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Does it pay to be responsible? Evidence on corporate social responsibility and the investment performance of Australian REITs

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  • Steffen Westermann
  • Scott J. Niblock
  • Michael A. Kortt

Abstract

This paper creates portfolios to better understand the influence of corporate social responsibility (CSR) practices on the risk-adjusted returns of Australian Real Estate Investment Trusts (A-REITs) from 2007 to 2016. We find that A-REIT portfolios (except for the high CSR-rated portfolio) outperform the broader Asia-Pacific market. We also show that the low CSR-rated A-REIT portfolio delivers the best risk-adjusted return performance. Our findings indicate that while CSR practices might mitigate risk in A-REITs, they do not appear to improve risk-adjusted return performance. However, CSR practices may be effective in producing greater risk-adjusted returns for A-REITs during market downturns or economic crises.

Suggested Citation

  • Steffen Westermann & Scott J. Niblock & Michael A. Kortt, 2022. "Does it pay to be responsible? Evidence on corporate social responsibility and the investment performance of Australian REITs," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 29(4), pages 1102-1119, July.
    • Handle: RePEc:taf:raaexx:v:29:y:2022:i:4:p:1102-1119
    DOI: 10.1080/16081625.2019.1673188
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