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Ownership Structure and the Value of the Firm: The Case of REITs

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  • Swint Friday
  • Stacy Sirmans
  • Mitchell Conover

Abstract

This article examines the relation between ownership structure and firm value as proxied by market-to-book ratios for real estate investment trusts (REITs) over the period 1980 to 1994. Piecewise regression analysis reveals a nonlinear relationship between REIT market-to-book ratios and ownership structure. Low levels of inside ownership are associated with increased market-to-book ratios for equity REITs. However, as inside block ownership rises above 5%, equity REIT market-to-book ratios decline. The opposite result is true for hybrid and mortgage REITs. Similarly, higher levels of outside blockholdings have a negative impact on both equity and hybrid and mortgage market-to-book ratios.

Suggested Citation

  • Swint Friday & Stacy Sirmans & Mitchell Conover, 1999. "Ownership Structure and the Value of the Firm: The Case of REITs," Journal of Real Estate Research, Taylor & Francis Journals, vol. 17(1), pages 71-90, January.
    • Handle: RePEc:taf:rjerxx:v:17:y:1999:i:1:p:71-90
    DOI: 10.1080/10835547.1999.12090967
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