, the first phase implementation of RT was not very successful; the second and the third phases seemed to be more promising. The study also throws light on the need for future studies in other culturally distant destinations; this will result in promising practices being adopted as alternative strategies for sustainable tourism development globally. Full article
(This article belongs to the Special Issue Sustainability in the Service Industries)
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21 pages, 2777 KiB  
Article
Economic Performance and Composition of Nordic Bioeconomy Sectors (NBES)
by Filip Lestan, Babu George and Sajal Kabiraj
J. Risk Financial Manag. 2021, 14(9), 418; https://doi.org/10.3390/jrfm14090418 - 03 Sep 2021
Viewed by 2591
Abstract
The past decade has seen rapid development of the bioeconomy in the Nordic region. Consequently, the composition of sectors that intervene in the concept of bioeconomy serves as a powerful, progressive, and pure engine, which creates and drives market opportunities across various industries, [...] Read more.
The past decade has seen rapid development of the bioeconomy in the Nordic region. Consequently, the composition of sectors that intervene in the concept of bioeconomy serves as a powerful, progressive, and pure engine, which creates and drives market opportunities across various industries, particularly in the Nordic region. While the existing literature focuses explicitly on the bioeconomy and its holistic potential and results in the Nordic region, there are no studies that focus on the distribution of economic performance across Nordic Bioeconomy Sectors. In fact, previous research highlights the lack of empirical studies in bioeconomy from the social science perspective. This research methodology was designed in four different stages with the integration of so-called hybrid research methods. The qualitative research approach was conducted in order to define the criteria and indicators for Nordic Bioeconomy Sectors (NBES) and their economic performance. The quantitative research approach was conducted to statistically test Hypothesis H1 of this study and to conduct central tendency measures of economic performance within Nordic countries and Nordic Bioeconomy Sectors (NBES). The findings contribute in several ways to understand how sectors in the Nordic region performed economically. Firstly, the economic performance among the Nordic Bioeconomy Sectors (NBES) proves that individual sectors have diverse relationships with each other; therefore, each economic activity performs independently rather than correlative. Full article
(This article belongs to the Special Issue Sustainability in the Service Industries)
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18 pages, 1355 KiB  
Article
Financial Inclusion through Digital Financial Services (DFS): A Study in Uganda
by Jimmy Ebong and Babu George
J. Risk Financial Manag. 2021, 14(9), 393; https://doi.org/10.3390/jrfm14090393 - 24 Aug 2021
Cited by 10 | Viewed by 6749
Abstract
This study unravels trends and momentum in banking and mobile money channels and uptake of select services and thereafter draws implications for enhancing financial inclusion through Digital Financial Services (DFS). The Rate of Change (ROC) approach was applied to analyze the growth momentum [...] Read more.
This study unravels trends and momentum in banking and mobile money channels and uptake of select services and thereafter draws implications for enhancing financial inclusion through Digital Financial Services (DFS). The Rate of Change (ROC) approach was applied to analyze the growth momentum in banking and mobile money channels in Uganda. Implications for growth momentum in banking and mobile money channels for DFS and financial inclusion was drawn from observing and making informed interpretation of such observed trends and momentum. The findings of this study imply that banks must innovate to increase their contribution towards enhancing financial inclusion. Additional channel innovations, which may infuse banking and mobile money channels, are needed for banking to leverage on growth of mobile money and regain its role in enhancing financial inclusion. Leveraging the application of digital innovations in services such as payments and digitizing alternative channels such as agent banking are likely to increase efficiencies in physical channels and the provision of banking services and thereby increase overall reach and penetration of banking. The fast pace of mobile money penetration is good for speeding up financial inclusion. However, this calls for better regulatory approaches for DFS risk reduction, consumer protection, and protecting mobile money against integrity and financial crimes. Full article
(This article belongs to the Special Issue Sustainability in the Service Industries)
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16 pages, 1512 KiB  
Article
Data-Driven Services in Insurance: Potential Evolution and Impact in the Swiss Market
by Carlo Pugnetti and Mischa Seitz
J. Risk Financial Manag. 2021, 14(5), 227; https://doi.org/10.3390/jrfm14050227 - 19 May 2021
Cited by 10 | Viewed by 3847
Abstract
Using real-time customer data holds great potential for the insurance industry. The frequency and relevance of interactions can be improved to provide assistance in real time. Better prevention and risk management can significantly improve pricing and reduce losses. These changes, however, hold the [...] Read more.
