Eres : Digital Library : Works

Paper eres2009_176:
Why Companies Rent Green: CSR and The Role of Real Estate

id eres2009_176
authors Kok, Nils, Eichholtz, Piet; Quigley, John M.
year 2009
title Why Companies Rent Green: CSR and The Role of Real Estate
source 16th Annual European Real Estate Society Conference in Stockholm, Sweden
summary We conduct a quantitative study to explain why firms lease commercial office space in buildings with a green label as this implies paying a rental premium. Based on a literature review, we construct a theoretical framework of drivers underlying corporate social responsibility. We formulate five propositions that explain why specific industries may be more willing to lease green. Then, we test these propositions using a sample of 11,000 unique tenants in approximately 5,000 office buildings, of which 1,100 buildings have a green label. We find that corporations in the oil and banking industry, as well as government-related organization, are among the most prominent green tenants. The empirical analysis shows that tenants in these industry groups are significantly more likely to rent green office space.
series ERES:conference
email N.Kok@finance.unimaas.nl, p.eichholtz@finance.unimaas.nl, quigley@econ.berkeley.edu
content file.ppt (1,040,384 bytes)
discussion No discussions. Post discussion ...
ratings
session Sustainable Property
last changed 2009/09/16 16:22
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