Corporate Social Responsibility and the Market Valuation of Listed Real Estate Investment Companies

This paper investigates how real estate investment trusts’ corporate social responsibility (CSR) (REITs) varies by two intrinsic firm factors: real estate asset types and REITs’ financial aspirations. We develop a conceptual model to demonstrate the theoretical role of these intrinsic firm factors in moderating CSR. Using a database containing the Morgan Stanley Capital International CSR rating index, we test REITs from 19 countries for variations of their CSR performance across each of the three pillars of CSR: environment, social, and governance (ES&G) by real estate asset types from 2009 to 2016. The results show that REITs focusing on less market-transparent real assets relying heavily on intensive human-based services and physical capital in property management like hotels and hospitals exhibit a poorer performance in environmental responsibility, social responsibility, and overall CSR score. We found no significant difference between the REITs in their governance responsibility with respect to the real estate asset types. We found that moderation by financial aspiration in establishing their CSR strategies varies by the types of real estate asset that REITs focus on, with the maximum positive impact on REITS with hotel holdings and negative impact on REITs with office and retail assets.

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Corporate Social Responsibility and Growth Opportunity: The Case of Real Estate Investment Trusts

Journal of Business Ethics ◽

10.1007/s10551-017-3535-1 ◽

2017 ◽

Vol 155 (2) ◽

pp. 463-478 ◽

Cited By ~ 3

Author(s):

Kevin C. H. Chiang ◽

Gregory J. Wachtel ◽

Xiyu Zhou

Keyword(s):

Corporate Social Responsibility ◽

Real Estate ◽

Social Responsibility ◽

Real Estate Investment Trusts ◽

Real Estate Investment ◽

Investment Trusts ◽

Growth Opportunity ◽

Corporate Social

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Market Valuation of Tax Avoidance and Corporate Social Responsibility: Does the Market Discount Corporate Robin Hoods?

SSRN Electronic Journal ◽

10.2139/ssrn.2727952 ◽

2016 ◽

Cited By ~ 1

Author(s):

Kerry Katharine Inger ◽

Brian Vansant

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Tax Avoidance ◽

Market Valuation ◽

Corporate Social

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When do firms implement corporate social responsibility? A study of the Spanish construction and real-estate sector

Journal of Management & Organization ◽

10.1017/jmo.2013.12 ◽

2013 ◽

Vol 19 (2) ◽

pp. 150-166 ◽

Cited By ~ 7

Author(s):

Jesus Cambra-Fierro ◽

Alan Wilson ◽

Yolanda Polo-Redondo ◽

Ana Fuster-Mur ◽

Maria Eugenia Lopez-Perez

Keyword(s):

Corporate Social Responsibility ◽

Real Estate ◽

Social Responsibility ◽

Market Orientation ◽

Real Estate Industry ◽

Specific Context ◽

Real Estate Sector ◽

Corporate Social

AbstractThe purpose of this paper is to examine firms’ adoption of corporate social responsibility activities and the efficacy of such activities in specific contexts and industries. This paper analyses the specific context of the Spanish construction and real-estate industry. By using a longitudinal multi-case approach, the study suggests links between market orientation and corporate social responsibility. The research also identifies two profiles of firms. The first group, which is proactive (e.g., market oriented), demonstrate altruistic concerns about consumers and corporate social responsibility; for the second, which is more reactive, their concerns about corporate social responsibility are more opportunistic and aimed at attracting additional customers or responding to competitive pressures.

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PENGARUH CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN PROPERTI DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2017

Jurnal Akuntansi Trisakti ◽

10.25105/jat.v6i2.5479 ◽

2019 ◽

Vol 6 (2) ◽

pp. 245

Author(s):

Rahmelia Ahyani ◽

Windhy Puspitasari

Keyword(s):

Corporate Social Responsibility ◽

Data Collection ◽

Real Estate ◽

Social Responsibility ◽

Financial Performance ◽

Corporate Financial Performance ◽

Significant Positive Effect ◽

Sample Collection ◽

Corporate Social ◽

Positive Effect

This study aims to examine the effect of Corporate Social Responsibility (CSR) on Financial Performance on Return On Assets (ROA), Return On Equity (ROE) and Net Profit Margin (NPM). The population used in this study is the Sub-Sector Services company of Property and Real Estate listed on the Indonesia Stock Exchange in 2013-2017. Data collection used purposive sampling method which aims to determine the samples taken with certain criteria and objectives, deliberate data collection to be included in the criteria according to the research. Based on sample collection techniques obtained as many as 175 companies.The results found that 1) Corporate Social Responsibility (CSR) had a significant positive effect on corporate financial performance as measured by ROA, 2) Corporate Social Responsibility (CSR) had a significant positive effect on corporate financial performance as measured by ROE, and 3) Corporate Social Responsibility (CSR) had a significant positive effect on the company's financial performance as measured by NPM. This research has implications for the property and real estate industry sector in improving its financial performance through CSR disclosure considering the higher the corporate social responsibility disclosure, the higher the company's financial performance.

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