Sustainability indicators for the yachting industry: Empirical conceptualization

Sustainable development has gained attention in recent years not only among academics but has also become widespread among enterprises, which have realized that their operation should address environmental and societal prosperity as well as economics. However, something cannot be managed without measuring it, and this also applies to sustainability. When conducting a systematic literature review on sustainability indicators (SIs) for the yachting industry, their absence is observed; this must be rectified if enterprises from the yachting industry wish to operate sustainably. Therefore, the research question posited in this research is following: which are the most suitable SIs for small and medium-sized enterprises (SMEs) operating in the yachting industry and its related three business sectors (i.e., yacht-related service sector, yacht-related manufacturing, and yacht-related maritime infrastructure)? After collecting the sustainable indicators evidenced in the literature, a literature review was completed with indicators from other international initiatives and provided a restricted list to be first verified through peer review (expert judgment) with academics from France, Italy, and Slovenia. Afterward, the list of SIs was tested by conducting interviews with 18 SMEs from the yachting industry in Croatia, Cyprus, Greece, Italy, Portugal, Slovenia, and Spain, asking them about the appropriateness and relevance of the proposed SIs. According to their feedback, the proposed SIs were revised and adapted to suit their needs and specific aspects. The final list of SIs for the yachting industry consists of 33 SIs for the yacht-related service industry, 38 for the yacht-related manufacturing industry and 38 for the yacht-related maritime infrastructure industry. The SIs were finally categorized based on both Triple-Bottom-Line (TBL) concept and an operational typology of indicators: input, process, output, and outcome. By suggesting the SIs for the yachting industry, this study aims at helping SMEs in identifying “hot spots” by developing their own sustainability assessment system, being able to develop relevant sustainability reports and increase stakeholders’ engagement.