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

Material type: 文書・図像類

Author: Chen, Dongほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2015-01

Material Format: Paper

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Note (General)：: This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT m...

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Paper

Material Type: 文書・図像類
Title: The Role of Sponsor and External Management on the Capital Structure of Asian-Pacific REITs : The Case of Australia, Japan, and Singapore
Author/Editor: Chen, Dong
Gao, Yanmin
Kaul, Mayank
Ka, Charles
Leung, Yui
Tsang, Desmond
Author Heading: Chen, Dong
Gao, Yanmin
Kaul, Mayank
Ka, Charles
Leung, Yui
Tsang, Desmond
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2015-01
Publication Date (W3CDTF): 2015-01
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 920
Volume: 920
Pages: 1-35
Text Language Code: eng
Subject Heading: Asian-Pacific REIT markets
capital structure
debt maturity
simultaneous equation modelling
financial crisis
Target Audience: 一般
Note (General): 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.
References (URI): URI
http://www.iser.osaka-u.ac.jp/library/dp/2015/DP0920.pdf
Data Provider (Database): 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
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華