A influência das estruturas de propriedade e remuneração sobre a performance dos fundos de investimento imobiliários brasileiros

Abstract

The current study had the purpose of investigating the effects of the ownership and compensation structures on the performance of Brazilian real estate investment funds. The data concerning both structures was obtained from periodic forms made available in the Portal de Dados Abertos da Comissão de Valores Mobiliários (Portal of Open Data from the Brazilian Securities and Exchange Commission); the performance data was obtained in the periodic forms and the database from Economatica®, where 51 real estate investments funds that were continuously listed in the Brazilian Stock Exchange (B3) from 2017 to 2022 were analyzed. To accomplish these analyses and estimations, panel data regression models were used with the following dependent variables: Market-to-book ratio, annual effective returns, and Jensen’s Alpha. Among the studies’ main results, one observes that there is a statistically significant relation between both structures with the funds’ performance, in contrast, when adjusting this relation by the investment risk, the ownership structure lost its statistical significance. Lastly, concerning the control variables, it was verified that the Net Operating Revenue and the Total Assets were positively associated with the funds’ performance.