Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts

This paper investigates how real estate investment trusts’ corporate social responsibility (CSR) (REITs) varies by two intrinsic firm factors: real estate asset types and REITs’ financial aspirations. We develop a conceptual model to demonstrate the theoretical role of these intrinsic firm factors i...

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Autores principales:	Jian Liang, Ameeta Jain, Hao Wu
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	CSR REITs asset type financial aspiration Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/a61be95c0ca645f6a069486f8a0fa3df
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spelling	oai:doaj.org-article:a61be95c0ca645f6a069486f8a0fa3df2021-11-25T19:04:43ZDoes Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts10.3390/su1322128362071-1050https://doaj.org/article/a61be95c0ca645f6a069486f8a0fa3df2021-11-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/22/12836https://doaj.org/toc/2071-1050This paper investigates how real estate investment trusts’ corporate social responsibility (CSR) (REITs) varies by two intrinsic firm factors: real estate asset types and REITs’ financial aspirations. We develop a conceptual model to demonstrate the theoretical role of these intrinsic firm factors in moderating CSR. Using a database containing the Morgan Stanley Capital International CSR rating index, we test REITs from 19 countries for variations of their CSR performance across each of the three pillars of CSR: environment, social, and governance (ES&G) by real estate asset types from 2009 to 2016. The results show that REITs focusing on less market-transparent real assets relying heavily on intensive human-based services and physical capital in property management like hotels and hospitals exhibit a poorer performance in environmental responsibility, social responsibility, and overall CSR score. We found no significant difference between the REITs in their governance responsibility with respect to the real estate asset types. We found that moderation by financial aspiration in establishing their CSR strategies varies by the types of real estate asset that REITs focus on, with the maximum positive impact on REITS with hotel holdings and negative impact on REITs with office and retail assets.Jian LiangAmeeta JainHao WuMDPI AGarticleCSRREITsasset typefinancial aspirationEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 12836, p 12836 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	CSR REITs asset type financial aspiration Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	CSR REITs asset type financial aspiration Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Jian Liang Ameeta Jain Hao Wu Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts
description	This paper investigates how real estate investment trusts’ corporate social responsibility (CSR) (REITs) varies by two intrinsic firm factors: real estate asset types and REITs’ financial aspirations. We develop a conceptual model to demonstrate the theoretical role of these intrinsic firm factors in moderating CSR. Using a database containing the Morgan Stanley Capital International CSR rating index, we test REITs from 19 countries for variations of their CSR performance across each of the three pillars of CSR: environment, social, and governance (ES&G) by real estate asset types from 2009 to 2016. The results show that REITs focusing on less market-transparent real assets relying heavily on intensive human-based services and physical capital in property management like hotels and hospitals exhibit a poorer performance in environmental responsibility, social responsibility, and overall CSR score. We found no significant difference between the REITs in their governance responsibility with respect to the real estate asset types. We found that moderation by financial aspiration in establishing their CSR strategies varies by the types of real estate asset that REITs focus on, with the maximum positive impact on REITS with hotel holdings and negative impact on REITs with office and retail assets.
format	article
author	Jian Liang Ameeta Jain Hao Wu
author_facet	Jian Liang Ameeta Jain Hao Wu
author_sort	Jian Liang
title	Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts
title_short	Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts
title_full	Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts
title_fullStr	Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts
title_full_unstemmed	Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts
title_sort	does corporate social responsibility vary by real estate asset types? evidence from real estate investment trusts
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/a61be95c0ca645f6a069486f8a0fa3df
work_keys_str_mv	AT jianliang doescorporatesocialresponsibilityvarybyrealestateassettypesevidencefromrealestateinvestmenttrusts AT ameetajain doescorporatesocialresponsibilityvarybyrealestateassettypesevidencefromrealestateinvestmenttrusts AT haowu doescorporatesocialresponsibilityvarybyrealestateassettypesevidencefromrealestateinvestmenttrusts
_version_	1718410355941572608

Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts

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