Global REIT regulations and valuation

Sridhar Gogineni, Pawan Jain and Arun Upadhyay

International Review of Economics & Finance, 2024, vol. 93, issue PB, 152-166

Abstract: We make three contributions to the real estate investment trust (REIT) and global business literature in this paper. First, we provide the first comprehensive overview of the REIT regulatory framework across 32 countries. Second, we examine the effect of dividend taxes on REITs and find that on average, investors in most countries capitalize dividend taxes in REIT valuation. These results lend support to agency-based explanation of retained earnings and are robust to country-level tax policies on retained earnings. Third, we find that REITs domiciled in countries with stringent operational restrictions and effective governance systems are associated with higher valuations. Our paper highlights the role played by regulatory frameworks and institutional settings in the valuation of REITs.

Keywords: REITs; Corporate Governance; Dividends; Valuation (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:93:y:2024:i:pb:p:152-166

DOI: 10.1016/j.iref.2024.04.022

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