IDEAS home Printed from https://ideas.repec.org/p/arz/wpaper/eres2009_228.html
   My bibliography  Save this paper

Does the Top Executive Influence the Performance of US Real Estate Investment Trusts?

Author

Listed:
  • Nico Rottke
  • Roland Füss

Abstract

In this paper, we analyze the potential influence of top executives on the performance of US real estate investment trusts by using a dataset of 101 listed US REITs for the period 2003 through 2007. In doing so, a broad range of company variables such as balance sheet data as well as personal CEO information such as fixed and variable income, individual education level, tenure, stake in the company, etc. are applied within a panel regression setting. On the one hand, the theoretical framework is derived from organizational theory, which includes the contrasting view between the deterministic and the voluntaristic approach of human capital theory. On the other hand, based on agency theory, the differing mechanisms of corporate governance in Real Estate Investment Trusts (REITs) are compared to regular listed corporations. Thereby, we build upon the findings of Feng, Ghosh and Sirmans (2005), Ooi (2000), Ghosh and Sirmans (2003) as well as Friday, Sirmans and Conover (1999). The empirical results suggest that the personal characteristics of CEOs play a significant role with regard to the performance of the individual company measured by return on asset (ROA). Thus, conclusions can be drawn with regard to CEO incentive systems, CEO change as well as CEO search.

Suggested Citation

  • Nico Rottke & Roland Füss, 2009. "Does the Top Executive Influence the Performance of US Real Estate Investment Trusts?," ERES eres2009_228, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2009_228
    as

    Download full text from publisher

    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2009-228
    Download Restriction: no
    File URL: https://eres.architexturez.net/system/files/pdf/eres2009_228.content.pdf
    Download Restriction: no
    ---><---

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arz:wpaper:eres2009_228. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Architexturez Imprints (email available below). General contact details of provider: https://edirc.repec.org/data/eressea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.