The role of sponsor and external management on the capital structure of Asian-Pacific REITs : the case of Australia, Japan, and Singapore
Dong Chen; Yanmin Gao; Mayank Kaul; Charles Ka Yui Leung; Desmond Tsang
This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with longer maturity. On the contrary, externally managed REITs are associated with lower leverage and loans with shorter maturity. Our results are robust to the inclusion of other firm variables and to alternative specifications. Subsequent to the financial crisis, the impact of sponsorship on debt financing decisions has diminished, and borrowing of externally managed REITs is further constrained.
Year of publication: |
2015 ; This version: January, 2015
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Authors: | Chen, Dong ; Gao, Yanmin ; Kaul, Mayank ; Leung, Charles Ka Yui ; Tsang, Desmond |
Publisher: |
Osaka : Inst. of Social and Economic Research |
Subject: | Asian-Pacific REIT markets | capital structure | debt maturity | simultaneous equation modelling | financial crisis | Immobilienfonds | Real estate fund | Kapitalstruktur | Capital structure | Australien | Australia | Singapur | Singapore | Japan | Finanzkrise | Financial crisis | Asiatisch-pazifischer Raum | Asia-Pacific region |
Saved in:
freely available
Extent: | Online-Ressource (35 S.) |
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Series: | Discussion paper / Institute of Social and Economic Research. - Osaka : [Verlag nicht ermittelbar], ISSN 2435-0982, ZDB-ID 2106942-6. - Vol. 920 |
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature |
Language: | English |
Other identifiers: | hdl:10419/127095 [Handle] |
Classification: | F30 - International Finance. General ; G10 - General Financial Markets. General ; R30 - Real Estate Markets, Spatial Production Analysis, and Firm Location. General |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10010462573