Abstract
No, we find no evidence for a return-enhancing role for corporate real estate holdings, which is consistent with the previous literature. Instead, our study based on a sample of U.S. listed corporations suggests that corporate real estate holdings are a form of managerial “empire building”. Corporations with weaker corporate governance and a lower degree of financial constraint tend to have higher real estate holdings, whereas higher real estate holdings are associated with lower returns to shareholders. The impact of corporate governance on corporate real estate holdings seems to be stronger in manufacturing-related industries. Implications and future research directions are discussed.
| Original language | English |
|---|---|
| Pages (from-to) | 301-357 |
| Journal | International Real Estate Review |
| Volume | 17 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - 1 Dec 2014 |
Bibliographical note
Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to [email protected].Research Keywords
- Corporate Governance
- Corporate Real Estate
- Empire-building
- Financial Constraint
