Access the full text.
Sign up today, get DeepDyve free for 14 days.
Fawzla Farzana, G. Murtaza (2012)
Risk and Real Estate Ownership: Empirical Evidence of Hotels in Singapore, 2
Mauricio Rodríguez, C. Sirmans (2009)
Managing Corporate Real Estate: Evidence from the Capital MarketsJournal of Real Estate Literature
R. Amit, P. Schoemaker (1993)
Strategic assets and organizational rentSouthern Medical Journal, 14
G. Morri, D. Djukic, Federico Chiavazza (2017)
Corporate real estate and performance: evidence from Italian manufacturing sectorsJournal of Corporate Real Estate, 19
R. BrüCkner, P. Lehmann, M.H. Schmidt, R. Stehle (2015)
Fama/French factor dataset for Germany
Richard Johnson, M. Hitt, R. Hoskisson (1993)
BOARD OF DIRECTOR INVOLVEMENT IN RESTRUCTURING: THE EFFECTS OF BOARD VERSUS MANAGERIAL CONTROLSStrategic Management Journal, 14
(2019)
Anteil der wirtschaftssektoren an der bruttowertschöpfung
J. Graham, C. Galbraith, Curt Stiles (2014)
Real estate ownership and closely-held firm valueJournal of Property Investment & Finance, 32
A. Park, J. Glascock (2010)
The Performance Impact of Strategic Corporate Real Estate in Franchise OrganizationsERN: Governance & Ownership (Topic)
Ingrid Nappi-Choulet, K. Liow (2008)
A combined perspective of corporate real estateJournal of Corporate Real Estate, 10
K. Rochdi (2015)
The risk of real estate ownership: evidence from German equitiesJournal of European Real Estate Research, 8
L. Hiang (2001)
Real estate and corporate valuation: an asset pricing perspectiveManagerial and Decision Economics, 22
Steven Laposa, M. Charlton (2002)
European versus US corporations: A comparison of property holdingsJournal of Corporate Real Estate, 4
Moussa Diop (2016)
Real Estate Investments, Product Market Competition, and Stock ReturnsReal Estate Economics, 46
K. Liow (1997)
An empirical investigation of UK retail companies’ property asset strategiesJournal of Property Finance, 8
J. Ezzell, Premal Vora (2001)
Leasing versus purchasing: Direct evidence on a corporation’s motivations for leasing and consequences of leasingThe Quarterly Review of Economics and Finance, 41
Tomi Grönlund, Antti Louko, M. Vaihekoski (2004)
Corporate Real Estate Sale and Leaseback Effect: Empirical Evidence from EuropeEconometrics: Econometric & Statistical Methods - General eJournal
H. Cooke (2014)
Is corporate real estate
C. Leung (2013)
Return Enhancing, Cash-Rich or Simply Empire-Building? An Empirical Investigation of Corporate Real Estate HoldingsCorporate Governance: Capital Raising
L. Fisher (2004)
The Wealth Effects of Sale and Leasebacks: New EvidenceReal Estate Economics, 32
A. Pfnür (2014)
Die volkswirtschaftliche bedeutung von corporate real estate in deutschland
Yongheng Deng, Joseph Gyourko (1999)
103 Real Estate Ownership by Non-Real Estate Firms: The Impact on Firm Returns
Michael Seiler, A. Chatrath, James Webb (2001)
Real Asset Ownership and the Risk and Return to StockholdersJournal of Real Estate Research, 22
Charlotta Windahl, Pierre Andersson, C. Berggren, Camilla Nehler (2004)
Manufacturing firms and integrated solutions: characteristics and implicationsEuropean Journal of Innovation Management, 7
Collin Ramdeen (2018)
An Examination of Hospitality Corporation Takeovers Using Earnings and Cash Flow MeasurementsThe Journal of Hospitality Financial Management, 26
Selale Tuzel (2010)
Corporate Real Estate Holdings and the Cross-Section of Stock ReturnsReview of Financial Studies, 23
Real Estate Economics, 45
Steffen Hartmann, Peter Linnemann, Andreas Pfnür, Boris Siperstein (2007)
Corporate Real Estate Benchmark Study 2007
L. Hiang (2001)
Corporate Real Estate in the Singapore Stock MarketPacific rim property research journal, 7
S. Lee, S. Jang (2012)
The real estate risk of hospitality firms: Examining stock-return sensitivity to property valuesInternational Journal of Hospitality Management, 31
Ting Hwa (2007)
Impact of the Asian financial crisis on corporate real estate acquisitionsJournal of Corporate Real Estate, 9
Sang Kim, Su-hyang Noh, S. Lee (2019)
Asset-light strategy and real estate risk of lodging C−corps and REITsInternational Journal of Hospitality Management
Stephen Roulac (2003)
Corporate-Owned Real Estate Represents a Substantial Investment UniverseThe journal of real estate portfolio management, 9
Xiaoying Deng, S. Ong, Meijun Qian (2018)
Real Estate Risk, Corporate Investment and Financing ChoiceThe Journal of Real Estate Finance and Economics, 57
David Ling, A. Naranjo, Michael Ryngaert (2012)
