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Int. J. Financial Stud. 2014, 2(3), 220-239; doi:10.3390/ijfs2030220

Socio Emotional Wealth Preservation in the REIT Industry: An Exploratory Study

1
College of Business and Economics, University of Idaho, P.O Box 3161, Moscow, ID 83843-3161, USA
2
Department of Management and Marketing, College of Business, Arkansas State University, PO Box 59, State University, AR 72467, USA
*
Author to whom correspondence should be addressed.
Received: 4 May 2014 / Revised: 20 June 2014 / Accepted: 23 June 2014 / Published: 2 July 2014
(This article belongs to the Special Issue Performance and Behavior of Family Firms)
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Abstract

Our study uses the Socio Emotional Wealth Perspective (SEW) to test our contention that Real Estate Investment Trust (REIT) founders are more inclined to satisfy first their non-economic goals rather than satisfying the economic goals of REIT shareholders. We test our hypotheses with an unbalanced panel dataset that includes an average of 66 publicly-traded equity REITs from 1999–2012 that produced 921 REIT-year observations. Our exploratory results provide evidence of SEW preservation as REITs led by founders’ successors tend to underperform; however, the family identification with the REIT affects performance positively. This is one of the first studies that merge the REIT and the family business streams of research. Future directions are suggested. View Full-Text
Keywords: REIT; socio emotional wealth; succession; family identification REIT; socio emotional wealth; succession; family identification
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MDPI and ACS Style

Noguera, M.; Chang, E.P.C. Socio Emotional Wealth Preservation in the REIT Industry: An Exploratory Study. Int. J. Financial Stud. 2014, 2, 220-239.

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