<scp>ESG</scp> and Firm Performance in Global Healthcare Real Estate Investment Trusts: Evidence From Efficiency and Financial Outcomes

ABSTRACT Healthcare real estate investment trusts (REITs) play a critical role in financing essential healthcare infrastructure, but the performance implications of their Environmental, Social and Governance (ESG) engagements remain under‐researched. Drawing on the resource‐based theory, this study examines the ESG‐firm performance relationship in the global healthcare REIT industry. We apply a two‐step approach combining data envelopment analysis and regression models. Specifically, ESG performance is measured via firm‐level ESG scores, while firm performance is assessed through corporate efficiency scores and well‐known financial metrics, using data from the London Stock Exchange Group database (2016–2023). The results show that overall ESG performance is positively associated with corporate efficiency. However, individual ESG dimensions exhibit varying effects on the performance indicators. These findings contribute to the ESG literature in niche real estate sectors and provide policy insights for sustainable investment strategies in healthcare real estate.

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Publication Details

Journal
Corporate Social Responsibility and Environmental Management
Published
2025-10-02
DOI
https://doi.org/10.1002/csr.70167
Primary Topic
Insurance and Financial Risk Management
Type
article
Field-Weighted Citation Impact
0.00
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article

ESG and Firm Performance in Global Healthcare Real Estate Investment Trusts: Evidence From Efficiency and Financial Outcomes

Songül Çınaroğlu, Burak Pirgaip
Corporate Social Responsibility and Environmental Management
Insurance and Financial Risk Management
article

ESG and Firm Performance in Global Healthcare Real Estate Investment Trusts: Evidence From Efficiency and Financial Outcomes

Songül Çınaroğlu, Burak Pirgaip
article en

Abstract

ABSTRACT Healthcare real estate investment trusts (REITs) play a critical role in financing essential healthcare infrastructure, but the performance implications of their Environmental, Social and Governance (ESG) engagements remain under‐researched. Drawing on the resource‐based theory, this study examines the ESG‐firm performance relationship in the global healthcare REIT industry. We apply a two‐step approach combining data envelopment analysis and regression models. Specifically, ESG performance is measured via firm‐level ESG scores, while firm performance is assessed through corporate efficiency scores and well‐known financial metrics, using data from the London Stock Exchange Group database (2016–2023). The results show that overall ESG performance is positively associated with corporate efficiency. However, individual ESG dimensions exhibit varying effects on the performance indicators. These findings contribute to the ESG literature in niche real estate sectors and provide policy insights for sustainable investment strategies in healthcare real estate.

Corporate Social Responsibility and Environmental ManagementVol. 33(1)
Massachusetts General Hospital (US), Hacettepe University (TR)
Openalex Percentile: Top 64%
Insurance and Financial Risk Management
DOISourceOpenAlex
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<scp>ESG</scp> and Firm Performance in Global Healthcare Real Estate Investment Trusts: Evidence From Efficiency and Financial Outcomes — Songül Çınaroğlu, Burak Pirgaip · Corporate Social Responsibility and Environmental Management (2025) | TGRS Research Map | TGRS