IMPACT OF FEMALE CEOS ON REITS PERFORMANCE AND FIRM VALUE

Abstract

This dissertation investigates the impact of female leadership of S-REITs on firm performance and valuation. Employing a multivariate regression model, the first part of the study finds no differences in the accounting and risk-adjusted returns of REITs led by female CEOs and by male CEOs. The market however appears to discriminate the appointment of female CEOs, as evidenced by a lower firm valuation (Tobin Q) and negative stock price reaction (CAR) to news of female REIT CEO appointments. The results are robust even after controlling for selection bias using the Heckman’s two-step treatment effects model. The results extend to female representation on the board of directors of REITs.