Board of Director Monitoring and Firm Value in REITs

Swint Friday and Stacy Sirmans

Journal of Real Estate Research, 1998, vol. 16, issue 3, 411-428

Abstract: This article examines the influence of board of director composition and characteristics on real estate investment trust (REIT) shareholder wealth as measured by firm market-to-book ratios. Results show that increased outside director representation on the board leads to increased market-to-book ratios up to a point. However, as outside representation becomes too large, the market discounts REIT shares. In addition, a positive relationship is observed between REIT market-to-book ratios and the dollar values of director ownership, providing support for alignment benefits associated with increased director stock ownership.

Date: 1998
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DOI: 10.1080/10835547.1998.12090952

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