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Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure

The Journal of real estate research, 2013-01, Vol.35 (1), p.103-120 [Peer Reviewed Journal]

Copyright American Real Estate Society 2013 ;ISSN: 0896-5803 ;EISSN: 2691-1175 ;DOI: 10.1080/10835547.2013.12091354

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Title:
Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure
Author: Striewe, Nicolai C. ; Rottke, Nico B. ; Zietz, Joachim
Subjects: Advisors ; Asset management ; Board of directors ; Capital management ; Capital structure ; Corporate governance ; Data analysis ; Debt ; Decision making ; Dividends ; Economic activity ; Financial leverage ; Financial management ; Impact analysis ; Interest costs ; Investment advisors ; Investments ; Objectives ; Panel data ; Real estate ; Real estate economics ; Real estate investment trusts ; Real estate market ; Real estate taxes ; REITs ; Stockholders ; Studies ; U.S.A
Is Part Of: The Journal of real estate research, 2013-01, Vol.35 (1), p.103-120
Description: This paper examines the impact of the advisor structure on the leverage of 265 real estate investment trusts (REITs) in the United States. The study employs panel data for the period 1994 to 2010. Externally advised REITs tend to choose lower leverage, a result that differs from that of Capozza and Seguin (2000) for the old REIT era (1985–1992). We find no evidence for an agency problem related to the choice of leverage for more recent data. The lower leverage makes economic sense since externally-advised REITs bear higher costs of debt than their internally-advised counterparts.
Publisher: Clemson: American Real Estate Society
Language: English
Identifier: ISSN: 0896-5803
EISSN: 2691-1175
DOI: 10.1080/10835547.2013.12091354
Source: AUTh Library subscriptions: ProQuest Central

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Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure

Copyright American Real Estate Society 2013 ;ISSN: 0896-5803 ;EISSN: 2691-1175 ;DOI: 10.1080/10835547.2013.12091354

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