The Effect of Diversification on the Performance of Real Estate Investment Trusts in Türkiye

Zehra Çelik; İbrahim Halil Ekşi

Makale detayları

The Effect of Diversification on the Performance of Real Estate Investment Trusts in Türkiye

Yazarlar:

Zehra Çelik | İbrahim Halil Ekşi

Yayıncı:

Igdir University

Ana Başlıklar:

Makro İktisat (Diğer)

Dergi:

Iğdır Üniversitesi Sosyal Bilimler Dergisi Issue 38, pp.422-436

Belge Tipi:

Makale

Yayın Tarihi:

1/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001339178

pISSN:

2147-5717

Anahtar kelimeler:

Özet:

 The financing need required by real estate investments is an important problem not only in developing countries but in almost every country. Real estate investment trusts REITs are very important collective investment institutions both in terms of the sectors contribution to the countrys economy and for financial market investors. Although the establishment conditions and regulations vary from country to country, their main purpose is to bring together small savings and provide financing and investment in large real estate projects. REITs have different investment opportunities, from housing to land, from tourism to commercial, from shopping malls to hotels. In this sense, the question of what proportion of financing a REIT will allocate to which real estate brings out the concept of diversification. The purpose of this study is to investigate the effect of property diversification on the accounting and stock market performance of Turkish REITs. In this context, panel data analysis was conducted for the 2013Q1-2021Q1 period of 18 REITs operating in Turkey and whose stocks are traded on BIST. The dependent variables of the study were planned as asset profitability, equity return, transaction volume and stock returns. According to the Driscoll-Kraay estimation results, property diversification has a positive effect only on the return on equity of REITs.

 The financing need required by real estate investments is an important problem not only in developing countries but in almost every country. Real estate investment trusts REITs are very important collective investment institutions both in terms of the sectors contribution to the countrys economy and for financial market investors. Although the establishment conditions and regulations vary from country to country, their main purpose is to bring together small savings and provide financing and investment in large real estate projects. REITs have different investment opportunities, from housing to land, from tourism to commercial, from shopping malls to hotels. In this sense, the question of what proportion of financing a REIT will allocate to which real estate brings out the concept of diversification. The purpose of this study is to investigate the effect of property diversification on the accounting and stock market performance of Turkish REITs. In this context, panel data analysis was conducted for the 2013Q1-2021Q1 period of 18 REITs operating in Turkey and whose stocks are traded on BIST. The dependent variables of the study were planned as asset profitability, equity return, transaction volume and stock returns. According to the Driscoll-Kraay estimation results, property diversification has a positive effect only on the return on equity of REITs.

 The financing need required by real estate investments is an important problem not only in developing countries but in almost every country. Real estate investment trusts REITs are very important collective investment institutions both in terms of the sectors contribution to the countrys economy and for financial market investors. Although the establishment conditions and regulations vary from country to country, their main purpose is to bring together small savings and provide financing and investment in large real estate projects. REITs have different investment opportunities, from housing to land, from tourism to commercial, from shopping malls to hotels. In this sense, the question of what proportion of financing a REIT will allocate to which real estate brings out the concept of diversification. The purpose of this study is to investigate the effect of property diversification on the accounting and stock market performance of Turkish REITs. In this context, panel data analysis was conducted for the 2013Q1-2021Q1 period of 18 REITs operating in Turkey and whose stocks are traded on BIST. The dependent variables of the study were planned as asset profitability, equity return, transaction volume and stock returns. According to the Driscoll-Kraay estimation results, property diversification has a positive effect only on the return on equity of REITs.

 Gayrimenkul yatırım ortaklıkları GYO kollektif yatırım şirketi olarak hem yatırımcılar hem de ülke ekonomisi açısından oldukça önemli kurumlardır. Her ülkede farklı kuruluş şartları ve mevzuat hükümlerine tabi olsalar da, en temel amaçları küçük birikimleri bir araya getirip büyük gayrimenkul projelerine finansman sağlayıp yatırım yapılmasını sağlamaktır. GYOların konuttan arsaya, turizmden ticariye, AVMlerden otele kadar yatırım yapabileceği birçok yatırım olanağı söz konusudur. Bu anlamda bir GYOnun hangi gayrimenkule ne kadar yatırım yapılacağı sorusu çeşitlendirme kavramını ortaya çıkarmaktadır. Buradan yola çıkarak bu çalışmanın amacı, Türk GYOlarının performansında mülk çeşitlendirmesinin etkisini araştırmaktır. Bu çerçevede Türkiyede faaliyet gösteren 18 GYOnun 2013Q1-2021Q1 dönemi için panel veri analizi yapılmıştır. Elde edilen sonuçlara göre, mülk türü çeşitlendirmesinin Türk GYOlarının performansında sadece özsermaye karlılığı ROE üzerinde pozitif etkisine rastlanmıştır.

Makale detayları

The Effect of Diversification on the Performance of Real Estate Investment Trusts in Türkiye

Yazarlar:

Zehra Çelik | İbrahim Halil Ekşi

Yayıncı:

Igdir University

Ana Başlıklar:

Makro İktisat (Diğer)

Dergi:

Iğdır Üniversitesi Sosyal Bilimler Dergisi Issue 38, pp.422-436

Belge Tipi:

Makale

Yayın Tarihi:

1/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001339178

pISSN:

2147-5717

Real Estate Investment Trusts

Diversification

Performance

Driscoll-Kraay Estimator

Panel DataGayrimenkul Yatırım Ortaklıkları

Çeşitlendirme Faydası

Finansal Performans

Driscoll-Kraay Tahmincisi

Panel Veri Analizi

Sayı

Makale detayları

Yazarlar: Zehra Çelik | İbrahim Halil Ekşi

Yayıncı: Igdir University

Ana Başlıklar: Makro İktisat (Diğer)

Dergi: Iğdır Üniversitesi Sosyal Bilimler Dergisi Issue 38, pp.422-436

Belge Tipi: Makale

Yayın Tarihi: 1/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001339178

pISSN: 2147-5717

Sayı

Yazarlar:

Zehra Çelik | İbrahim Halil Ekşi

Yayıncı:

Igdir University

Ana Başlıklar:

Makro İktisat (Diğer)

Dergi:

Iğdır Üniversitesi Sosyal Bilimler Dergisi Issue 38, pp.422-436

Belge Tipi:

Makale

Yayın Tarihi:

1/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001339178

pISSN:

2147-5717