Executive Compensation in EREITs: EREIT Size is But One Determinant

William G. Hardin, III ()
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William G. Hardin, III: Deaprtment of Finance and Economics Mississippi State University Mississippi State, Mississippi 39762, http://www.msstate.edu/dept/finecon/

Journal of Real Estate Research, 1998, vol. 16, issue 3, 401-410

Abstract: Prior research of senior executive compensation in real estate investment trusts (REITs) has found REIT size as the sole statistically significant determinant of compensation. This research finds that size is only one of several determinants of equity REITs (EREIT) senior executive compensation. In addition to size as measured by EREIT market value, the designation of the EREIT as a retail EREIT, the percentage of stock owned by the senior executive, the dollar amount of dividends paid to the senior executive and the number of years since an EREIT’s initial public offering were found to be significant factors impacting senior executive compensation. The results also contrast with the general executive compensation literature that shows proxies for size as the primary determinants of executive compensation. This research indicates the need for industry specific compensation models to account for variation in executive compensation.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1998
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