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Does Sustainability Pay Off for European Listed Real Estate Companies? The Dynamics between Risk and Provision of Responsible Information

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  • Marcelo Cajias
  • Sven Bienert

Abstract

We follow the guidelines of the Global Reporting Initiative and the European Public Real Estate Association to investigate the quality of real estate-related sustainability information provided by European listed real estate companies in 13 countries. We find that human resources and stock price volatility play a significant role in the company's strength with respect to corporate social responsibility (CSR) activities. Business complexity and financial transparency enhance the provision of sustainable information to capital markets, but business experience does not appear to affect the decision "to go CSR." Furthermore, the benefits of ex ante responsible activities are reflected in lower levels of idiosyncratic risk, but only for firms providing clear signals to investors and markets.

Suggested Citation

  • Marcelo Cajias & Sven Bienert, 2011. "Does Sustainability Pay Off for European Listed Real Estate Companies? The Dynamics between Risk and Provision of Responsible Information," Journal of Sustainable Real Estate, Taylor & Francis Journals, vol. 3(1), pages 211-231, January.
    • Handle: RePEc:taf:rsrexx:v:3:y:2011:i:1:p:211-231
    DOI: 10.1080/10835547.2011.12091823
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