In an era characterized by profound global changes, social inequalities and financial crises, the concern towards more sustainable development is constantly increasing. The listed real estate sector is making significant signs of progress regarding this matter, enhancing environmental aware investments. The most commonly argued driver behind this rising trend is the difficulty in understanding if the de facto nonfinancial benefits are also reflected in the returns. Several studies have been conducted to assess the effect of sustainable practices; however, most of these studies are related to the US market. Since there is a lack of literature regarding this topic, this paper aims to investigate and discuss the interaction between Environmental, Social and Governance factors (ESG) and the financial performances among the European publicly traded REIT market. The research develops a deep analysis, comparing an ESG-compliant portfolio with a conventional one, through the implementation of selected economic models. To deepen the analysis is investigated also the correlation between the stock’s performances and each of the ESG components, to understand which of these factors most affect the financial returns.
In un’era caratterizzata da profondi cambiamenti globali, disparità sociali e crisi finanziarie, l’interesse nel conseguimento di uno sviluppo sostenibile è in costante crescita. Il settore immobiliare quotato sta compiendo significativi progressi a riguardo, aumentando la consapevolezza circa gli investimenti socialmente responsabili. Il paradigma di questa tendenza risiede nel comprendere se a determinati benefici prettamente non-finanziari possano corrispondere anche maggiori profitti. Sono stati condotti numerosi studi per indagare gli effetti delle pratiche sostenibili all’interno dei mercati finanziari; tuttavia, la maggior parte di queste ricerche considerano prettamente il mercato statunitense. Poiché la letteratura presente risulta limitata, questo lavoro mira ad indagare e discutere la relazione tra i fattori ambientali, sociali e di governance (ESG) e le prestazioni finanziarie dei REIT, all’interno del mercato europeo. Attraverso l’utilizzo di diversi modelli finanziari, è stata condotta un’analisi empirica, confrontando un campione conforme ai principi ESG con uno convenzionale. Questo lavoro mira inoltre ad approfondire la relazione tra ciascuna componente ESG e le performances finanziarie dei REITs, per comprendere qual è il fattore che influisce maggiormente sul rendimento dei titoli.
The impact of ESG factors on financial performances. Evidence from the European publicly traded REIT market
DEALEXANDRIS, ANDREA;GAGLIONE, GIACOMO
2018/2019
Abstract
In an era characterized by profound global changes, social inequalities and financial crises, the concern towards more sustainable development is constantly increasing. The listed real estate sector is making significant signs of progress regarding this matter, enhancing environmental aware investments. The most commonly argued driver behind this rising trend is the difficulty in understanding if the de facto nonfinancial benefits are also reflected in the returns. Several studies have been conducted to assess the effect of sustainable practices; however, most of these studies are related to the US market. Since there is a lack of literature regarding this topic, this paper aims to investigate and discuss the interaction between Environmental, Social and Governance factors (ESG) and the financial performances among the European publicly traded REIT market. The research develops a deep analysis, comparing an ESG-compliant portfolio with a conventional one, through the implementation of selected economic models. To deepen the analysis is investigated also the correlation between the stock’s performances and each of the ESG components, to understand which of these factors most affect the financial returns.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/152643