Summary of variables
| No | Variable | Overview |
|---|---|---|
| 1 | Foreign Ownership Ratio (%) | Percentage of units held by foreign investors at fiscal year end |
| 2 | Market Cap (in, million JPY) | Natural log of market capitalization at fiscal year end |
| 3 | ROA | Return on Assets: Net profit ÷ total assets (annual) |
| 4 | Gearing Ratio (%) | Total debt ÷ total assets |
| 5 | Nikkei Stock Average (JPY) | Price-weighted index composed of 225 large, liquid companies listed on the Tokyo Stock Exchange's Prime Market |
| 6 | Japan's Interest Rate (%) | Tokyo Overnight Average rate as Japan's policy interest rate |
| 7 | Bank of Japan's J-REIT purchase volume (100 million JPY) | Total amount of J-REIT units purchased by the Bank of Japan over a six-month period |
| 8 | Global REITs Index | FTSE EPRA/NAREIT Global REITs Index (semi-annual average) |
| 9 | Tokyo Stock Exchange REIT Index | Market cap–weighted index of all J-REITs |
| 10 | Foreign Exchange Rate | The USD/JPY exchange rate |
| 11 | Foreign Co. | REIT operated by foreign company as a sponsor dummy |
| 12 | Real Estate Co. | REIT operated by real estate company as a sponsor dummy |
| 13 | Keiretsu Co. | REIT operated by Keiretsu company as a sponsor dummy |
| 14 | Office | Office REIT as an asset type dummy |
| 15 | Residential | Residential REIT as an asset type dummy |
| 16 | Retail | Retail REIT as an asset type dummy |
| 17 | Hotel | Hotel REIT as an asset type dummy |
| 18 | Logistics | Logistics REIT as an asset type dummy |
| No | Variable | Overview |
|---|---|---|
| 1 | Foreign Ownership Ratio (%) | Percentage of units held by foreign investors at fiscal year end |
| 2 | Market Cap (in, million JPY) | Natural log of market capitalization at fiscal year end |
| 3 | ROA | Return on Assets: Net profit ÷ total assets (annual) |
| 4 | Gearing Ratio (%) | Total debt ÷ total assets |
| 5 | Nikkei Stock Average (JPY) | Price-weighted index composed of 225 large, liquid companies listed on the Tokyo Stock Exchange's Prime Market |
| 6 | Japan's Interest Rate (%) | Tokyo Overnight Average rate as Japan's policy interest rate |
| 7 | Bank of Japan's J-REIT purchase volume (100 million JPY) | Total amount of J-REIT units purchased by the Bank of Japan over a six-month period |
| 8 | Global REITs Index | FTSE EPRA/NAREIT Global REITs Index (semi-annual average) |
| 9 | Tokyo Stock Exchange REIT Index | Market cap–weighted index of all J-REITs |
| 10 | Foreign Exchange Rate | The USD/JPY exchange rate |
| 11 | Foreign Co. | REIT operated by foreign company as a sponsor dummy |
| 12 | Real Estate Co. | REIT operated by real estate company as a sponsor dummy |
| 13 | Keiretsu Co. | REIT operated by Keiretsu company as a sponsor dummy |
| 14 | Office | Office REIT as an asset type dummy |
| 15 | Residential | Residential REIT as an asset type dummy |
| 16 | Retail | Retail REIT as an asset type dummy |
| 17 | Hotel | Hotel REIT as an asset type dummy |
| 18 | Logistics | Logistics REIT as an asset type dummy |
Note(s): This table provides definitions, construction and sources of all variables used in the panel regression analyses
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.