Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/221723
Title: DETERMINANTS OF DIVIDEND YIELDS FOR ASIA REITS
Authors: LIM ZHICHENG
Keywords: Real Estate
RE
2007/2008 RE
Issue Date: 11-Aug-2017
Citation: LIM ZHICHENG (2017-08-11). DETERMINANTS OF DIVIDEND YIELDS FOR ASIA REITS. ScholarBank@NUS Repository.
Abstract: Since REITs was first started in Japan in 2001, the average dividend yield of Asia REITs has fallen year on year. As dividend yield is one of the factors investors look for when investing, it is worthwhile to examine the causes for dividend yield compression. The findings from the regression analysis depicts that earnings per share, distribution per share, size and debt to equity ratio influence the dividend yield and dividend yield spread of REITs while return on equity of current and past period are tested to be insignificant. The regressions results are in tandem with the hypotheses postulated in the report. Firstly, the coefficient of earnings per share and distribution per share are negatively and negatively related to dividend yield respectively. Secondly, size of Asia REITs is found to be negatively related to dividend yield. This is consistent with past works that suggested that large REITs enjoy economies of scale in their operations. However, when tested on Singapore REITs, size is not a significant variable in determining dividend yield and may be due to the REITs manager being equally efficient regardless of size. Lastly, the results suggested that with higher leverage, dividend yield is higher. This is because higher debt is deemed to have higher risk on the REITs and thus a higher premium is expected. The debt ratio is found to be insignificant for “Small Cap”, “ex-Japan”, and “Focused” REITs and suggests that dividend yield is more sensitive to other variables other than debt.
URI: https://scholarbank.nus.edu.sg/handle/10635/221723
Appears in Collections:Bachelor's Theses

Show full item record
Files in This Item:
File Description SizeFormatAccess SettingsVersion 
Lim Zhicheng 2007-2008.pdf396.92 kBAdobe PDF

RESTRICTED

NoneLog In

Page view(s)

14
checked on Dec 1, 2022

Download(s)

3
checked on Dec 1, 2022

Google ScholarTM

Check


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.