Do Economies of Scale Exist? : Evidence from Korean REITs
- Title
- Do Economies of Scale Exist? : Evidence from Korean REITs
- Author
- 진창하
- Keywords
- Public REITs; Private REITs; Growth Prospects; Economies of Scale
- Issue Date
- 2017-FA
- Publisher
- GLOBAL SOCIAL SCIENCE INST
- Citation
- International Real Estate Review, v. 20.0, NO. 3.0, Page. 349-373
- Abstract
- Although real estate investment trusts (REITs) in Korea (K-REITs) have a history of over a decade, little related academic research exists due to many constraints, including the lack of available data. This research is the first attempt to examine a total of 74 REIT companies by using data from the Korea Association of Real Estate Investment Trusts. In this study, we explore the economies of scale of both private and public REITs in Korea. Initially, we construct an equivalent baseline measure for growth prospects, revenue and expenses, and profitability, and thereby compare private and public K-REITs. This study further explores the return determinants for K-REITs with a range of firm-specific and property-specific variables. The results show that the asset size of KREITs matters in determining growth prospects, wherein revenue and expenses and profitability are interrelated. Furthermore, the ownership structure of K-REITs influences the return measure.
- URI
- https://eds.p.ebscohost.com/eds/detail/detail?vid=0&sid=c0c0e216-281a-43a4-be07-71a40a5dc1b6%40redis&bdata=Jmxhbmc9a28mc2l0ZT1lZHMtbGl2ZQ%3d%3d#AN=126507827&db=bthhttps://repository.hanyang.ac.kr/handle/20.500.11754/178390
- ISSN
- 2154-8919
- Appears in Collections:
- COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > ECONOMICS(경제학부) > Articles
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