By Nicolai C. Striewe
Nicolai C. Striewe analyzes power opportunistic habit of REIT managers and gives empirical facts at the effectiveness of institutional tracking as a company governance mechanism. the writer additionally indicates how one can advertise sustainable administration by way of institutional participation. the result of his examine offer necessary insights to augment company governance, transparency and potency within the REIT industry. They inspire (a) lecturers to incorporate a behavioral part into reports of the REIT marketplace, (b) REIT managers to include potent tracking and keep watch over mechanisms, (c) traders to turn into extra conscious of corporation conflicts in REITs and (d) coverage makers to facilitate a criminal framework conducive to a sustainable REIT market.
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Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure 25 validity in companies with higher agency costs (Leary and Roberts, 2010). The pecking order theory manifests in a firm’s preference for higher leverage at startup14 when negative cash flows are more likely, information asymmetry is higher, and an equity issue is, therefore, unattractive. Fama and French (2005) suggest that the applicability of the pecking order theory to capital structure decisions is limited.
It implies that there is no optimal leverage but rather a preference ordering of financing sources (Myers, 1984; Myers and Majluf, 1984). The pecking order theory predicts that managers prefer internal over external financing. If external financing is necessary, the manager is expected to start with debt, then hybrid financing; equity financing is a last resort. This can lead to a problematic reaction of investors in case of an equity issue. 13 Investors may react by selling shares. This idea was first raised when Donaldson (1961) conducted a study on large companies and discovered the preference pattern for financing sources.
The reported standard errors are heteroscedasticity and autocorrelation consistent as suggested for datasets with a large number of cross-section units and a small number of time periods (Cameron and Trivedi, 2005). Apart from firm specific influences, leverage values may also be reacting to Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure 37 macroeconomic changes over time, such as variations in interest rates, the ups and downs of the business cycle, or economic crises as the one that followed the subprime-lending problem.
Corporate Governance of Real Estate Investment Trusts by Nicolai C. Striewe