Financial leadership policies governing ecotourism management in global firms across Asia

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Financial leadership policies governing ecotourism management in global firms across Asia

Samrat Ray

Annotation

managing tourism business leadership

In this study, there is an introduction that talks about “ecotourism management” and financial leadership with its concept. The aspect of this topic has increased in recent years and the initiatives of CSR for the financial management of this tourism sector have been taken. There are several pieces of information with data related to the ecotourism business that have been given in this part. The factors that have helped to enhance this business in the recent few years have been discussed here. In the literature review, there is the concept of different types of financial leadership qualities that may help to manage the business of tourism has been discussed. The external and internal politics of the financial business that may help to enhance the business or to maintain the business have been discussed. Decision-making is a factor that has a great effect on handling a business well-mannered and the leaders of the business should have this quality to continue this business. The recruitment of talented employees and the management of them with attractive packages may help to enhance the quality of this business and this may be fruitful for increasing the productivity of this business.

Organizational management has great importance in the business and the leaders of the organization should have the personality to manage the situation of the business if faced at any time. The aim of the project is to know the policies of the leaders of the management of the ecotourism business market. Organizations should take different strategies that may enhance their business or enhance the market of the ecotourism business. The importance of the ecotourism business and the impact on the market of the economic situation of the country has been stated here. The advantages of the business of ecotourism and the limitation of the business have been described here in detail. The process of enhancing this business also has been given in this part in detail. The help of the leadership policies in the management of ecotourism and the process of management of it has been described in this part.

The themes of this study due to changes in business circumstances, external and internal policies of the financial business take place through effective communication. With the help of the decision-making process, leadership in the eco-tourism sector takes place. In the methodology section, the primary data collection method takes place where all the data information, as well as data, take from a survey. SPSS were to analyze all the information that related to this topic. Qualitative data analysis took place for better analysis of this topic. Here is a correlation taking place between dependent and independent variables with the help of structural equation modelling. There is a factor which is related to the financial “responsibility” that takes place in leadership policies by the help of the statistical analysis. There is a conclusion of the total study and there is a summary of the project. The aims and the objectives have been fulfilled in this study the description of them has been given here. There are some recommendations that may help to enhance the financial business of ecotourism.

Keywords: financial leadership policies, ecotourism management, global firms.

Introduction

Ecotourism management in the recent past has been a priority in the aspects of innovation in organizational management. In this study, the factors of leadership policies that help in governing ecotourism management in global firms across Asia have been evaluated. This evaluation has been done using the measurement of the vital factors that are associated with leadership policies.

In this aspect, the study involves a survey of the employees of global firms to determine the ways in which the factors of leadership policies are being implemented to make the ecotourism management of the company more effective. This is because the CSR initiatives of the organizations are prioritized by the stakeholders as per their interests besides the profitability and financial sustainability of the firm. Ecotourism management is the function that is involved with the bigger share within the economic pie for representation of 7% of the exports within the goods. The export within the worldwide range has been associated with full set-up on the goods as well as services for the chemicals as well as other vital items required within the automotive products.

The UNWTO has predicted at least 1.8 billion tourists in the international forum for 2030 which will be about 57% of the emerging level of economy. International tourism has been associated with higher representation within the consumers, included within 55% to 66% existing between the 2014 and 2015 of the concerned sectors of tourism. The 73% of the total generation within the various focus on sustainability for the comparison within the 51% of the companies included with the ecotourism departments in Asia. The importance of ecotourism has been measured with a focus on the development of about 10% of the GDP for the downplay of the international level of tourism. The WTTC contribution has been observed with a net worth of about 1.5 trillion dollars in the export of various tourism departments. The management of the tourism in the heritage life along with sustainability of the raising of finance within the system would be associated with focus on the heritage and wildlife of the environment. In addition, the inclusion of climatic change has been associated with further sustainability factors in the context of ecotourism within a specific nation. The responsibility of the hospitality players and tourism personnel has been found more sensitive with the focus on the eco-tourism concept in the term of `sustainable tourism”.

Literature review

“Policies of leadership” are some activities which have been utilized by leaders to make the external and internal policies of the business kept on for meeting the culture, purpose and changing situation of the organization (Ðîêîâ et al., 2021). Tourism needs effective communication techniques to create an experience for consumers. Employees and leaders who are involved in the tourism industry have better communication skills based on which they can properly communicate with consumers. It has been seen that transparent communication skill is required to conserve natural resources for setting a place into a travel place. The leaders have played a major role to operate the regular activities by applying effective communication skills (Hoang et al., 2022). This skill is hugely needed for satisfying and motivating employees to meet the goals of the business organization in Asia. It has been seen that the experienced employees have several opinions and thoughts they have tried to share their views with leaders so that those suggestions have been granted for the work. Moreover, high-level connectivity is needed for engaging all the leaders of the ecotourism industry and making better decisions. In addition to that, the external and internal work processes for developing an eco-tourism place have been seen to be possible if the employees have remained satisfied and motivated.

