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Executive Compensation in EREITs: EREIT Size is But One Determinant

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    Abstract

    Prior research of senior executive compensation in real estate investment trusts (REITs) has found REIT size as the sole statistically significant determinant of compensation. This research finds that size is only one of several determinants of equity REITs (EREIT) senior executive compensation. In addition to size as measured by EREIT market value, the designation of the EREIT as a retail EREIT, the percentage of stock owned by the senior executive, the dollar amount of dividends paid to the senior executive and the number of years since an EREIT’s initial public offering were found to be significant factors impacting senior executive compensation. The results also contrast with the general executive compensation literature that shows proxies for size as the primary determinants of executive compensation. This research indicates the need for industry specific compensation models to account for variation in executive compensation.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol16n03/v16p401.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 16 (1998)
    Issue (Month): 3 ()
    Pages: 401-410

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    Handle: RePEc:jre:issued:v:16:n:3:1998:p:401-410

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Marc C. Chopin & Ross N. Dickens & Roger M. Shelor, 1995. "An Empirical Examination of Compensation of REIT Managers," Journal of Real Estate Research, American Real Estate Society, vol. 10(3), pages 263-278.
    2. Barbara J. Davis & Roger M. Shelor, 1995. "Executive Compensation and Financial Performance in the Real Estate Industry," Journal of Real Estate Research, American Real Estate Society, vol. 10(2), pages 141-152.
    3. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
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    Cited by:
    1. Scott, John L. & Anderson, Randy I. & Webb, James R., 2005. "The labor-leisure choice in executive compensation plans: Does too much pay reduce REIT performance?," Journal of Economics and Business, Elsevier, vol. 57(2), pages 151-163.

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