房地产的环境、社会和公司治理动态:时间模式和对房地产投资信托回报的财务影响

IF 1.3 Q3 BUSINESS, FINANCE
Giacomo Morri, Anna Dipierri, Federico Colantoni
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引用次数: 0

摘要

本文旨在探讨环境、社会和公司治理得分与房地产投资信托公司回报之间的动态关系。设计/方法/途径本分析以 175 家欧洲股票型房地产投资信托基金为样本,采用随机和固定效应方法,将 ESG 分数与法玛-弗伦奇模型相结合。研究结果研究结果表明,ESG 数值得分和 HESGL 因子在房地产投资信托回报方面存在不同模式。虽然 ESG 分数在后期显示出负面影响,但 HESGL 因素在繁荣时期显示出积极影响,但在危机时期则失去意义。本研究提供了全面的分析,并强调了对更好地解释环境、社会和公司治理对房地产投资的影响至关重要的不同结果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
ESG dynamics in real estate: temporal patterns and financial implications for REITs returns

Purpose

This paper aims to explore the dynamic relationship between ESG scores and REITS returns. The overarching goal is to provide a better understanding of how ESG considerations impact financial performance across different temporal contexts.

Design/methodology/approach

Using a sample of 175 European Equity REITs, this analysis combines numerical ESG scores with the Fama-French model, employing both random and fixed effects methods. It integrates individual REIT data and the HESGL (High ESG Scores Minus Low ESG Scores) factors to assess their impact on REIT returns.

Findings

The findings highlight divergent patterns between the numerical ESG score and the HESGL factor concerning REIT returns. While the numerical ESG score displays a negative impact in later periods, the HESGL factor demonstrates a positive effect during prosperous times but loses significance during crises.

Originality/value

This research contributes original insights by emphasizing the importance of temporal segmentation in understanding the nuanced and evolving nature of the relationship between ESG scores and REITs’ returns. The study provides a comprehensive analysis and highlights divergent outcomes that are essential for a better interpretation of ESG impacts on real estate investments.

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来源期刊
CiteScore
3.10
自引率
7.70%
发文量
18
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