CORPORATE STRATEGY TO HUMAN CAPITAL: THE ENVIRONMENTAL, SOCIAL AND GOVERNANCE TRANSITION IN HOSPITALITY WITH A BIBLIOMETRIC APPROACH

Abstract

Within The Environmental, Social, and Governance (ESG) framework has become a defining paradigm in the transformation of the hospitality industry, shifting the focus from profit-oriented models to integrated sustainability and accountability systems. In this context, understanding how ESG research evolves and what dimensions dominate the discourse becomes increasingly important. The aim of this study is to analyse the development of ESG-related research in hospitality between 2009 and 2025, with particular attention to the transition from financial governance to human capital-oriented approaches. Despite the expansion of the field, the literature remains fragmented, characterised by conceptual ambiguity with Corporate Social Responsibility, inconsistent measurement practices, and limited integration of ESG dimensions within servicebased industries. The research is based on a bibliometric analysis of 987 publications indexed in the Web of Science database. The methodological approach combines performance analysis with science mapping techniques in order to identify publication trends, intellectual structures, and conceptual developments within the field. The results indicate a significant increase in research activity after 2019, accompanied by a shift in thematic focus. Earlier studies primarily emphasised financial performance, environmental efficiency, and external stakeholder perceptions. In contrast, recent research highlights the growing importance of employees as key drivers of ESG value creation. This reflects a redefinition of the Social dimension, which increasingly functions as an internal governance mechanism centred on employee engagement, well-being, and organisational behaviour. At the same time, the Environmental and Governance dimensions remain strongly interconnected through performance metrics and regulatory requirements, resulting in an imbalanced ESG structure. The internal social dimension is less standardised and insufficiently integrated into strategic decision-making processes. The study concludes that this imbalance limits the effectiveness of ESG implementation in the hospitality sector. The findings suggest that future development depends on the systematic integration of human capital considerations into governance frameworks, particularly in response to emerging European sustainability regulations. The contribution of the paper lies in identifying the internal social dimension as a key frontier of ESG research and in providing a structured overview of the field’s evolution, offering both theoretical clarification and practical relevance for sustainability-oriented management in hospitality.