Value and Profitability of Real Estate Firms in China: the Role of Corporate Governance

摘要：

This paper aims to examine how selected corporate governance indicators impact on performance measures of value and profitability in Real Estate Firms (REFs). A quantitative approach is adopted based on both RESSET and GTA for the real estate listed companies. A panel data technique is employed as the key analytical framework. It is shown that corporate governance plays a critical role in the value creation and profitability of REFs and that the appropriate ownership concentration has a positive correlation with value and profitability measures. It is interesting that the independence of the board negatively correlates to firm performance. In the context of multidimensional and sometimes conflicting objectives facing REFs, a clear balancing act of social objectives and enterprise sustainability to ensure effective performance of REFs is recommended.

关键词： corporate governance real estate value profitability

作者: LIU Shiyu WANG Fusheng

作者单位: Department of Accounting, Harbin Institute ofTechnology, Harbin, China 150001 Department of Accounting, Harbin Institute of Technology, Harbin, China 150001

会议类型: 国际会议

会议名称: 2009 International Conference on Construction & Real Estate Management(2009建设与房地产管理国际会议)

会议地点: 北京

会议语种:英文

页码: 579-582

在线出版日期: 2009-11-05（万方平台首次上网日期，不代表论文的发表时间）