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| Author: | Hebb, T. Hamilton, A. Hachigian, H. |
| Title: | Responsible property investing in Canada: Factoring both environmental and social impacts in the Canadian real estate market |
| Journal: | Journal of Business Ethics
2010 : VOL. 92, SUPPL. 1, p. 99-115 |
| Index terms: | property markets investments portfolio selection responsibility standards Canada |
| Language: | eng |
| Abstract: | Extra-financial (herein as: e-f.) determinants of business performance can both create value and uncover significant risks within a business or investment portfolio. For companies investing in, developing, owning, or operating commercial real estate (as: r-est.) assets, this awareness of e-f. impacts has led to a significant interest in "responsible property investment (RPI)", within which green r-est. has begun to receive attention extending to community property development projects. This paper explores responsible r-est. investment in Canada by taking an integrated approach in examining both environmental (as: env-al.) and social (as: soc.) factors and their potential impact on such investments. A series of semi-structured interviews are performed with Canadian key stakeholders to get insight into how using env-al. and soc. factors may influence long-term risk and financial returns in r-est. investment, especially emphasizing on engaged institutional investors. In order to analyze the impact of ESG considerations on financial performance of these assets, data is used. Jantzi-Sustainalytics ESG ratings are utilized along with the stock price changes of 14 real estate companies and REITs to deal with this question. |
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