Summary, Practical Implications, and Outlook

Abstract

The research papers of this dissertation contribute to the existing body of REIT literature on corporate governance in three major ways: Paper one focuses on an agency conflict in the REIT market for the period prior to 1993 and shows how managerial opportunistic behavior has been mitigated as a result of enhanced monitoring and increasing awareness of governance issues. The second paper identifies the impact of institutional ownership on REITs attaining higher corporate profitability and value. Paper three studies how REITs can attract institutions to benefit from the associated monitoring and corporate control. The following gives an overview of the most important findings of our research, highlights the contributions to the literature, emphasizes the practical relevance and points to further research.