发表状态 | 已发表Published |
题名 | The Value of Sustainable Property Management in Real Estate: Evidence From Hong Kong |
作者 | |
发表日期 | 2024 |
发表期刊 | Journal of Real Estate Research
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ISSN/eISSN | 0896-5803 |
卷号 | 46期号:3页码:389-419 |
摘要 | This study investigates whether sustainability in property management is valued by property buyers. Using a sample of 312,474 property transactions in Hong Kong from 2007 to 2021 and based on a hedonic pricing model, we find that the environmental, social, and governance (ESG) performance of property management companies is positively associated with housing prices, and that housing prices drop if property management companies experience ESG-related risk incidents. The results are robust when the sample is restricted to repeat-sales transactions and when using a location-based matching approach and an instrumental variable approach. Further analysis shows that housing prices increase with the social and governance performance of property management companies but not with their environmental performance. The negative effect of ESG incidents on housing prices increases if the incidents are reported by high-reach media. Homebuyers and nonlocal buyers are more willing to pay a premium for sustainability in property management than are real estate speculators and local buyers. Additional evidence suggests that ESG practices play a more significant role in affecting property value through lower risk or a higher rental income growth rate than through higher gross rents. Overall, this study provides evidence of the value of sustainable property management in real estate. |
关键词 | environmental, social, and governance (ESG) rating ESG incident homebuyer housing price nonlocal buyer Sustainable property management |
DOI | 10.1080/08965803.2024.2346413 |
URL | 查看来源 |
收录类别 | SSCI |
语种 | 英语English |
WOS研究方向 | Business & Economics |
WOS类目 | Business, Finance ; Economics |
WOS记录号 | WOS:001227862100001 |
Scopus入藏号 | 2-s2.0-85193495926 |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | https://repository.uic.edu.cn/handle/39GCC9TT/12783 |
专题 | 北师香港浸会大学 |
通讯作者 | Shen, Jianfu |
作者单位 | 1.Department of Building and Real Estate,the Hong Kong Polytechnic University,Hong Kong,China 2.Department of Finance,Beijing Normal University–Hong Kong Baptist University United International College,Zhuhai,China 3.Department of Public and International Affairs,City University of Hong Kong,Hong Kong,China |
推荐引用方式 GB/T 7714 | Shen, Jianfu,Fan, Kwok Yuen,Hui, Eddie C.M.et al. The Value of Sustainable Property Management in Real Estate: Evidence From Hong Kong[J]. Journal of Real Estate Research, 2024, 46(3): 389-419. |
APA | Shen, Jianfu, Fan, Kwok Yuen, Hui, Eddie C.M., & Ho, Sik Man. (2024). The Value of Sustainable Property Management in Real Estate: Evidence From Hong Kong. Journal of Real Estate Research, 46(3), 389-419. |
MLA | Shen, Jianfu,et al."The Value of Sustainable Property Management in Real Estate: Evidence From Hong Kong". Journal of Real Estate Research 46.3(2024): 389-419. |
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