Model ROA
| Models | 1 | 1A | 1B | 1C |
|---|---|---|---|---|
| ROA | ||||
| Dependent variable | ||||
| Property sector | All real estate companies | Commercial REITs | Real estate rental, development and operations | Specialized REITs |
| Geographic region | World | World | World | World |
| Independent variables | ||||
| Enviromental score | 0.018** | 0.019 | 0.029 | 0.021 |
| (0.007) | (0.012) | (0.020) | (0.017) | |
| Social score | −0.019* | −0.002 | −0.059** | 0.012 |
| (0.011) | (0.019) | (0.025) | (0.026) | |
| Governance score | 0.018** | 0.009 | 0.024* | 0.026 |
| (0.008) | (0.014) | (0.014) | (0.018) | |
| Ebitda margin | 0.013*** | 0.033** | 0.017*** | 0.012*** |
| (0.003) | (0.016) | (0.003) | (0.005) | |
| Log total assets | 0.471 | 1.419* | −1.208 | 1.283 |
| (0.392) | (0.747 | (0.812) | (0.917) | |
| Debt on assets | −0.092*** | −0.260*** | 0.012 | −0.103*** |
| (0.015) | (0.040) | (0.027) | (0.029) | |
| Beta levered | −1.527*** | −1.812*** | −1.066 | −1.134* |
| (0.269) | (0.507) | (0.963) | (0.639) | |
| Constant | −0.949 | −15.952 | 32.803* | 20.028 |
| (8.737) | (17.024) | (17.691) | (20.812) | |
| R-squared | 18.24% | 28.98% | 15.89% | 29.60% |
| Observations | 1,687 | 574 | 630 | 301 |
| Models | 1 | 1A | 1B | 1C |
|---|---|---|---|---|
| ROA | ||||
| Property sector | All real estate companies | Commercial REITs | Real estate rental, development and operations | Specialized REITs |
| Geographic region | World | World | World | World |
| Enviromental score | 0.018** | 0.019 | 0.029 | 0.021 |
| (0.007) | (0.012) | (0.020) | (0.017) | |
| Social score | −0.019* | −0.002 | −0.059** | 0.012 |
| (0.011) | (0.019) | (0.025) | (0.026) | |
| Governance score | 0.018** | 0.009 | 0.024* | 0.026 |
| (0.008) | (0.014) | (0.014) | (0.018) | |
| Ebitda margin | 0.013*** | 0.033** | 0.017*** | 0.012*** |
| (0.003) | (0.016) | (0.003) | (0.005) | |
| Log total assets | 0.471 | 1.419* | −1.208 | 1.283 |
| (0.392) | (0.747 | (0.812) | (0.917) | |
| Debt on assets | −0.092*** | −0.260*** | 0.012 | −0.103*** |
| (0.015) | (0.040) | (0.027) | (0.029) | |
| Beta levered | −1.527*** | −1.812*** | −1.066 | −1.134* |
| (0.269) | (0.507) | (0.963) | (0.639) | |
| Constant | −0.949 | −15.952 | 32.803* | 20.028 |
| (8.737) | (17.024) | (17.691) | (20.812) | |
| 18.24% | 28.98% | 15.89% | 29.60% | |
| Observations | 1,687 | 574 | 630 | 301 |
| Models | 1D | 1E | 1F | 1G |
|---|---|---|---|---|
| ROA | ||||
| Dependent variable | ||||
| Property sector | All real estate companies | All real estate companies | All real estate companies | All real estate companies |
| Geographic region | America | Asia | Oceania | Europe |
| Independent variables | ||||
| Enviromental score | −0.005 | 0.009 | 0.025 | 0.012 |
| (0.007) | (0.011) | (0.033) | (0.028) | |
| Social score | 0.018 | −0.028** | −0.129*** | −0.065* |
| (0.012) | (0.012) | (0.043) | (0.037) | |
| Governance score | −0.005 | 0.013 | 0.085*** | −0.010 |
| (0.009) | (0.013) | (0.031) | (0.028) | |
| Ebitda margin | 0.015*** | 0.018** | 0.100** | 0.102*** |
| (0.004) | (0.008) | (0.039) | (0.031) | |
| Log total assets | −0.143 | 1.823*** | 5.174*** | −2.251 |
| (0.249) | (0.563) | (1.630) | (5.651) | |
| Debt on assets | −0.042*** | −0.083*** | −0.134*** | −0.378*** |
| (0.013) | (0.029) | (0.047) | (0.091) | |
| Beta levered | 1.799*** | −1.625*** | −2.955** | −2.512** |
| (0.544) | (0.565) | (1.169) | (1.045) | |
| Constant | 8.537 | −31.868** | −97.796*** | 22.953*** |
| (5.609) | (12.758) | (33.988) | (4.607) | |
| R-squared | 21.63% | 39.40% | 46.57% | 23.40% |
| Observations | 875 | 364 | 196 | 231 |
| Models | 1D | 1E | 1F | 1G |
|---|---|---|---|---|
| ROA | ||||
| Property sector | All real estate companies | All real estate companies | All real estate companies | All real estate companies |
| Geographic region | America | Asia | Oceania | Europe |
| Enviromental score | −0.005 | 0.009 | 0.025 | 0.012 |
| (0.007) | (0.011) | (0.033) | (0.028) | |
| Social score | 0.018 | −0.028** | −0.129*** | −0.065* |
| (0.012) | (0.012) | (0.043) | (0.037) | |
| Governance score | −0.005 | 0.013 | 0.085*** | −0.010 |
| (0.009) | (0.013) | (0.031) | (0.028) | |
| Ebitda margin | 0.015*** | 0.018** | 0.100** | 0.102*** |
| (0.004) | (0.008) | (0.039) | (0.031) | |
| Log total assets | −0.143 | 1.823*** | 5.174*** | −2.251 |
| (0.249) | (0.563) | (1.630) | (5.651) | |
| Debt on assets | −0.042*** | −0.083*** | −0.134*** | −0.378*** |
| (0.013) | (0.029) | (0.047) | (0.091) | |
| Beta levered | 1.799*** | −1.625*** | −2.955** | −2.512** |
| (0.544) | (0.565) | (1.169) | (1.045) | |
| Constant | 8.537 | −31.868** | −97.796*** | 22.953*** |
| (5.609) | (12.758) | (33.988) | (4.607) | |
| 21.63% | 39.40% | 46.57% | 23.40% | |
| Observations | 875 | 364 | 196 | 231 |
Note(s): ***, **, and * indicates statistically significant levels of 1%, 5% and 10%, respectively
Source(s): Authors’ own work
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