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Exploring responsible property investing: a survey of American executives

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  • Gary Pivo

Abstract

Property is an important part of modern economies with significant social and environmental consequences. As a result, practitioners and scholars have begun focusing on the social responsibility and sustainability of property investors. This paper expands that work by examining Responsible Property Investing among investment organizations in the United States. Responsible Property Investing is defined as efforts that go beyond compliance with minimum legal requirements to better manage the environmental, social, and governance issues associated with property investing. A survey of senior American executives finds that most organizations are going beyond compliance, implementing management strategies and investing in properties that are consistent with Responsible Property Investment principles. Most executives also place their organization beyond compliance in a Responsible Property Investing stage model. Business concerns are the leading drivers and impediments. Among the various types of organizations studied, pension funds, foundations and endowments lag behind others in implementing Responsible Property Investing. Copyright © 2007 John Wiley & Sons, Ltd and ERP Environment.

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  • Gary Pivo, 2008. "Exploring responsible property investing: a survey of American executives," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 15(4), pages 235-248, July.
    • Handle: RePEc:wly:corsem:v:15:y:2008:i:4:p:235-248
    DOI: 10.1002/csr.165
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    1. Steffen Westermann & Scott J. Niblock & Michael A. Kortt, 2018. "A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective," Economic Papers, The Economic Society of Australia, vol. 37(1), pages 92-110, March.
    2. Eichholtz, Piet & Kok, Nils & Yonder, Erkan, 2012. "Portfolio greenness and the financial performance of REITs," Journal of International Money and Finance, Elsevier, vol. 31(7), pages 1911-1929.
    3. Eichholtz, Piet & Holtermans, Rogier & Kok, Nils & Yönder, Erkan, 2019. "Environmental performance and the cost of debt: Evidence from commercial mortgages and REIT bonds," Journal of Banking & Finance, Elsevier, vol. 102(C), pages 19-32.
    4. Saheli Nath, 2021. "The Business of Virtue: Evidence from Socially Responsible Investing in Financial Markets," Journal of Business Ethics, Springer, vol. 169(1), pages 181-199, February.
    5. Pellegrini-Masini, Giuseppe & Leishman, Chris, 2011. "The role of corporate reputation and employees' values in the uptake of energy efficiency in office buildings," Energy Policy, Elsevier, vol. 39(9), pages 5409-5419, September.
    6. Avis Devine & Eva Steiner & Erkan Yonder, 2017. "Decomposing the Value Effects of Sustainable Investment: International Evidence," ERES eres2017_517, European Real Estate Society (ERES).
    7. Ulrich Kriese & Roland W. Scholz, 2011. "The Positioning of Sustainability within Residential Property Marketing," Urban Studies, Urban Studies Journal Limited, vol. 48(7), pages 1503-1527, May.
    8. Avis Devine & Eva Steiner & Erkan Yonder, 2017. "Decomposing the Value Effects of Sustainable Investment: International Evidence," ERES eres2017_346, European Real Estate Society (ERES).

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