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Governance and international investment: Evidence from real estate holdings

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  • Nathan Mauck
  • McKay Price

Abstract

The international business literature documents that higher quality corporate governance, at both the national level and the firm level, is associated with a greater likelihood to invest abroad and to take larger stakes when investing abroad. We examine a unique set of international real estate holdings and corporate governance data to evaluate the comparability of real estate investment to foreign direct investment (FDI) more broadly. Our results at both the national and firm level indicate that real estate transactions differ fundamentally from other types of FDI. Specifically, property nation governance, real estate firm headquarter nation governance, and firm level governance are negatively associated with the propensity to invest across borders. Further, firm level corporate governance is negatively related to the stake acquired in foreign property investment. These results are counter to the FDI literature.

Suggested Citation

  • Nathan Mauck & McKay Price, 2016. "Governance and international investment: Evidence from real estate holdings," ERES eres2016_12, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2016_12
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2016-12
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    Cited by:

    1. Sing, Tien Foo & Wang, Long, 2021. "Spillovers of Non-Fundamental Risks: The Tale of Two Securitized Real Estate Markets," International Real Estate Review, Global Social Science Institute, vol. 24(2), pages 185-220.

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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