Real Estate Ownership, Leasing Intensity, and Value: Do Stock Returns Reflect a Firm’s Real Estate Holdings?The Journal of Real Estate Finance and Economics, 44
Ingrid Nappi-Choulet, Franck Missonier-Piera, M. Cancel (2009)
Value creation and the impact of corporate real estate assetsJournal of Corporate Real Estate, 11
(2019)
GDP and main components
International Real Estate Review, 17
A. Pfnür (2019)
Herausforderungen des corporate real estate managements im strukturwandel
A. Adams, Richard Clarke (1996)
Stock market reaction to sale and leaseback announcements in the UKJournal of Property Research, 13
K. Liow (2010)
Is real estate an important factor in corporate valuation? Evidence from listed retail firmsJournal of Corporate Real Estate, 12
Y. Deng, J. Gyourko (1999)
Real estate ownership by non-real estate firms: an estimate of the impact on firm returns
B. Ambrose, Moussa Diop, Jiro Yoshida (2015)
Product Market Competition and Corporate Real Estate Investment under Demand UncertaintyCapital Markets: Asset Pricing & Valuation eJournal
Daxuan Zhao, T. Sing (2016)
Corporate Real Estate Ownership and Productivity UncertaintyERN: Productivity (Topic)
Julian Seger, Andreas Pfnür (2018)
Impact of Structural Change on Corporate Real Estate Ownership: Evidence from the German Corporate Real Estate Market
Yan Dong, C. Leung, Dongliang Cai (2011)
What Drives Fixed Asset Holding and Risk- Adjusted Performance of Corporates in China? An Empirical AnalysisInternational Real Estate Review, 15
Kiwoong Cheong, Chisoo Kim (1997)
Corporate Real Estate Holdings and the Value of the Firm in KoreaJournal of Real Estate Research, 13
C. Zott, R. Amit (2006)
How do firm specificity and asset specificity differ? - Implications for the choice of firm boundaries
A. Pfnuer, S. Weiland (2010)
CREM 2010: which role plays the user? (original title: Welche rolle spielt der nutzer?)
Ilhan Demirer, Melih Madanoglu, M. Kizildag (2018)
Corporate Real Estate Holdings and Financial Performance of Restaurant FirmsThe Journal of Hospitality Financial Management, 26
Steven Devaney, C. Lizieri (2004)
Sale and leaseback, asset outsourcing and capital market impactsJournal of Corporate Real Estate, 6
Andra Ghent, W. Torous, Rossen Valkanov (2019)
Commercial Real Estate as an Asset ClassS&P Global Market Intelligence Research Paper Series
K. Liow (2003)
Corporate Real Estate and Stock Market PerformanceThe Journal of Real Estate Finance and Economics, 29
S. Yu, K. Liow (2009)
Do retail firms benefit from real estate ownership?Journal of Property Research, 26
D. Brounen, Piet Eichholtz (2005)
Corporate Real Estate Ownership Implications: International Performance EvidenceThe Journal of Real Estate Finance and Economics, 30
The purpose of this paper is to examine the influence of corporate real estate (CRE) holdings on firm performance. Unlike previous studies, the paper does not only consider the firms’ primary business segment but also their activities in different business fields. This is of particular interest because additional segments often have different requirements for the provision of space and thus for the ownership strategy, which could have led to a possible bias in previous studies. Furthermore, additional business areas are becoming more relevant through integrated solutions.Design/methodology/approachThe study uses a balance sheet data set of companies in the six largest European economies for the period from 2000 to 2016. Germany serves as a suitable laboratory for deeper analyses. Holdings of 490 firms are regressed to the stock market performance using a two-stage approach. This procedure is repeated by considering additional business segments.FindingsThe analyses reveal that ownership reduces stock market performance. Additional business activities also appear to influence the relevance of ownership for firm performance.Practical implicationsThe research shows that ownership is priced depending on its primary and additional business activities. First, this insight helps capital market players to choose the right investment strategy. Second, it provides CRE decision-makers with information on the optimal provision of real estate.Originality/valueThis is the first paper to examine the contribution of real estate ownership on firm performance in light of the fact that companies operate in more than one sector.
Journal of European Real Estate Research – Emerald Publishing
Published: Jul 23, 2020
Keywords: Business segments; Corporate real estate holdings
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.