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A Study on the Determinants of REITs IPO : Focusing on Financial Factors, Unique Characteristics, and Governance

  • Korea Real Estate Review
  • 2019, 29(2), pp.7-25
  • DOI : 10.35136/krer.29.2.1
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Received : March 29, 2019
  • Accepted : June 14, 2019
  • Published : June 30, 2019

박병태 1 Changha Jin 1

1한양대학교

Accredited

ABSTRACT

The purpose of this study is to examine the determinants of listed and unlisted REITs. Thus, we conduct an empirical analysis by using the Linear Probability Model (LPM) and establishing variables related to investment factors, external factors, and governance, the inherent characteristics of REITs, along with the legal and statistical analysis of financial statements and financial quantitative analysis. The results of the analysis are as follows. First, in the quantitative analysis of financial factors, the financial indicators of listed REITs perform better than those of unlisted REITs, indicating that most REITs with excellent financial status are listed. Then among 27 variables, 16 items are statistically significant in the results of the empirical analysis on investment factors, external factors, and governance. As the three null hypotheses are rejected, financial factors, investment factors, external factors, and dominant variables are deemed to have an influence on the listing decision. This study aims to prove that REITs have been thoroughly verified after their introduction, as well as the quantitative analysis of financial factors, and the analysis of investment factors and external factors.

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