REITs의 관리방식에 따른 대리인비용과 성과차이에 대한 연구
Agency Cost, Performance and Management Type : Evidence from Real Estate Investment Trusts
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Abstract
The outside-advisory-REITs was introduced into Korea in addition to existing general REITs as the Real Estate Investment Trusts Law was amended in October, 2004. In case of outside-advisory-REITs unlike the existing self-managed- REITs meets the requirements for dividend, the benefits of 100% tax exemption from the corporation tax like CR-REITs are imposed on outside-advisory-REITs. It is thought that outside-advisory-REITs, the nominal type of company, will be preferred to self-managed-REITs when general REITs are established in the future. But there may structurally exist the problem of agency due to the conflict of interest between shareholders and the management in outside-advisory-REITs, which may be inferior to self-managed-REITs due to the occurrence of cost related to the agency problem in terms of performance. Against this background, this study attempted to analyze the performance of outside-advisory-REITs by using foreign materials about those of the US and Australia and the like. The results of empirical analysis showed that outside-advisory-REITs were inferior to self-managed-REITs in terms of performance because of agency expenses and the like.
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