Using real-time customer data holds great potential for the insurance industry. The frequency and relevance of interactions can be improved to provide assistance in real time. Better prevention and risk management can significantly improve pricing and reduce losses. These changes, however, hold the potential for structural changes in the industry. This research aims at understanding the potential path of the development of services in insurance and the challenges faced by insurers. A panel of industry experts provided the industry’s view, which was then compared with the responses of 1542 Swiss retail customers. We find that customers have high trust in insurance companies and are open to purchasing additional services, particularly for prevention and assistance. Insurance companies, however, are currently focusing on cost improvement measures. Customers are open to sourcing services from other providers, suggesting that insurance companies need to evolve their approach to take advantage of the current market window. Full article
(This article belongs to the Special Issue Sustainability in the Service Industries)
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14 pages, 310 KiB  
Article
Tourism Well-Being and Transitioning Island Destinations for Sustainable Development
by Jerome Agrusa, Cathrine Linnes, Joseph Lema, Jihye (Ellie) Min, Tony Henthorne, Holly Itoga and Harold Lee
J. Risk Financial Manag. 2021, 14(1), 32; https://doi.org/10.3390/jrfm14010032 - 12 Jan 2021
Cited by 8 | Viewed by 4950
Abstract
The unprecedented growth of tourism over the last century has led to increasing concerns over the sustainable development of many popular tourism destinations throughout the globe. High concentrations of tourists and residents, especially in urbanized areas, have heightened this concern with the arrival [...] Read more.
The unprecedented growth of tourism over the last century has led to increasing concerns over the sustainable development of many popular tourism destinations throughout the globe. High concentrations of tourists and residents, especially in urbanized areas, have heightened this concern with the arrival of the novel coronavirus (COVID-19) pandemic. Over reliance on tourism has left residents vulnerable to external factors, such as the coronavirus pandemic that has halted tourists from coming to this remote destination. As a result, Hawaii’s overall economy is suffering greatly. A survey was developed and distributed to potential tourists in order to acquire their perceptions regarding tourism and well-being, as well as the COVID-19 outbreak. The focus of this study was to examine practices in tourism that moves beyond solely economics which will allow repositioning in a manner that promotes the well-being of both residents and tourists and to transition this unique tourism destination for sustainable development practices for the future. One of the results from the study reported that the majority of the respondents agreed or strongly agreed that testing for COVID-19 should be a travel requirement prior to flying to Hawaii, as well as having an additional COVID-19 test administered upon arrival. Full article
(This article belongs to the Special Issue Sustainability in the Service Industries)

Review

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29 pages, 1813 KiB  
Review
Green Bond: A Systematic Literature Review for Future Research Agendas
by Giuseppe Cortellini and Ida Claudia Panetta
J. Risk Financial Manag. 2021, 14(12), 589; https://doi.org/10.3390/jrfm14120589 - 07 Dec 2021
Cited by 37 | Viewed by 15542
Abstract
Green bonds (or climate bonds) are one of the most used sustainable investment instruments, and under the Paris Climate Agreement of 2015, the climate bond market is expected to thrive in the near future. Green bonds are gaining increasing popularity between environmentally responsible [...] Read more.
Green bonds (or climate bonds) are one of the most used sustainable investment instruments, and under the Paris Climate Agreement of 2015, the climate bond market is expected to thrive in the near future. Green bonds are gaining increasing popularity between environmentally responsible investors, as well as investors who “simply” attempt to benefit from portfolio diversification, including green issuances, that are close to other fixed bonds. This paper aims to take advantage of previous literature contributions on the green bond market to indicate the way forward for future research. Herein, through a systematic literature review on the green bond market, our ultimate goal is to provide investors, main markets actors, and policymakers with some helpful insight on the role of environmental investments in reshaping the financial markets and fostering the sustainability of the economy. Full article
(This article belongs to the Special Issue Sustainability in the Service Industries)
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