Capital Structure and Political Risk in Asia-Pacific Real Estate Markets

Capital Structure and Political Risk in Asia-Pacific Real Estate Markets This study investigates the determinants of capital structure decisions by real estate firms, with a specific focus on the impact of political risk on leverage. Using a sample of Asia-Pacific REITs and listed property trusts, we find those firms with properties located in countries characterized by relatively high degrees of political risk, such as political instability, and/or greater uncertainty in the ability to repatriate and monetize profits from international investment activities, employ less debt than their counterparts operating in more politically stable environments. This core finding remains robust to alternative sample selection criteria including the division of the sample into high versus low market-to-book value firms, and also holds within the subset of organizations that are active in raising additional capital in the secondary markets. The Journal of Real Estate Finance and Economics Springer Journals

Capital Structure and Political Risk in Asia-Pacific Real Estate Markets

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Springer US
Copyright © 2013 by Springer Science+Business Media New York
Economics; Regional/Spatial Science; Financial Services
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