Corporate Governance and Performance of Externally Managed Singapore Reits
Corporate Governance and Performance of Externally Managed Singapore Reits
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外部管理的新加坡房地产投资信托公司的公司治理和绩效
DOI：
10.1007/s11146-012-9377-9
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
J. Ooi
中科院分区：
文献类型：
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作者：
P. Lecomte;J. Ooi
本文采用亚太真实的房地产协会（APREA）设计的一个新的评分框架，考察了在新加坡证券交易所上市的外部管理型房地产投资信托基金（S-REITs）的公司绩效与公司治理质量之间的联系。实证检验结果表明，公司治理与股票绩效之间存在正相关关系。然而，我们没有发现与经营业绩的会计指标代理的正相关关系。换句话说，公司治理水平较高的S-REITs往往会获得更好的风险调整回报，但在运营上并没有表现出色。为了检验市场效率，研究表明，具有最佳公司治理实践的S-REITs也具有较少的信息不对称。
This paper employs a new scoring framework designed by the Asia Pacific Real Estate Association (APREA) to examine the link between corporate performance and quality of corporate governance among externally managed REITs listed on the Singapore Stock Exchange (S-REITs). The empirical tests provide evidence supporting a positive correlation between corporate governance practices and stock performances. However, we find no positive correlation with operating performance proxied by accounting measures. In other words, S-REITs with higher corporate governance tend to register better risk-adjusted returns but do not outperform operationally. To test for market efficiency, the study shows that S-REITs with the best corporate governance practices also have less information asymmetry.
收购溢价与控股股东：来自日本企业的证据
DOI：
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发表时间：
2016
期刊：
International Review of Business
影响因子：
--
作者：
Hiroyuki Aman
通讯作者：
Hiroyuki Aman