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Impact of diversification on Singapore REIT firm value

Ussha Rani, Nadarajan (2021) Impact of diversification on Singapore REIT firm value. Masters thesis, Universiti Utara Malaysia.

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Abstract

Whether diversifying firm has a beneficial effect on fmancial performance and firm value, remains an open question as the effects seem insignificant. In this study, analyze the impact of diversification on Singapore REIT firm value using 40 S-REITs represent a mixture of specialize and diversify REITs for the period of 2002 to 2020. The dependent variable is ROA, EBITDAA, Tobin' s Q and PNAV. The key variable is POR. Meanwhile, firm age, firm size, growth, debt, acquisition, and disposition were used as the control variable. The findings revealed that except for firm size, other variables, POR, firm age, growth, debt, acquisition, and disposition has an influence on performance of REIT. On Tobin's Q, only firm size, growth, debt, and acquisition has an influence. When the dependent variable is PNA V, only POR and growth has an influence. Overall, the study concluded that there is an impact of diversification on firm performance and value. Focused investment strategies lead to lower profitability but higher firm valuation.

Item Type: Thesis (Masters)
Supervisor : Wong, Woei Chyuan
Item ID: 10379
Uncontrolled Keywords: Diversification, firm value, performance, Singapore REIT
Subjects: H Social Sciences > HG Finance
Divisions: School of Economics, Finance & Banking
Date Deposited: 05 Mar 2023 03:01
Last Modified: 05 Mar 2023 03:01
Department: School of Economics, Finance & Banking
Name: Wong, Woei Chyuan
URI: https://etd.uum.edu.my/id/eprint/10379

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