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Impacts of corporate governance on Asian REITs performance

The results indicate that corporate governance not only helps to improve the return on assets (ROA) but also helps to gauge excess returns of REITs even though the Asian REIT industry is a highly regulated industry. The findings also found that REIT organization, remuneration matters and fees decrea...

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Main Authors: Wei, Lan Chong, Ting, Kien Hwa, Cheng, Fan Fah
Format: Article
Language:English
Published: Taylor & Francis 2017
Online Access:http://psasir.upm.edu.my/id/eprint/62108/1/Impacts%20of%20corporate%20governance%20on%20Asian%20REITs%20performance.pdf
http://psasir.upm.edu.my/id/eprint/62108/
https://www.tandfonline.com/doi/abs/10.1080/14445921.2016.1266986
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spelling my.upm.eprints.621082019-04-10T08:30:31Z http://psasir.upm.edu.my/id/eprint/62108/ Impacts of corporate governance on Asian REITs performance Wei, Lan Chong Ting, Kien Hwa Cheng, Fan Fah The results indicate that corporate governance not only helps to improve the return on assets (ROA) but also helps to gauge excess returns of REITs even though the Asian REIT industry is a highly regulated industry. The findings also found that REIT organization, remuneration matters and fees decrease the performance of Asian REITs. However, gearing and related party transactions are found to enhance the performance and accelerate the growth of REITs. Besides that, board matters, audit and fees have significant negative impacts on Tobin’s q. Also audit is found to reduce the returns of Asian REITs. However, interestingly, the ownership has significant positive impact on Tobin’s q. In addition, the block ownership also helps to curtail and mitigate excess returns of REITs in Asia. This also implies that unitholders are generally and minimally protected. The findings imply that the REIT managers face substantial cost in adjusting to equilibrium level whereby the optimum level is always dynamic and not constant, and it persists over time. This also implies that agency costs exist in the existing externally managed REIT structure in Asian REITs. This also implies that Asian REITs could consider redefining the REIT management structure such as the internally managed REIT structure. The findings of this study indicated the need for improvements, transformation and reform in the REIT regime in order to increase the transparency and disclosure of corporate governance of REITs that could facilitate continuous strategic development and growth of REITs in Asia. Taylor & Francis 2017 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/62108/1/Impacts%20of%20corporate%20governance%20on%20Asian%20REITs%20performance.pdf Wei, Lan Chong and Ting, Kien Hwa and Cheng, Fan Fah (2017) Impacts of corporate governance on Asian REITs performance. Journal Pacific Rim Property Research, 23 (1). pp. 75-99. ISSN 1444-5921; ESSN: 2201-6716 https://www.tandfonline.com/doi/abs/10.1080/14445921.2016.1266986 10.1080/14445921.2016.1266986
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description The results indicate that corporate governance not only helps to improve the return on assets (ROA) but also helps to gauge excess returns of REITs even though the Asian REIT industry is a highly regulated industry. The findings also found that REIT organization, remuneration matters and fees decrease the performance of Asian REITs. However, gearing and related party transactions are found to enhance the performance and accelerate the growth of REITs. Besides that, board matters, audit and fees have significant negative impacts on Tobin’s q. Also audit is found to reduce the returns of Asian REITs. However, interestingly, the ownership has significant positive impact on Tobin’s q. In addition, the block ownership also helps to curtail and mitigate excess returns of REITs in Asia. This also implies that unitholders are generally and minimally protected. The findings imply that the REIT managers face substantial cost in adjusting to equilibrium level whereby the optimum level is always dynamic and not constant, and it persists over time. This also implies that agency costs exist in the existing externally managed REIT structure in Asian REITs. This also implies that Asian REITs could consider redefining the REIT management structure such as the internally managed REIT structure. The findings of this study indicated the need for improvements, transformation and reform in the REIT regime in order to increase the transparency and disclosure of corporate governance of REITs that could facilitate continuous strategic development and growth of REITs in Asia.
format Article
author Wei, Lan Chong
Ting, Kien Hwa
Cheng, Fan Fah
spellingShingle Wei, Lan Chong
Ting, Kien Hwa
Cheng, Fan Fah
Impacts of corporate governance on Asian REITs performance
author_facet Wei, Lan Chong
Ting, Kien Hwa
Cheng, Fan Fah
author_sort Wei, Lan Chong
title Impacts of corporate governance on Asian REITs performance
title_short Impacts of corporate governance on Asian REITs performance
title_full Impacts of corporate governance on Asian REITs performance
title_fullStr Impacts of corporate governance on Asian REITs performance
title_full_unstemmed Impacts of corporate governance on Asian REITs performance
title_sort impacts of corporate governance on asian reits performance
publisher Taylor & Francis
publishDate 2017
url http://psasir.upm.edu.my/id/eprint/62108/1/Impacts%20of%20corporate%20governance%20on%20Asian%20REITs%20performance.pdf
http://psasir.upm.edu.my/id/eprint/62108/
https://www.tandfonline.com/doi/abs/10.1080/14445921.2016.1266986
_version_ 1643837671530823680
score 13.211869

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