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Determinants of real estate investment in GCC region

Hamed, Jood
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This paper investigates the firm-level and market-level determinants of Net Asset Value per Share (NAVSHR), a critical metric for evaluating company value, particularly in asset-intensive industries such as real estate investment trusts (REITs) and infrastructure firms. Drawing on a rich dataset of publicly listed firms, the study employs a combination of descriptive statistical analysis, pairwise correlation matrices, and multivariate regression modeling to uncover key relationships among variables such as dividends, net income, total assets, market returns, and firm-specific beta measures. Initial descriptive statistics reveal substantial heterogeneity across firms, with certain variables—such as Beta and NAV per share—exhibiting extreme values and wide dispersion. This suggests data integrity issues, structural differences among firms, or potential measurement inconsistencies. Pairwise correlations highlight a tightly interwoven relationship between dividend-related variables and firm valuation indicators. Notably, Dividend Per Share shows almost perfect correlation with Net Asset Value (r = 0.999) and a strong association with Last Price (r = 0.903), supporting classical finance theories that posit dividend policy as a strong signal of firm performance and investor confidence. Furthermore, the Rolling 12-Month Beta—a dynamic measure of systematic risk—demonstrates strong positive correlations with NAV (r = 0.805) and Dividend (r = 0.747), underscoring the relationship between market exposure and firm size or financial structure.
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