ESG and Firm Performance in Global Healthcare Real Estate Investment Trusts: Evidence from Efficiency and Financial Outcomes
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, vol.1, no.1, pp.1-20, 2025 (SSCI, Scopus)
- Publication Type: Article / Article
- Volume: 1 Issue: 1
- Publication Date: 2025
- Journal Name: CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT
- Journal Indexes: Scopus, Social Sciences Citation Index (SSCI), ABI/INFORM, Aerospace Database, Agricultural & Environmental Science Database, Business Source Elite, Business Source Premier, Communication Abstracts, Environment Index, Greenfile, INSPEC, Metadex, Pollution Abstracts, Civil Engineering Abstracts
- Page Numbers: pp.1-20
- Hacettepe University Affiliated: Yes
Abstract
Healthcare Real Estate Investment
Trusts (REITs) play a critical role in financing essential healthcare
infrastructure, but the performance implications of their Environmental, Social
and Governance (ESG) engagements remain under-researched. Drawing on the resource-based
theory, this study examines the ESG-firm performance relationship in the global
healthcare REIT industry. We apply a two-step approach combining data
envelopment analysis and regression models. Specifically, ESG performance is
measured via firm-level ESG scores, while firm performance is assessed through
corporate efficiency scores and well-known financial metrics, using data from
the London Stock Exchange Group database (2016–2023). The results show that overall
ESG performance is positively associated with corporate efficiency. However, individual
ESG dimensions exhibit varying effects on the performance indicators. These
findings contribute to the ESG literature in niche real estate sectors and provide
policy insights for sustainable investment strategies in healthcare real
estate.