Do Management Changes Matter? An Empirical Investigation of REIT Performance

G. Stacy Sirmans (), H. Swint Friday () and Russell M. Price ()
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G. Stacy Sirmans: Department of Risk Management/Insurance, Real Estate and Business Law, College of Business, Room 248 RBB, Florida State University, Tallahassee, FL 32306-1110
H. Swint Friday: Department of Finance, College of Business, Room DW 201C, Texas A&M University ? Corpus ChristiCorpus Christi, TX 78412
Russell M. Price: Department of Finance, College of Business, Florida State University, Tallahassee, FL 32306-1110

Journal of Real Estate Research, 2006, vol. 28, issue 2, pages 131-148

Abstract: Management’s (board of directors or executive officers) contribution to a firm is difficult to directly observe, although stock return performance can be a source of information. This study addresses this issue by extending the work of McIntosh, Rogers, Sirmans and Liang (1994) by analyzing management changes within REITs from 1984 to 2002. The findings indicate a significant relationship between negative performance and a management change from a period three months prior to the change in management. Logit and probit analysis are used to determine whether negative firm performance (measured by its relationship to market returns) can predict the likelihood of a management change. No predictive ability is found.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2006
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