Table 5 Variable table Variable What the... | Emerald Publishing

Table 5

Variable table

Variable	What the variable represents	Type of variable	How it is measured
BEE	BEE compliance by SA REIT. The BEE scorecard of each classification of REITs between 2013 and 2022 Level 1: 100 points and above—135% Compliance _ Level 2: 85 to 99.99 points—125% Compliance _ Level 3: 75 to 84.99 points—110% Compliance _ Level 4: 65 to 74.99 points—100% Compliance _ Level 5: 55 to 64.99–80% Compliance _ Level 6: 45 to 54.99–60% Compliance _ Level 7: 40 to 44.99–50% Compliance _ Level 8: below 40–0% Compliance	Independent	The BEE certificates are obtained from individual SA REITs from 2013 until 2022. The certificates show the compliance of each firm on all BEE principles by obtaining a score
Liquidity (LIQ)	SA REIT Liquidity measure	Dependent	The illiquidity measure is defined as the total yearly firm-level revenue divided by the yearly trading volume and has been found to correlate highly with microstructure liquidity measures
$α_{i}$	Constant or intercept	$β_{i 1,,}, β_{i 2},, β_{i 3}$
Yit	Is a factor of macro-economic CPI, GDP, interest rate, employment levels	Covariates	These are directly obtained from Datastream and Quantec
Xit	Total Assets, Big 5 firms, cross-listing		Total Assets – directly obtained from Bloomberg and logged; Big 5; 1 is allotted for representation and 0 otherwise; Cross-listing; 1 is allotted for representation and 0 otherwise. 1 is allotted for property type, whether diversified 1 = yes and 0 = no, industrial 1 = yes and 0 = no and retail, 1 = yes and 0 = no.
Zit	Property types, COVID-19 dummy

Variable	What the variable represents	Type of variable	How it is measured
BEE	BEE compliance by SA REIT. The BEE scorecard of each classification of REITs between 2013 and 2022Level 1: 100 points and above—135% Compliance_ Level 2: 85 to 99.99 points—125% Compliance_ Level 3: 75 to 84.99 points—110% Compliance_ Level 4: 65 to 74.99 points—100% Compliance_ Level 5: 55 to 64.99–80% Compliance_ Level 6: 45 to 54.99–60% Compliance_ Level 7: 40 to 44.99–50% Compliance_ Level 8: below 40–0% Compliance	Independent	The BEE certificates are obtained from individual SA REITs from 2013 until 2022. The certificates show the compliance of each firm on all BEE principles by obtaining a score
Liquidity (LIQ)	SA REIT Liquidity measure	Dependent	The illiquidity measure is defined as the total yearly firm-level revenue divided by the yearly trading volume and has been found to correlate highly with microstructure liquidity measures
$α_{i}$	Constant or intercept	$β_{i 1,,}, β_{i 2},, β_{i 3}$
Yit	Is a factor of macro-economic CPI, GDP, interest rate, employment levels	Covariates	These are directly obtained from Datastream and Quantec
Xit	Total Assets, Big 5 firms, cross-listing		Total Assets – directly obtained from Bloomberg and logged; Big 5; 1 is allotted for representation and 0 otherwise; Cross-listing; 1 is allotted for representation and 0 otherwise. 1 is allotted for property type, whether diversified 1 = yes and 0 = no, industrial 1 = yes and 0 = no and retail, 1 = yes and 0 = no.
Zit	Property types, COVID-19 dummy

Source(s): Authors’ own work