A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective

Abstract

The aim of this paper is to review empirical findings in the literature relating to corporate social responsibility (CSR) and real estate investment trust (REIT) performance. Specifically, we synthesise CSR-focused REIT performance studies in an attempt to establish empirical approaches utilised in the academic literature, present findings, identify relevant gaps and reveal themes for future research. The literature focusing on the CSR of REITs to-date has primarily focused on corporate governance, sustainability and performance, with the latter concentrating on firm-level financial consequences rather than investment return performance. The review showed that there has been limited empirical research conducted on the relationship between CSR and risk-adjusted returns of REITs, particularly in Australia.