Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/219619
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dc.titleSPONSOR OWNERSHIP IN SINGAPORE REITS
dc.contributor.authorKOH THONG MENG
dc.date.accessioned2012-05-10T01:31:43Z
dc.date.accessioned2022-04-22T15:37:40Z
dc.date.available2019-09-26T14:13:50Z
dc.date.available2022-04-22T15:37:40Z
dc.date.issued2012-05-10
dc.identifier.citationKOH THONG MENG (2012-05-10). SPONSOR OWNERSHIP IN SINGAPORE REITS. ScholarBank@NUS Repository.
dc.identifier.urihttps://scholarbank.nus.edu.sg/handle/10635/219619
dc.description.abstractSponsors of Singapore REITs maintain a strong influence on their REITs under a captive situation, primarily through the control of their manager. As sponsors continue to hold shares within their REITs, significant importance lies in the investigation of sponsor ownership and its implications. The study addresses three research objectives, 1) To examine the distribution of sponsor ownership across Singapore REITs, 2) Investigate the determinants of sponsor ownership, and 3) Analyse the effect of sponsor ownership on firm value. The study examined that sponsor ownership across Singapore REITs are concentrated within the range of 20% to 45%, and are much higher than insider ownership of US REITs. Results show that firm size, earnings-per-share and capital expenditure are significant determinants of sponsor ownership. Using Tobin’s Q as a measure of firm value, the study investigated how different levels of sponsor ownership affect firm value according to the interest-alignment and tunnelling hypotheses. Initial estimations using correlation analysis, quadratic regression, piece-wise linear regression and two-stage-least-squares regression do not provide evidence for the inverted U-shaped relationship predicted by both hypotheses. However, estimating sponsor ownership against return-on-assets revealed a significant inverted U-shaped relationship. Therefore there is evidence to suggest that greater sponsor ownership initially results in higher accounting profits due to a better alignment of interests, but reduces accounting profits as sponsor ownership becomes excessive due to tunnelling activities by the sponsor.
dc.language.isoen
dc.sourcehttps://lib.sde.nus.edu.sg/dspace/handle/sde/1904
dc.subjectReal Estate
dc.subjectOoi Thian Leong Joseph
dc.subject2011/2012 RE
dc.subjectDeterminants
dc.subjectFirm value
dc.subjectOwnership
dc.subjectReal Estate Investment Trust
dc.subjectREIT
dc.subjectSingapore
dc.subjectSponsor
dc.typeDissertation
dc.contributor.departmentREAL ESTATE
dc.contributor.supervisorOOI THIAN LEONG JOSEPH
dc.description.degreeBachelor's
dc.description.degreeconferredBACHELOR OF SCIENCE (REAL ESTATE)
dc.embargo.terms2012-06-01
Appears in Collections:Bachelor's Theses

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