Decision-making is also a factor grounded on which the leaders can manage the ways of workflows and handle the situation. It is essential to handle a difficult situation properly to continue the work easily. This leadership factor has involved different kinds of steps like recognizing the issues to make a place in tourism sectors. After that, the leaders have found solutions by which they can solve the arriving issues in the workplace. The leaders have analyzed the limitations and benefits of their work process and in this way; they have made choices for taking final decisions (El Toufaili, 2018). It has been found that the leaders have implemented many policies and designed the financial resources to complete their projects related to eco-tourism sectors. Moreover, they have created many strategic goals and recruited the employees by setting an idea by which the experienced employees who have been engaged in ecotourism management for long days can get a chance to show their talents. In this way, the productivity of the workplace has been enhanced. Furthermore, the leaders have created plans in emergency situations by which several benefits have been obtained and the risk factors have been minimized. In this way, this leadership factor has helped eco-tourism management to grow in the long run.

Awareness is another factor which has been applied by the leaders to understand their feelings about the work. It has been observed that leaders have known their weaknesses and strengths by focusing on their own work. Additionally, they have noticed the overall activities of the employees to determine their strengths and weaknesses also. The leaders have to be cautious about what processes they have communicated with their employees and the other team members. If the leaders have wanted to fix work related to eco-tourism management, then they have to practice mindfulness. They have to be aware of their presentation and in this way; they have met their goals and targets on time. Good leaders are always curious to explore new things which are linked with their work (Rzepka and Bojar, 2020). They have developed their growth by accepting their mistakes and supporting the employees. Moreover, they have maintained their ethics and values to remain aware of their work procedures. The emotions, personality, values, habits and needs of the leaders have been seen to affect their activities. These factors have helped the leaders more focus on their work and manage the stress within the workplace. In this way, the ladders have made correct decisions by increasing self-awareness.

The organization is also an important factor based on which the leaders have managed their time to complete their work. It has been seen that the organization has assisted the leaders to prioritize their work. Some leaders are not organized and for this reason, they have to spend a huge time solving the issues which have arrived in the workplace. Moreover, the teams of the leaders have been seen to remain on the same page and in this way, the work processes have become organized in a proper way. Eco-tourism has helped the community by giving them an alternative source which has been seen to be more sustainable (Ko et al., 2020). The leaders have been observed to set the organizational skills grounded on which they have learned to manage their tasks. The leaders who have engaged with eco-tourism management have learned to utilize different types of software and in this way, they have managed their work properly by organizing those work in an exact way (Liu et al., 2021). In addition to that, the leaders have not wasted money and time completing their overall work activities. In this way, they have avoided and reduced burnout by remaining organized within the eco-tourism management.

The leaders have huge responsibilities to complete their work on time. There are different types of roles and responsibilities which have been followed by the leaders to meet the goals. The leaders have been seen to be motivators and they have influenced the other employees to do the best work in the workplace. The leaders have guided their employees in completing the work on-site and in this way, they have obtained the huge profit in the ecotourism industry. Moreover, the leaders have also learned new knowledge from their coworkers and employees. The leaders have gathered many skills and abilities by utilizing which they can achieve the targets of their organization (Bui et al., 2020). Moreover, the leaders have another responsibility to listen to properly from their employees and in this way; they can communicate with others in a proper way. In addition to that, leaders have to take responsibility for their employees if any accident in the workplace has occurred. The roles of leaders are essential because they are the main assets of any business organization. The leaders have to focus on the goals by maintaining their responsibilities for ecotourism management.

The basic concept of ecotourism has been seen to provide the facilities based on which the tourists have been attracted to the place. Moreover, the economic purpose of the business company and the viability of the environment have also been maintained by this eco-tourism management. The leaders have been seen to create many strategies and tools for implementing their plans and attracting tourists (Bulilan, 2021). It has been seen that ecotourism is a different type of tourism where the natural resources and areas are involved in carrying out several activities which are environmentally friendly. At first, it focuses on the locality where the generation of eco-tourism sectors has been planned. After that, it has to be taken care of so that the relationship between the activities of tourists and the environment remains clear and effective. Moreover, the eco-tourism sites have been operated and planned very carefully so that local participation of people becomes possible (Samajpaty and Ray, 2020). In this way, several benefits have been obtained by this sector by overseeing the cultural heritage, natural resources, financial activities and lifestyle of the people involved in that place. The activities at the eco-tourism sites have been operated in such a way so that no damage has been observed to the environment.

