eprintid: 3717
rev_number: 5
eprint_status: archive
userid: 1
dir: disk0/00/00/37/17
datestamp: 2021-09-07 13:51:27
lastmod: 2021-09-07 13:51:27
status_changed: 2021-09-07 13:51:27
type: thesis
metadata_visibility: show
sword_depositor: 1
creators_name: Romijn, Yngwie
creators_id: S4183657
creators_email: yngwieromijn@hotmail.com
title: ESG and Listed Real Estate Performance: Evidence from European REITs
ispublished: unpub
full_text_status: public
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.
date: 2021
pages: 71
thesis_type: master
degree_programme: VG
tutors_name: Daams, M.N.
tutors_name: Vlist, A.J. van der
tutors_organization: Fac. Ruimtelijke wetenschappen, Basiseenheid Economische Geografie
tutors_organization: Fac. Ruimtelijke wetenschappen, Basiseenheid Economische Geografie
tutors_email: M.N.Daams@rug.nl
tutors_email: A.J.van.der.Vlist@rug.nl
security: validuser
keywords_local: ESG
keywords_local: Market valuation
keywords_local: Cost of equity
keywords_local: REIT
keywords_local: Panel data
language_iso: en
agreed_repository: yes
date_issued: 2021-09-07
citation:   Romijn, Yngwie  (2021) ESG and Listed Real Estate Performance: Evidence from European REITs.  Master thesis.   
document_url: https://frw.studenttheses.ub.rug.nl/3717/1/Thesis%20%2823%2008%202021%29%3B%20Y.J.%20Romijn%3B%20S4183657%3B%20Final.pdf