Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/220248
Title: CEO ATTRIBUTES AND ACQUISITION BEHAVIOUR OF S-REITS
Authors: TAN MEI YI NAOMI
Keywords: Real Estate
2019-2020 RE
RE
Ooi Thian Leong Joseph
Issue Date: 28-May-2020
Citation: TAN MEI YI NAOMI (2020-05-28). CEO ATTRIBUTES AND ACQUISITION BEHAVIOUR OF S-REITS. ScholarBank@NUS Repository.
Abstract: This dissertation investigates how Chief Executive Officer (CEO) attributes influence Real Estate Investment Trust (REIT) growth and acquisition strategies. Top managers form the fundamentals of a company and good leaders can guide and support the company through the good and bad of business cycles. This study will only focus on CEOs as they are the leaders of firms who make the important decisions. The main aim of this study is to examine CEOs’ personal attributes that have important influence on the investment decision-making in REITs and focus particularly on investigating the relationship between CEO attributes and acquisition activities of Singapore’s REITs. I chose the acquisition propensity as a proxy for growth and progress of REITs. The attributes I focus on are age, gender and education of CEOs. With CEO age being in the centre of attention, I expect physiological and psychological changes to come with aging. This study hopes to find evidence with regards to the claims of the CEO age effect on the decision making of the CEO. Existing literature studying CEO attributes focuses on companies in general and does not delve into the realm of REITs. Additionally, they focus on firm attributes like corporate governance, financials, compensation practices, but not so much on an individual's attributes. For the empirical tests, I track the acquisitions made by REIT CEOs in a year and carry out a series of tests on the CEO attributes on REIT growth and performance, while controlling for other firm attributes. The regression results show significant negative associations between CEO age and finance education background attribute. While the other CEO attributes like gender, real estate education background and postgraduate qualifications had no significant explanatory effects. After controlling for firm attributes, the significant explanatory effect of the CEO age on the acquisitions continues to persist. To expand the study, I ran further regressions on CEO attributes and financial performance indicators of REITs and found that the age variable prevails with consistent significant association with the financial performance variables. Lastly, this study offers useful insight and implications for companies when considering their top management; and for investors, market participants, and companies when developing their investment strategies.
URI: https://scholarbank.nus.edu.sg/handle/10635/220248
Appears in Collections:Bachelor's Theses

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