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Impact of ESG performance on reit market valuation evidence from European capital markets
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This thesis examines the relationship between ESG performance and market value (MV) in European Real Estate Investment Trusts (REITs) from 2015 to 2024 using panel regression models. The analysis finds no significant positive link between ESG performance and MV, with
environmental disclosures negatively impacting MV. ESG performance also correlates negatively with Return on Equity (ROE), indicating that compliance costs may outweigh financial benefits. These findings highlight the complexities of ESG integration in real estate and the need for sector-specific, long-term financial analysis.
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ESG Performance REITs Market value Sustainability integration