Ecotourism has been seen to assist the community by providing natural resources which are sustainable. Eco-tourism has focused on conserving resources, maintaining the sustainability of resources and mainly “biological diversity” (Fisher et al., 2020). Moreover, it has been seen that the conservation of biodiversity is very important for maintaining the financial profit of eco-tourism business companies. Additionally, local people have also been involved in these activities for taking care of their own place and natural sources. Eco-tourism management has promoted many medium and small tourism companies by which the opportunities for business have been understood. In this way, the business companies have maintained the local participation of the people and in this way, they have gained many facilities for business (Mudzengi et al., 2021). Sustainable development has been seen to be revealed in the tourism industry by keeping the relationship between the environment and tourism. Moreover, the leaders have implemented many strategies based on which the recent practices of ecotourism have been improved.

Leadership policies help the ecotourism services by taking several initiatives and maintaining the factors of economic activities. The roles of innovation and leadership have interacted positively with cooperation for organizing the “eco-tourism services management” (Samajpaty and Ray, 2020). In this way, “cooperative management” has supported a technique by which the targets of the eco-tourism sectors have been properly achieved. The leaders have seen a huge financial profit sometimes and faced losses during the time of eco-tourism management (Soham and Samrat, 2021). It has been seen that the tourism industry has grown in Asia in recent days. Eco-tourism industry has helped the local communities in several ways by providing employment. The leaders have created different strategies through taxes, investment and providing jobs to the people.

Methodology

This is “quantitative descriptive research” based on which the researcher can analyze both the dependent and independent variables in the research work. The “research design” is a technique by which the researcher can create plans to conduct the research work in a perfect way. The research design helps the researcher to find the answers to the appearing question in the research work. Moreover, the main objectives of this research design are to understand the overall research topic very deeply. Three types of “research designs” are present such as “exploratory, explanatory and descriptive”. The research has utilized the “descriptive research design” for provisioning detailed knowledge about the overall study. The “descriptive research design” helped the researcher to know about real-life knowledge (Atmowardoyo, 2018). Moreover, the frequency, objectives and category of the objectives of the research have been recognized by the researcher with the aid of the “descriptive research design”. In this way, the aims and objectives of the research work have been determined by the researcher. Moreover, the researcher has obtained a transparent idea about the study of ecotourism management. In this way, a perfect conclusion has been drawn by the researcher using “descriptive research design”.

The “primary data collection method” has been used by the researcher to complete the data collection process in a successful way. This is a particular process based on which the researcher can gather all the information and data for the specific research work. At first, the researcher created some plannings to collect the data and after that, they fulfilled those processes by applying their strategies. Primary data can be collected through interviews, surveys and several experiments (Mazhar et al., 2021). The researcher formed some questions and after that, they shared those questionnaires sent through email to the employees. The sample of this research work has been selected from the employees of global firms all over Asia. The researcher has chosen 125 employees from all over firms of Asia and they have participated in the survey to inform their suggestions and opinion to the researcher. There are two types of data collection processes that are “primary data collection process” and the “secondary data collection process”. The researcher has selected the primary data collection process because this technique saves time and money for the research work. In this way, the researcher has directly contacted the participants of this research work and completed the research work on time.

“Quantitative data analysis technique” has been selected by the researcher to fulfill the research work fully. The researcher has taken help from SPSS to analyze the results of the collected data. “Data analysis technique” is a process based on which the researcher can interpret the collected data and information properly. This technique is very useful for the research work because it assists the researchers to provide answers to the arrived problems within the study. It has been observed that the “quantitative data analysis technique” is directly linked with concrete numbers and for this reason, the chances of mistakes in this process are very low. The researcher has utilized the tool, named AMOS which has remained under SPSS software. AMOS needs a data set of variables which have been involved in this tool directly from SPSS (Sen and Yildirim, 2022). The dependent variable has been selected as “eco-tourism management” whereas the independent variables have been chosen as “communication, decision making, responsibility, organization, awareness”. The “quantitative data analysis technique” eliminates biases from the study and makes the findings more correct and accurate (Jopling, 2019). In this way, the researcher has easily handled the overall data and information from the larger sample sizes.

