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研究生： 林歡娜
Alim, Ivana
論文名稱： Event Studies on Green Building Certification Event
Event Studies on Green Building Certification Event
指導教授： 謝惠璟
Hsieh, Hui-Ching
學位類別： 碩士
Master
系所名稱： 管理學院 - 國際經營管理研究所
Institute of International Management
論文出版年： 2017
畢業學年度： 105
語文別： 英文
論文頁數： 53
外文關鍵詞： Green building, Green certification, Event study methodology, LEED project, Market model, Fama-French model, US REITs
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    • This study aims to analyze the short term effect and the investors’ responses to the green certification event issued by LEED (Leadership in Energy and Environmental Design), an official green certification institution in United States. In order to evaluate and capture investors’ responses, this study will use three different models (Market Model, Fama-French and Carhart Four Factors Model and Fama-French Five Factors Model) and three different clustering to represent a lot of different condition. We will see the all sample of 330 buildings, different level of certification (Certified, Silver, Gold and Platinum) and different sectors (Retail, Residential, Industrial, Office, Commercial and Others).
    Our results suggest that there is a significant effect after the green certification event occurred. The positive significant results shows that investors are receiving it as good news, thus resulting in a higher stock return. The negative significant results shows that investors are receiving it as a bad news because some argued that CSR cost a lot of resources to be sacrificed and the actual benefits can only be obtained in the distant future if at all. The different level of certification also able to capture a different results. Moreover, this study shows that market is receiving Retail and Residential REITs as an important sectors to have green building compared to the other sectors.

    ABSTRACT I ACKNOWLEDGEMENTS II TABLE OF CONTENTS III LIST OF TABLES VI LIST OF FIGURES VII CHAPTER ONE INTRODUCTION 1 1.1 Research Background. 1 1.2 The Importance and Rising Trend of Being Environmentally Responsible. 3 1.3 Green Building Certification Agency in U.S. – LEED. 6 1.4 Research Objectives and Motivation. 7 1.5 Research Gap and Contribution. 7 1.6 Research Structure. 8 CHAPTER TWO LITERATURE REVIEW 9 2.1 Sustainability and Corporate Social Responsibility (CSR) Issue. 9 2.2 REITs and Financial Performance. 11 2.3 Green Building Certification in U.S. 14 2.4 Green Buildings Positive Effects. 15 2.4.1 Green Buildings and REIT Performance. 16 2.4.2 Green Buildings Positive Effects on Stock Price. 17 2.5 Stakeholder Theory and Hypothesis Development. 18 CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 19 3.1 Research Design. 19 3.1.1 Green Building Certification Event. 19 3.1.2 Estimation Period and Event Window. 20 3.2 Procedures of Data Analysis. 21 3.3 Variables and Sample Selection. 22 3.3.1 Variables Used. 22 3.3.2 Sample Selection. 22 3.4 Methodology and Regression Model. 23 3.4.1 Methodology and Regression Model. 23 3.4.2 Abnormal or Excess Return. 23 3.4.3 Three Models Used for This Study. 24 3.4.4 Cumulative Abnormal Returns (CAR). 27 3.4.5 Test for Null Hypothesis. 27 CHAPTER FOUR RESEARCH RESULTS 29 4.1 Data Analysis. 29 4.2 Event Study Analysis. 31 4.2.1 Results for All Sample 330 Buildings. 31 4.2.2 Results for Different Level of Certification. 35 4.2.3 Results for Different Sector. 40 CHAPTER FIVE CONCLUSION AND SUGGESTION 49 5.1 Research Conclusion. 49 5.1.1 Conclusion for All Sample 330 Buildings. 49 5.1.2 Conclusion for Different Level of Certification. 50 5.1.3 Conclusion for Different Sectors. 51 5.2 Research Implication and Contribution. 51 5.3 Research Limitation and Suggestion. 52 REFERENCES 54 APPENDICES 58 Appendix 1: Details of All Buildings certified by LEED. 58 Appendix 2: CAR t-value for All Sample Model 1. 69 Appendix 3: CAR t-value for All Sample Model 2. 74 Appendix 4: CAR t-value for All Sample Model 3. 79

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