Do Responsible Real Estate Companies Outperform Their Peers?

Cajias, Marcelo; Fuerst, Franz; McAllister, Patrick; Nanda, Anupam

doi:10.3846/1648715x.2013.866601

Cited by 47 publications

(46 citation statements)

References 30 publications

(34 reference statements)

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…For instance, Cajias et al . () show that, although driven by ESG concerns rather than strength, a high overall ESG rating positively affects market value. In an earlier study, Newell et al .…”

Section: Reits and Corporate Social Responsibilitymentioning

confidence: 99%

“…In fact, there is evidence to suggest that a high CSR rating does not have a negative impact on the financial performance of REITs. For instance, Cajias et al (2014) show that, although driven by ESG concerns rather than strength, a high overall ESG rating positively affects market value. In an earlier study, Newell et al (2011) found that CSR A-REITs did not significantly underperform non-CSR A-REITs, and also provide additional portfolio diversification benefits.…”

Section: Gpt Groupmentioning

confidence: 99%

See 1 more Smart Citation

A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective

Westermann

Niblock

Kortt

2018

J of App Econs and Policy

View full text Add to dashboard Cite

The aim of this paper is to review empirical findings in the literature relating to corporate social responsibility (CSR) and real estate investment trust (REIT) performance. Specifically, we synthesise CSR‐focused REIT performance studies in an attempt to establish empirical approaches utilised in the academic literature, present findings, identify relevant gaps and reveal themes for future research. The literature focusing on the CSR of REITs to‐date has primarily focused on corporate governance, sustainability and performance, with the latter concentrating on firm‐level financial consequences rather than investment return performance. The review showed that there has been limited empirical research conducted on the relationship between CSR and risk‐adjusted returns of REITs, particularly in Australia.

show abstract

Section: Reits and Corporate Social Responsibilitymentioning

confidence: 99%

Section: Gpt Groupmentioning

confidence: 99%

A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective

Westermann

Niblock

Kortt

2018

J of App Econs and Policy

View full text Add to dashboard Cite

show abstract

“…(2012,) also suggested that green buildings were able to generate increased revenues. Work by Cajias et. al.…”

Section: Commercial Property In Europe and Sustainability Agendasmentioning

confidence: 99%

Materiality and external assurance in corporate sustainability reporting

Jones

Hillier

Comfort

2016

JERER

View full text Add to dashboard Cite

Purpose The purposes of this paper are to provide a preliminary examination of the extent to which Europe’s leading commercial property companies are embracing the concept of materiality and commissioning independent external assurance as part of their sustainability reporting processes and to offer some wider reflections on materiality and external assurance in sustainability reporting. Design/methodology/approach The paper begins with an introduction to corporate sustainability, an outline of the European property market and of the drivers for, and challenges to, sustainability for property companies and a review of the characteristics of materiality and external assurance. The information on which the paper is based is drawn from the leading European commercial property companies’ corporate websites. Findings The paper reveals that all of Europe’s leading property companies had either reported or provided information on sustainability but that only approximately half of these companies had embraced materiality or commissioned some form of independent external assurance as an integral part of their sustainability reporting processes. In many ways, this reduces the reliability and credibility of the leading property companies’ sustainability reports. Looking to the future, growing stakeholder pressure may force more of the leading European property companies to embrace materiality and commission external assurance as systematic and integral elements in the sustainability reporting process. Originality/value The paper provides an accessible review of the current status of materiality and external assurance among Europe’s leading commercial property companies’ sustainability reporting and as such it will interest professionals, practitioners, academics and students interested in the sustainability in the property industry.

show abstract

“…On the one hand, evidence shows that CSR can lower the cost of equity (El Ghoul et al 2011;Cajias et al 2014), lower the cost of bank loans (Goss & Roberts 2011), create rent premiums (Eichholtz et al 2010), reduce stock price crash risk (Kim et al 2014), and increase operating performance (Eichholtz et al 2012). However, many studies have found no relationship between CSR and financial performance (see Margolis et al [2009] for a review).…”

Section: Csrmentioning

confidence: 99%

“…The commonly used method form the aggregate CSR score for each firm-year by subtracting the number of concerns from the number of strengths (El Ghoul et al 2011;Kim et al 2014;Jha & Cox 2015). However, as noted by Cajias et al (2014), such an approach is not appropriate for real estate firms because some of the general ESG criteria are highly irrelevant to real estate firms. They revise the average aggregation method to a weighted average approach.…”

Section: Measurement Of Csr Performancementioning

confidence: 99%

CEO Overconfidence in Real Estate Markets: A Curse or A Blessing?

Bao¹,

Li²

2017

24th Annual European Real Estate Society Conference

View full text Add to dashboard Cite

This paper studies the influence of CEO overconfidence on firms' financial performance and corporate social responsibility (CSR) in the US real estate investment trust (REIT) market.CEO overconfidence has been shown to have both negative and positive influences on firms. This paper is the first to combine the two sides in a single framework. We find that firms with overconfident CEOs tend to have better CSR performance. In addition, better CSR performance can increase firms' financial performance, but this positive relationship is undermined by the existence of overconfident CEOs. Our results not only shed light on the two sides of CEO overconfidence in the real estate sector, but also provide a new prospective for research on the CSR-financial performance relationship.

show abstract

Do Responsible Real Estate Companies Outperform Their Peers?

Cited by 47 publications

References 30 publications

A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective

A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective

Materiality and external assurance in corporate sustainability reporting

CEO Overconfidence in Real Estate Markets: A Curse or A Blessing?

Contact Info

Product

Resources

About