Exploring Recent Findings and Future Directions on Corporate Real Estate Investment: A Multidisciplinary Review in Nonfinancial Firms
Abstract
The purpose of this review paper is to explore the past findings and future directions on the corporate real estate (CRE) investment in nonfinancial firms. For writing this review paper relevant published papers have been searched from 1995 to 2020 i.e. 72 papers with 13 themes. Review analysis of sample papers show that most papers are based on agency theory, empirical in nature, used secondary data, CRE investment as independent variable and regression analysis technique is applied. Main theme of all papers is to investigate the role of CRE investment on firm performance and demonstrate that investment in CRE decreases corporate performance, though varies sector to sector. Contribution of this review paper is to explore the work of CRE in different dimensions. Exploring the literature from various perspectives has yielded useful findings and opened new possibilities for future researchers. Consequently, research gaps are identified for further analysis.
Keywords: Corporate Real Estate Investment, Firm Performance, Management Role, Corporate Governance, Systematic Risk, Diversification
