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  • Investigating the Relationship Between ESG Performance and Financial Performance During the COVID-19 Pandemic: Evidence from the Hotel Industry
    Publication . Kaminskyi, Andrii; Osetskyi, Valerii; Almeida, Nuno; Nehrey, Maryna
    The global economy was profoundly impacted by the emergence of the COVID-19 pandemic, with the hotel industry being among the sectors most severely affected. This study explores the relationship between environmental, social, and governance (ESG) performance and financial performance during the pandemic, focusing on 35 of the world’s largest hotel companies. A structured methodology was employed to assess short-term financial resilience using the shock depth (SD) and recovery rate (RR) indicators and long-term performance through the value-added weekly index (VAWI) and K-ratio. The findings of this study indicated that faster recovery was associated with greater capitalization. Furthermore, analysis of ESG scores indicated a median increase from 2019 to 2022, particularly in the figures of the environmental component. Despite these increases, pre-pandemic ESG scores demonstrated limited influence on short-term financial performance, though a correlation was observed between governance scores (as ESG score subscores) and long-term K-ratios. This finding suggests potential trade-offs between improving financial performance and maintaining governance standards in the sense of ESG scores. This study points to the intricate interplay between ESG and financial metrics during systemic crises, providing valuable insights for risk management and strategic planning in the hospitality business. The implications of these findings extend to the enhancement of resilience and the alignment of ESG strategies with financial sustainability.
    2025-02-28Journal article Open access Show more
  • Bioremediation of Synthetic Wastewater with Contaminants of Emerging Concern by Nannochloropsis sp. and Lipid Production: A Circular Approach
    Publication . Santos, Bruna; Araújo, Juliana; Carvalho, Beatriz; Cotrim, Carolina; Bernardino, Raul; Freitas, Filomena; Sobral, Abílio J. F. N.; Encarnação, Telma
    Contaminants of emerging concern (CECs) pose a potential risk to human and environmental health. Microalgae bioremediation is a promising approach for transforming or removing contaminants from the environment, while contributing to the circular economy. In this study, Nannochloropsis sp. was effectively used for the simultaneous removal of six CECs: paracetamol, ibuprofen, imidacloprid, methylparaben and bisphenol A at 10 µg mL−1 and triclosan at 0.5 µg mL−1 from synthetic wastewater, which were able to survive under such concentrations, higher than those commonly found in the environment (up to 2.82 µg mL−1 of methylparaben). High removal efficiencies were reached for methylparaben (100%) and bisphenol A (93 ± 2%), while for imidacloprid, paracetamol and ibuprofen, 30 ± 1%, 64 ± 2% and 49 ± 5% were removed, respectively. Subsequently, lipids were extracted, and the FAME profile was characterised using GS-MS. The main fatty acids identified after bioremediation were hexadecadienoic acid isomers (C16:2), palmitic acid (C16), linoleic acid (C18:2) and γ-linolenic acid (C18:3). The absence of oleic acid and stearic acid was noticed, suggesting an alteration in the lipidic profile due to contaminant exposure. By exploring the quantification of fatty acids in future work, potential applications for the extracted lipids can be explored, further demonstrating the feasibility of this circular process.
    2025-02-28Journal article Open access Show more