Journal article
Does it pay to be responsible? Evidence on corporate social responsibility and the investment performance of Australian REITs
Asia-Pacific Journal of Accounting & Economics
2019
Metrics
43 File views/ downloads
43 Record Views
UN Sustainable Development Goals (SDGs)
This output has contributed to the advancement of the following goals:
Source: InCites
Abstract
This paper creates portfolios to better understand the influence of corporate social responsibility (CSR) practices on the risk-adjusted returns of Australian Real Estate Investment Trusts (A-REITs) from 2007 to 2016. We find that A-REIT portfolios (except for the high CSR-rated portfolio) outperform the broader Asia-Pacific market. We also show that the low CSR-rated A-REIT portfolio delivers the best risk-adjusted return performance. Our findings indicate that while CSR practices might mitigate risk in A-REITs, they do not appear to improve risk-adjusted return performance. However, CSR practices may be effective in producing greater risk-adjusted returns for A-REITs during market downturns or economic crises.
Details
- Title
- Does it pay to be responsible? Evidence on corporate social responsibility and the investment performance of Australian REITs
- Creators
- Steffen Westermann (Author) - Southern Cross UniversityScott J Niblock (Author) - Southern Cross UniversityMichael A Kortt (Author) - Southern Cross University
- Publication Details
- Asia-Pacific Journal of Accounting & Economics
- Publisher
- Routledge
- Identifiers
- 991012831299302368
- Academic Unit
- School of Business and Tourism; Management; Faculty of Business, Law and Arts
- Language
- English
- Resource Type
- Journal article