Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223756
Title: THE EFFECT OF PORTFOLIO GREENNESS ON FINANCIAL PERFORMANCE OF ASIA-PACIFIC REITS
Authors: LIN ZHIDE
Keywords: Real Estate
Liow Kim Hiang
2019-2020 RE
RE
Issue Date: 20-May-2020
Citation: LIN ZHIDE (2020-05-20). THE EFFECT OF PORTFOLIO GREENNESS ON FINANCIAL PERFORMANCE OF ASIA-PACIFIC REITS. ScholarBank@NUS Repository.
Abstract: Existing literature reveals a positive correlation between green buildings and financial performance. Indicators of financial performance include Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q. This study investigates and extends the research of portfolio greenness on Real Estate Investment Trusts (REITs) financial performance in the Asia-Pacific region. The research focuses on a sample of 55 Asia-Pacific REITs that are currently listed on various stock exchange in Asia-Pacific countries. The empirical findings from Ordinary Least Squares (OLS) regression and Random Effects (RE) panel data regression are in line with expectations that investing in green buildings enhances portfolio financial performance in REITs. While OLS regression results do not reflect strong significance between greenness and REIT’s financial performance, findings from RE panel data regression show otherwise. Furthermore, this study evaluates the effects of greenness when the REITs are grouped based on firm-specific characteristics in a sub-sample analysis. The evidence indicates that portfolio greenness yields better financial performance in Larger, High-Levered or High-Profit Asia-Pacific REITs. Overall, the results provide some depth for various stakeholders of green investments in Asia-Pacific to better understand the effect of green properties on the financial performance of REITs.
URI: https://scholarbank.nus.edu.sg/handle/10635/223756
Appears in Collections:Bachelor's Theses

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