This study examines the market value of total, mandatory, and discretionary REIT dividends and supports dividend relevance. Consistent with agency cost theory, the results show dividends paid by REITs with greater potential agency conflicts have greater market value. Discretionary dividends paid...

This study examines the market value of REIT dividends conditional on transparency of operating structure and effectiveness of boards. Results suggest that total, mandatory and discretionary dividends are valued by the market. Consistent with agency cost theory, results provide some evidence...

We examine the impact of institutional investors on REIT performance. The mere presence of institutional investors does not positively affect firm operations and value. However, the presence of motivated institutional investors does. The results show that firms with shares held by motivated...