Market Structure and Growth Potential of Singapore REITs

Koh, Francis; Lee, Kuo Chuen; Phoon, Kok Fai; Seah, Ee Seng

doi:10.1016/b978-0-12-800986-4.00003-0

Cited by 4 publications

(2 citation statements)

References 6 publications

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“…In Singapore, the Monetary Authority of Singapore (MAS) first introduced the Guidelines for Property Funds in 1999 to regulate its REIT markets (Koh et al, 2014). However, Singapore REITs (S-REITs) did not take off immediately, due to weak market conditions and lack of tax incentives (Ooi et al, 2006).…”

Section: Theoretical Background and Hypotheses Developmentmentioning

confidence: 99%

“…In 2002, MAS incorporated the Guidelines for Property Funds into the Code of Collective Investment Schemes (the Code), which has become the main regulation for S-REITs (Koh et al, 2014). The Code is a non-statutory regulation that sets out the roles and responsibilities of the managers, trustees, controlling unit holders and advisers.…”

Section: Theoretical Background and Hypotheses Developmentmentioning

confidence: 99%

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Corporate governance and performance of REITs

Ramachandran

Chen

Subramanian

et al. 2018

MAJ

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Purpose This study aims to investigate the relationship between corporate governance (CG) and performance of Real Estate Investment Trust (REITs) in Singapore and Malaysia. Design/methodology/approach The CG attributes that contribute best toward R-Index scores are tested followed by analysis of whether R-Index scores contribute toward better performance of the REITs when controlled for growth, firm size and leverage. Regression analysis using structured equation modeling (SEM) is instituted. Findings All attributes in the R-Index except management ownership are significantly correlated to R-Index. Regression analysis using SEM reveals that all the three measures of performance are significant. When controlled for growth and firm size, CG mechanisms reduce the impact of losses. However, highly levered firms could be risky for investors despite strong CG mechanisms. Research limitations/implications All S-REITs and M-REIT sampled were grouped as one regardless of the country differences, which may have limited the results and findings. The R-Index used to score the CG practices for Asia is still very new. Practical implications Findings of the study will help REIT policymakers to update scorecards frequently. Loss-making REITs must emphasize on specific CG attributes to enhance their overall CG scores to gain market confidence and procure financial assistance through better disclosure. Originality/value Due to research scarcity on CG effectiveness associated with performance of Asian REITs after the global financial crisis, this study comes as a timely contribution in understanding the relationship between CG and performance of REITs.

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Section: Theoretical Background and Hypotheses Developmentmentioning

confidence: 99%

Section: Theoretical Background and Hypotheses Developmentmentioning

confidence: 99%