Different grades and different green premiums: a cross sectional analysis of a green certification scheme

IF 0.8 Q3 Economics, Econometrics and Finance

Pacific Rim Property Research Journal Pub Date : 2020-09-01 DOI:10.1080/14445921.2021.1943626

Jayantha Wadu Mesthrige, O. Oladinrin, Arshad Ali Javed

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引用次数: 2

Abstract

ABSTRACT Green certification is often hailed as an effective means of resolving information asymmetry by providing prospective buyers with credible proof of a property’s level of quantitative sustainability performance. These certification schemes are also considered as providing the credible identification labels needed to generate a market premium. This study analysed whether different market premiums (financial implications) exist across different ratings of the HK-BEAM certification scheme. The paper used hedonic price model (HPM) to evaluate the influence of green certification rating levels on residential property prices in Hong Kong. The results indicate, on average, that HK-BEAM certification increases price values by between 5.3% and 6.7%. Most importantly, the results indicate that significant price premium differences exist across the different ratings available for HK-BEAM certified buildings. The findings provide strong proof of the existence of a premium across ratings.

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不同等级和不同的绿色溢价:绿色认证计划的横断面分析

绿色认证通常被誉为解决信息不对称的有效手段，它为潜在买家提供了可靠的证据，证明房产的定量可持续发展绩效水平。这些认证计划也被认为提供了产生市场溢价所需的可靠识别标签。本研究分析不同评级的HK-BEAM认证计划是否存在不同的市场溢价(财务影响)。本文采用享乐价格模型(HPM)来评估绿色认证评级水平对香港住宅物业价格的影响。结果显示，平均而言，香港- beam认证使价格价值增加了5.3%至6.7%。最重要的是，结果显示不同评级的香港beam认证建筑物的价格溢价存在显著差异。研究结果有力地证明了不同评级之间存在溢价。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific Rim Property Research Journal BUSINESS-

CiteScore

1.10

自引率

0.00%

发文量