Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/220638
Title: THE IMPACT OF GEOGRAPHICAL DIVERSIFICATION ON THE PERFORMANCE OF LISTED REAL ESTATE COMPANIES
Authors: TERRY POON
Keywords: Real Estate
Cristian Badarinza
2017-2018 RE
RE
Accounting-measure
Geographical Diversification
Market-measure
Performance
Risk
ROA
Market return
Issue Date: 3-May-2018
Citation: TERRY POON (2018-05-03). THE IMPACT OF GEOGRAPHICAL DIVERSIFICATION ON THE PERFORMANCE OF LISTED REAL ESTATE COMPANIES. ScholarBank@NUS Repository.
Abstract: Globalisation has been the study of many management research to understand the impacts it has on the financial performance of corporations. The real estate industry is heavily affected by this process as foreign investments and global markets are closely correlated. This phenomenon is set to continously grow in the coming years due to closer connectivity brought about by the advancement in technology. As such, this thesis aims to examine the impact geographical diversification has on the performance of listed real estate companies. A sample size of 800 listed real estate companies were investigated in the year 2016, however various firm-level characteristics were utilised from a 5-year period between 2012-2016. Two sets of measures are employed to study the effects of geographical diversification on the performance, they are namely the accounting-based measure and the market-based measure. The results of the regression analysis ran showed that the increase in overseas diversification would lower operating profits while market returns will see an increase. Firm size, EPS and price to book ratio all showed significance in determining the performance measures of real estate firms. It was also noted that risk levels were higher in diversified property firms which is inconsistent with Markowitz’s Modern Portfolio Theory.
URI: https://scholarbank.nus.edu.sg/handle/10635/220638
Appears in Collections:Bachelor's Theses

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