@unpublished{theses_frw3717,
           title = {ESG and Listed Real Estate Performance: Evidence from European REITs},
          author = {Yngwie Romijn},
            year = {2021},
        abstract = {The challenge of our time is financing further global sustainable development, above all characterised by its urgency. The real estate sector has a significant role in tackling the environmental issues, as it is responsible for approximately forty per cent of all energy consumption. Distinct from existing literature, we target the relatively unexplored European REIT market, while focussing on the relative market value and the cost of equity. We find no significant correlation between ESG and the relative market value, but do find that REITs with superior ESG performance have a lower cost of equity. Conversely, when a mandatory level of environmental reporting for property investments is present, the correlation disappears. As such, the results underline the importance of considering the institutional context for the correlation between ESG and real estate investments. However, future research should verify these findings with a more extensive dataset to establish a causal relationship in the European context.},
             url = {https://frw.studenttheses.ub.rug.nl/3717/}
}