Articlegold2014

DO RESPONSIBLE REAL ESTATE COMPANIES OUTPERFORM THEIR PEERS?

Marcelo Cajias · Franz Fuerst · Patrick M. McAllister · Anupam Nanda

67 citations0/0 files storedInternational Journal of Strategic Property Management

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Corporate Social Responsibility Reporting Sustainable Finance and Green Bonds Corporate Identity and Reputation

Abstract

This paper investigates the relationship between corporate social and environmental performance and financial performance for a sample of publicly traded US real estate companies. Using the MSCI ESG (formerly KLD) database on seven Environmental, Social & Governance dimensions in the 2003–2010 period, and weighting the dimensions according to prominence in the real estate sector, we model Tobin's Q and annual total return in a panel data framework. The results indicate a positive relationship between ESG rating and Tobin's Q but this effect is driven by ESG concerns rather than strengths. Consistently across all model specifications, overall ESG ratings are associated with lower returns. Negative scores appear to result in higher returns, at least in the short run, but positive scores have no significant impact on returns.

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References

2001Econometric Analysis of Cross Section and Panel Data 2007Strategy and society: the link between competitive advantage and corporate social responsibility 1997THE CORPORATE SOCIAL PERFORMANCE-FINANCIAL PERFORMANCE LINK 2007Why would corporations behave in socially responsible ways? an institutional theory of corporate social responsibility 1988Estimating Vector Autoregressions with Panel Data 2000WHY COMPANIES GO GREEN: A MODEL OF ECOLOGICAL RESPONSIVENESS.2000Corporate social responsibility and financial performance: correlation or misspecification?2002Corporate reputation and sustained superior financial performance

Cited by

2023Company ESG performance and institutional investor ownership preferences 2023ESG investing and the financial performance: a panel data analysis of developed REIT markets 2023ESG Performance and Corporate Resilience: An Empirical Analysis Based on the Capital Allocation Efficiency Perspective 2024How does green manufacturing enhance corporate ESG performance? — Empirical evidence from machine learning and text analysis

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