The Role of Sponsor and External Management on the Capital Structure of Asian-Pacific REITs : The Case of Australia, Japan, and Singapore

• 資料種別: 文書・図像類
• タイトル: The Role of Sponsor and External Management on the Capital Structure of Asian-Pacific REITs : The Case of Australia, Japan, and Singapore
• 著者・編者: Chen, Dong; Gao, Yanmin; Kaul, Mayank; Ka, Charles; Leung, Yui; Tsang, Desmond
• 著者標目: Chen, Dong; Gao, Yanmin; Kaul, Mayank; Ka, Charles; Leung, Yui; Tsang, Desmond
• 出版事項: The Institute of Social and Economic Research, Osaka University
• 出版年月日等: 2015-01
• 出版年（W3CDTF）: 2015-01
• タイトル（掲載誌）: Institute of Social and Economic Research Discussion Papers
• 巻号年月日等（掲載誌）: 920
• 掲載巻: 920
• 掲載ページ: 1-35
• 本文の言語コード: eng
• 件名標目: Asian-Pacific REIT markets; capital structure; debt maturity; simultaneous equation modelling; financial crisis
• 対象利用者: 一般
• 一般注記: 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.
• 参照（URI）: http://www.iser.osaka-u.ac.jp/library/dp/2015/DP0920.pdf; URI
• 連携機関・データベース: 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）; https://irdb.nii.ac.jp
• 提供元機関・データベース: 大阪大学 : 大阪大学学術情報庫 桜華