Investment Pathways in Tourism: IPO Financing, Public Policy and Sustainable Destination Development: Exploring the Intersection of Capital Markets, Regulatory Frameworks, and Sustainability in Tourism Development Across Central and Eastern Europe
Investment Pathways in Tourism: IPO Financing, Public Policy and Sustainable Destination Development: Exploring the Intersection of Capital Markets, Regulatory Frameworks, and Sustainability in Tourism Development Across Central and Eastern Europe

Author(s): Violeta Doneva-Yankulova
Subject(s): Economy, Tourism
Published by: Институт за икономически изследвания при Българска академия на науките
Summary/Abstract: This research critically examines the evolving relationship between various investment mechanisms, with a particular emphasis on Initial Public Offerings, and their role in sustainable tourism development within Central and Eastern Europe. Bulgaria serves as a primary case study for this investigation. Employing the methodology developed by Leppänen et al., the study meticulously analyses how tourism policy frameworks significantly influence investor behaviours and the overall attractiveness of the tourism sector across diverse scales, encompassing global hospitality corporations and small-scale local enterprises. The mixed-methods approach adopted combines quantitative analysis of IPO performance metrics with qualitative interviews involving key stakeholders, thereby directly responding to scholarly calls for methodological pluralism in tourism finance research. The findings reveal substantial disparities in capital formation between corporate and small-scale tourism ventures, while concurrently identifying emerging synergies between ESG-oriented investment and sustainable destination development. Furthermore, the research conclusively demonstrates that EU membership has considerably enhanced the investment climate within Bulgaria's tourism sector, despite persistent challenges posed by geopolitical instability. This study significantly contributes to the tourism finance literature by establishing a robust theoretical framework for understanding the intricate interplay among capital markets, public policy, and sustainable tourism development, culminating in actionable recommendations for both policymakers and industry practitioners.

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