Results of panel analyses for foreign ownership ratio
| Random effect | Fixed effect | |||||
|---|---|---|---|---|---|---|
| Market Cap | 5.335 | *** | (0.641) | 5.010 | *** | (0.740) |
| ROA | −1.362 | *** | (0.214) | −1.403 | *** | (0.213) |
| Gearing Ratio | −0.064 | *** | (0.019) | −0.082 | *** | (0.020) |
| Nikkei Stock Average | 0.000 | (0.000) | 0.000 | (0.000) | ||
| Japan's Interest Rate | −14.509 | *** | (4.473) | −14.986 | *** | (4.469) |
| Bank of Japan's J-REIT purchase volume | −0.004 | *** | (0.001) | −0.004 | *** | (0.001) |
| Global REITs Index | −0.002 | (0.001) | −0.002 | (0.001) | ||
| Tokyo Stock Exchange REIT Index | −0.001 | (0.002) | 0.000 | (0.002) | ||
| Foreign Exchange Rate | −0.040 | ** | (0.016) | −0.037 | ** | (0.016) |
| Foreign Co. | 1.446 | (1.463) | −1.041 | (1.674) | ||
| Real Estate Co. | −2.953 | (1.978) | ||||
| Keiretsu Co. | 0.660 | (1.924) | ||||
| Office | −0.200 | (1.970) | ||||
| Residential | −2.727 | (2.477) | ||||
| Retail | −4.732 | (3.371) | ||||
| Hotel | 10.068 | *** | (3.313) | |||
| Logistics | −5.053 | * | (2.875) | |||
| Intercept | −24.176 | *** | (8.316) | |||
| R2 | 0.294 | 0.251 | ||||
| n. of obs. | 660 | 660 | ||||
| Random effect | Fixed effect | |||||
|---|---|---|---|---|---|---|
| Market Cap | 5.335 | *** | (0.641) | 5.010 | *** | (0.740) |
| ROA | −1.362 | *** | (0.214) | −1.403 | *** | (0.213) |
| Gearing Ratio | −0.064 | *** | (0.019) | −0.082 | *** | (0.020) |
| Nikkei Stock Average | 0.000 | (0.000) | 0.000 | (0.000) | ||
| Japan's Interest Rate | −14.509 | *** | (4.473) | −14.986 | *** | (4.469) |
| Bank of Japan's J-REIT purchase volume | −0.004 | *** | (0.001) | −0.004 | *** | (0.001) |
| Global REITs Index | −0.002 | (0.001) | −0.002 | (0.001) | ||
| Tokyo Stock Exchange REIT Index | −0.001 | (0.002) | 0.000 | (0.002) | ||
| Foreign Exchange Rate | −0.040 | ** | (0.016) | −0.037 | ** | (0.016) |
| Foreign Co. | 1.446 | (1.463) | −1.041 | (1.674) | ||
| Real Estate Co. | −2.953 | (1.978) | ||||
| Keiretsu Co. | 0.660 | (1.924) | ||||
| Office | −0.200 | (1.970) | ||||
| Residential | −2.727 | (2.477) | ||||
| Retail | −4.732 | (3.371) | ||||
| Hotel | 10.068 | *** | (3.313) | |||
| Logistics | −5.053 | * | (2.875) | |||
| Intercept | −24.176 | *** | (8.316) | |||
| R2 | 0.294 | 0.251 | ||||
| n. of obs. | 660 | 660 | ||||
Note(s): *Significance at the 10% level. **Significance at the 5% level. ***Significance at the 1% level. The sample consists of 33 J-REITs over the period 2014–2023
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