The relationship between the variables and the characteristics of the research topic has been determined by the researcher. Moreover, the researcher has selected the “deductive approach” for analyzing the reminder theory of this specific research work. “Deductive research approach” always relates with the “logical investigation” and assists in analyzing existing theories. This approach has helped the researcher to complete the whole study in less time. In this way, the researcher has avoided the risk factors of the research work and in this way; the researcher has dealt with abundant resources. In addition to that, the researcher has chosen the “positivism research philosophy” to follow the logic properly. “Positivism research philosophy” protects the beliefs and values of the researcher (Park et al., 2020). In this way, the researcher has analyzed the real-life facts about the related research topic. The researcher has been seen to follow this research philosophy to think differently and make decisions firmly. The chances of errors and mistakes in the research work have been seen to be lower and for this reason, the researcher has taken the help from this research philosophy. Moreover, the researcher has found a relation between the objectives of the research work.

Ethical consideration is a series of guidelines and techniques which have been followed by the researcher to complete the research work in a successful way. It has been seen that the researcher has not forced any participant to join in the survey. The participants have been seen to participate in the survey as per their wish. In addition to that, the personal data and information has been kept secure and safe by the researcher by following ethics. The researcher has maintained all the rules and regulations for not to hurt any opinions of the participants. Moreover, the researcher has taken permission from the participants before conducting the survey. In addition to that, the researcher has selected the employees of those global firms who have a clear idea about eco-tourism management.

Findings

Descriptive Statistics Descriptive Statistics

Table 1. Descriptive Statistics of the Survey

In the above table, it has been found that the factors of leadership policies that affect the degree of leadership in a particular area of management have been considered as the independent variables and “ecotourism management” has been considered to be the dependent variable (Kaliyadan and Kulkarni, 2019). The mean of the values that have been coded from the responses to the survey shows that all the factors taken into consideration have “means” between 1 and 2. In this aspect, it is reflected that the employees of the organization who are the participants find these factors to be almost satisfactory for the organization. The significance of the variables is based on the ways in which they behave in the leadership policies implemented in the ecotourism management of the companies. It has also been found that the standard deviation of the factors is around 1, which depicts that there is a significant outcome of the factors on the leadership policies.

Correlation analysis

Correlations

Table 2. Correlation analysis

The correlation among the independent and dependent variables has been considered in the study to derive the relationship between the factors of leadership policies and the ecotourism management facilitated by the company. In the above table, the “Pearson's Correlation” has been presented according to the output derived (Jang et al., 2021). It has been found that the variables are correlated in the aspect of negative or positive correlation with the leadership policies of the companies. These have been depicted to derive that there is a correlation that exists between the

Regression Analysis leadership policies and the dependent variable of ecotourism management. It has also been found that there is a negative correlation between “decision-making” and “ecotourism management” has been derived at -0.108. This leads to the derivation of the factor that all the factors are positively correlated but the criteria of decision-making are inversely proportional (Astivia and Zumbo, 2019). Moreover, it has also been derived that the governance of the policies of ecotourism management is relevant to the adopted leadership policies.

Model Summary

Table 3. ANOVA analysis

The conduction of the regression analysis has been done which resulted in a significant outcome for ANOVA. The focus on the null hypothesis has been regarded with a residual value towards the value of 1. This means that the acceptance of the null hypothesis has been done and the alternate hypothesis has been rejected by the calculation.

The coefficient values of the analysis haveshown the majority of the outcomes towards the value of 1. Thai means the significance is high for the majority of the variables. However, some of the variables are having a lower coefficient value which depicts that the significance for the values is quite low (Kafle, 2019). Yet, the majority of the values are highly significant and the null hypothesis has been rejected for the statistical analysis.

Coefficients'

Table 4. Regression Analysis

a. Dependent Variable: 3_How_much_satisfied_are_you_with_the_ecotourism_management_in_your_organization?

The conduction of the significant value of the regression analysis has been quite less than 1. This means that the outcome is more

significant and the value is rejecting the null hypothesis and accepting the alternate hypothesis of the statistical analysis.

Structural Equation Modeling

Figure 1. Structural Equation Model

The structural equation modelling of the study has been done using the “AMOS Graphics Tool” of SPSS. All the considered independent and dependent variables of the leadership policy have been presented in the structural model for formulating the equation.

The covariates between the factors have been shown in the structural model and the estimates between the independent and dependent variables have been shown in the arrows between them.

