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作者

Martin Hoesli  2, Thies Lindenthal3, David C. Ling4 & …Joseph Ooi5

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.volumes-and-issues,Issue68-4,P.

语言

英文

关键字

作者单位

摘要

The original online version of this article was revised to delete the last paragraph below: While the existing literature documents a positive effect of environmentally-sustainable investments on the financial performance of REITs, the underlying mechanisms are not clear. In their paper “Impact of Environmental Investments on Corporate Financial Performance: Decomposing Valuation and Cash Flow Effects”, Avis Devine & Erkan Yönder attempt to disentangle the cash flow effect and stock market valuation effect of investing in green buildings on REIT corporate performance. They find U.S. REITs that own more green-certified properties in their portfolio reported higher cash flows (due to higher rental revenue and net operating income) as well as higher stock valuation beyond the improved operating cash flows (due to lower risks and enhanced reputation). In particular, they find REITs with a higher share of green properties experienced lower interest expenses on their debt, lower stock trading volume (for office and retail properties) and lower risk exposure to stock markets. The original article has been corrected. Author information Authors and Affiliations Geneva School of Economics and Management, University of Geneva, 40 boulevard du Pont-d’Arve, Geneva, 4 CH-1211, Switzerland Martin Hoesli University of Aberdeen Business School King’s College, Aberdeen AB24 3FX, Scotland, UK Martin Hoesli Department of Land Economy, 19 Silver Street, Cambridge, CB3 9EP, UK Thies Lindenthal University of Florida, Warrington College of Business, Bryan Hall 100, PO Box 117150, Gainesville, FL, 32611-7150, USA David C. Ling Department of Real Estate, National University of Singapore Business School, 15 Kent Ridge Drive, Singapore, 119 245, Singapore Joseph Ooi Corresponding author Correspondence to Martin Hoesli. Additional information Publisher’s Note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. The online version of the original article can be found at https://doi.org/10.1007/s11146-024-09989-w. Rights and permissions Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.