September 18, 2025Journal of Property Investment and Finance

ESG in real estate: sustainability for financial gains or overinvestment by REITs?

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ESG commitments have a negative or insignificant effect on firm valuation and operational performance.
The study uses panel data from 26 Singapore-listed REITs to evaluate the impact of ESG practices.
Fixed-effects regression and system GMM methods were applied to tackle endogeneity in the data.
Investors are advised to critically assess ESG initiatives to avoid mispricing and shareholder value losses.

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Implication

This analysis shows that ESG practices do not enhance financial performance in REITs, indicating significant challenges from climate policy uncertainty.

Cite This Study

Yosuke Kakinuma (2025) studied this question.

synapsesocial.com/papers/68d462d231b076d99fa62474 https://doi.org/10.1108/jpif-05-2025-0058

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Implication

This analysis shows that ESG practices do not enhance financial performance in REITs, indicating significant challenges from climate policy uncertainty.

ESG in real estate: sustainability for financial gains or overinvestment by REITs?

Key Points

Discussion

Implication

Cite This Study

ESG in real estate: sustainability for financial gains or overinvestment by REITs?

Key Points

Discussion

Implication

Cite This Study

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Also Consider