Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/220620
Title: Managerial ownership and REIT performance : a study of Singapore real estate investment trusts
Authors: ENG ZHEN HUA JUSTIN
Keywords: Real Estate
Firm performance
Managerial ownership
REIT
Issue Date: 31-May-2010
Citation: ENG ZHEN HUA JUSTIN (2010-05-31T08:26:12Z). Managerial ownership and REIT performance : a study of Singapore real estate investment trusts. ScholarBank@NUS Repository.
Abstract: Managerial ownership is defined as the amount of shares/units of the firm that the manager of the firm owns. This dissertation seeks to examine the impact of managerial ownership on REIT performance in Singapore. It examines if the interests of investors and managers are aligned with managerial ownership, if managerial ownership has a significant impact on REIT performance and if there is a significant impact of managerial ownership for different property type REITs. These research objectives are achieved by a cross-sectional study of S-REITs over the study period of Jan 2007 – Jun 2009 using correlation analyses and linear regression modeling. The research found that there was an alignment of interests between REIT Managers and Investors. This was shown by positive correlations between the managerial ownership and REIT Sharpe ratio. The correlations were positive with the exception of one, Suntec REIT. The research next found that managerial ownership had a significant impact on REIT performance. The result from the regression analyses was significant at the 99% significance level. REIT Managers would want to ensure the REIT performs as the value of their investment varies with the REIT‘s stock price. Lastly, the research found that managerial ownership affected various property type REITs differently. This was shown all the hospitality REITs showing significance while only some retail, office and industrial REITs were significant. This is due to the volatility of the hospitality industry where managerial ownership drives managers to reduce the volatility to protect their own investment in the REIT.
URI: https://scholarbank.nus.edu.sg/handle/10635/220620
Appears in Collections:Bachelor's Theses

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