Alternative Key performance indicators: Green Reits and Corporate Governance

In the last decades the themes relative to sustainability have assumed a crucial role in a different context such as social, economic and financial ones; even in Real Estate field, there has been a growing interest towards this issues. In this scenario, in particular as regards Real Estate funds, it’s possible to observe that investment strategies tend to be developed toward a diversifying aim, including a “green” component represented by certified green buildings.In the light of this premise, this research aims at focusing on the specific industry of European Green Reits, defined on the basis of the two European most widespread certifications, LEED and BREEAM, which provide standards for evaluating sustainable buildings from an environmental point of view. In addition to “green” parameters, with reference to the ESG criteria (Environmental, Social and Governance), this research aims also to verify if there is a correlation between the financial performances of the abovementioned Green Reits and their Corporate Governance structure. At this purpose it will be implemented an econometric analysis. The rationale of this research arises from the ambitious aim to investigate the link between sustainability and corporate governance in the specific field of Real Estate. In the existing literature review there is in fact a lack of researches on how corporate governance affects Green Reits economic and financial performances.