Using a database containing the Morgan Stanley Capital International CSR rating index, we test REITs from 19 countries for variations of their CSR performance across each of the three pillars of CSR: environment, social, and governance (ES&G) by real estate asset types from 2009 to 2016. We develop a conceptual model to demonstrate the theoretical role of these intrinsic firm factors in moderating CSR. This paper investigates how real estate investment trusts' corporate social responsibility (CSR) (REITs) varies by two intrinsic firm factors: real estate asset types and REITs' financial aspirations. This study provides additional insight into the understanding of how the security structure may impact firms’ financial disclosure behavior. The results imply that the stapled security structure may signal lower-quality of financial disclosure for firms than the unstapled security structure. Evidence shows that stapled A-REITs and LIFs use a greater magnitude of EM approaches than unstapled entities. This empirical research analyzes a panel dataset that contains information of Australian REITs (A-REITs) and Listed Infrastructure Funds (LIFs) from the year of 2000–2017. Therefore, the stapled structure is expected to induce increased EM behavior and signal a lower level of financial disclosure quality than the unstapled structure. Trusts and firms under stapled securities are exposed to various managerial opportunities and activities that can provide the flexibility of using EM approaches. This paper is the first study to explore whether the stapled structure influences firms’ activities in earnings management (EM).
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