How gender diversity shapes cities: evidence from risk management decisions in REITs
In this paper, we study the impact of CEO and board gender diversity on the risk management decisions of 179 U.S. Real Estate Investment Trusts (REITs) during the 2001-2018 period. Using a bottom-up analysis on the properties in REIT portfolios, we find significant risk reduction associated with gen...
| Subtitles: | Strengthening Our Cities: Exploring the Intersection of Ethics, Diversity and Inclusion, and Social Innovation in Revitalizing Urban Environments |
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| Authors: | ; ; ; |
| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Journals Online & Print: | Drawer...
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| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Published: |
Springer
2024
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| In: |
Journal of business ethics
Year: 2024, Volume: 189, Issue: 4, Pages: 723-741 |
| Further subjects: | B
R3
B Board diversity B Green buildings B G20 B Real Estate B Aufsatz in Zeitschrift B G12 B Cities B Gender B Risk preferences B J16 |
| Online Access: |
Volltext (lizenzpflichtig) Volltext (lizenzpflichtig) |
| Summary: | In this paper, we study the impact of CEO and board gender diversity on the risk management decisions of 179 U.S. Real Estate Investment Trusts (REITs) during the 2001-2018 period. Using a bottom-up analysis on the properties in REIT portfolios, we find significant risk reduction associated with gender-diverse REIT leadership. We document that REITs with a woman CEO, in combination with more women on the board, display less active trading and a longer hold period for assets. In addition, REITs with more gender-diverse leadership are more geographically focused, which for REITs is considered a lower risk investment strategy. Finally, REITs with more gender-diverse leadership are more actively investing in environmentally sustainable real estate. We conclude that gender diversity in real estate firms carries real-life implications for U.S. cities, given their key role as developers, owners, and operators of the built world. |
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| ISSN: | 1573-0697 |
| Contains: | Enthalten in: Journal of business ethics
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| Persistent identifiers: | DOI: 10.1007/s10551-023-05563-1 |