Economics at your fingertips  

Corporate social responsibility and the performance of Australian REITs: a rolling regression approach

Steffen Westermann, Scott Niblock () and Michael Kortt
Additional contact information
Steffen Westermann: Southern Cross University
Scott Niblock: Southern Cross University
Michael Kortt: Southern Cross University

Journal of Asset Management, 2018, vol. 19, issue 4, 222-234

Abstract: Abstract This paper examines the influence of corporate social responsibility (CSR) on the performance of Australian Real Estate Investment Trusts (A-REITs). Rolling regressions are estimated to establish the risk-adjusted performance of low-, average- and high-rated CSR A-REIT portfolios over time. We find that the low CSR A-REIT portfolio outperforms its counterparts. However, while the average and high CSR A-REIT portfolios deliver increased risk-adjusted performance over the sample period, the opposite is observed for the low CSR A-REIT portfolio. Due to the uptake of CSR activities and changing risk factor loadings, our results suggest that the gap in performance between lower- and higher-rated CSR A-REITs appears to be closing.

Keywords: Corporate social responsibility; Investment; Listed property; Performance; Real estate (search for similar items in EconPapers)
JEL-codes: G12 G14 G19 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

Journal of Asset Management is currently edited by Marielle de Jong and Dan diBartolomeo

More articles in Journal of Asset Management from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla ().

Page updated 2019-06-04
Handle: RePEc:pal:assmgt:v:19:y:2018:i:4:d:10.1057_s41260-018-0079-6