Table 6. Estimates derived from the structural equation model

According to the estimates that have been derived in the model of the equation it has been found that there is significance among the variables. The significance is based on the “p-value” of the regression analysis that has been derived from the estimates. It has been found that the all the “p-values” are more than 0.05, which reflects that in the regression weights, the “p-value” is not significant. However, the variances that have been derived from the above table as the estimates have been found to be significant as the “p-values” computed in this case are less than 0.05. According to the structural equation, the correlation derived for the variables have also been found to be significant as has been found in the relationships among the variables. This reflects that the structural equation is significant according to the statistical inferences derived from the computation. The factors that have been considered for the leadership policies have been included in the equation that are significant for the results of the ecotourism management of the global companies. Hence, it has also been found that the factor of ecotourism management is essential for the growth and can be formulated viably using an appropriate leadership policy.

Discussion

It has been found from the outcomes of the statistical analysis of the variables taken into consideration that there is a significant correlation between the factors of leadership policy and ecotourism management. The statistical significance and the outcomes that have been derived from the structural equation modelling provide an overview of the ways in which there prevails a correlation between the independent and dependent variables (Nasution et al., 2020). It has been found that the factor of communication is significant in the development of the area of management. This is because it is highly essential to have effective coordination among the ecotourism management department and the board of directors (Nasution et al., 2020). In a similar way, there should also be a significant relationship between the awareness of the management of the company and the factor of ecotourism as an environmental sustainability. This reflects that awareness of the management of the company is essential for facilitating appropriate sustainability of the environment as it is based on the corporate social responsibility of the company. This is also inclusive of the stakeholders' interests in recent times as environmental sustainability in the form of ecotourism management has been depicted to be a significant factor of strategic competitive advantage.

According to the results of the statistical analysis, the factor of “responsibility” comprising the leadership policies has been found to be significant in the aspect of the mean derived which is more satisfactory in the organization that has been taken into consideration. This is because responsibility is one such factor that is based on the outcomes of the CSR initiative of developing the ecotourism management of the companies involved in environmental sustainability. The preservation of natural resources and maintaining areas of ecotourism is depicted as a part of the leadership policy that is implemented.

Focusing on the factor of decision-making, it has been analyzed that it is significant in formulating the appropriate strategy that is functional for ecotourism management by the organizations. It has been found that the statistical inferences from the regression analysis and the structural equation model formed are relevant to the approach of responsiveness of the leader. According to the behaviour of the factor of “organizational effectiveness”, it has been found to be operational in the formulation of policies for the leadership that is required. It has also been found that it is important that the leader of the organization is aware of the organizational behavior towards ecotourism management as there should be prevalence of a level of transparency that is acceptable for the organization's efficiency in ecotourism management.

The covariates that have been derived from the structural equation also denote that there is a good correlation among the variables that have been considered in the equation. However, the organizations to which the participants belong have somehow failed to maintain proper ecotourism management due to the ineffectiveness of the leadership policies that have been adopted. In the overall aspect, it has been inferred that the factors that have been considered as independent variables should be included in the structural equation modeling to depict the outcomes of the leadership policies that have been introduced for ecotourism management in a company.

Summary

1. The results of the study can be summarized in the approach of quantitative analysis from the data procured from the survey. The factors of leadership policies that should be implemented in the function of ecotourism management in the global firms in Asia have been evaluated. It has been found that these factors are essential to define an appropriate leadership policy that should be implemented in organizational management. The significance of ecotourism management for global firms is significant as it is based on the CSR initiatives that are considered to be a determinant of competitive advantage in contemporary business management. With the different strategies, Asian firms get different competitive advantages in the competitive market. The medium, as well as small tourism companies are promoted with the help of eco-tourism management and increased business activities.

2. In this eco-tourism management, good financial relationships take place which increases the business opportunities in the competitive market. Cooperative management helps those in the eco-tourism sector to provide different techniques as a result, sometimes there are losses as well profit take place. In the methodology section, quantitative descriptive research takes place to understand the scenario. Primary data collection takes place to understand the information and analysis “quantitative data analysis technique” takes place. Survey questions take place and SPSS are used for analyzing the data which is related to this topic. With the help of structural equation modelling, there is a correlation between the independent and dependent variables. With the help of statistical analysis, there are several factors of “responsibility” that take place in leadership policies. In the ecotourism sector and organizational behaviour is an important aspect to increase financial transparency in the eco-tourism management policy. With the help of the structural equation modelling, all the independent, as well as dependent variables, take place where management of ecotourism introduced the leadership policies.

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