The purpose of this paper is to examine the influence of corporate real estate (CRE) holdings on firm performance. Unlike previous studies, the paper does not only consider the firms’ primary business segment but also their activities in different business fields. This is of particular interest because additional segments often have different requirements for the provision of space and thus for the ownership strategy, which could have led to a possible bias in previous studies. Furthermore, additional business areas are becoming more relevant through integrated solutions.,The study uses a balance sheet data set of companies in the six largest European economies for the period from 2000 to 2016. Germany serves as a suitable laboratory for deeper analyses. Holdings of 490 firms are regressed to the stock market performance using a two-stage approach. This procedure is repeated by considering additional business segments.,The analyses reveal that ownership reduces stock market performance. Additional business activities also appear to influence the relevance of ownership for firm performance.,The research shows that ownership is priced depending on its primary and additional business activities. First, this insight helps capital market players to choose the right investment strategy. Second, it provides CRE decision-makers with information on the optimal provision of real estate.,This is the first paper to examine the contribution of real estate ownership on firm performance in light of the fact that companies operate in more than one sector.

中文翻译：

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企业房地产持股与股市表现

本文的目的是检验公司房地产（CRE）持有量对公司绩效的影响。与以前的研究不同，本文不仅考虑了公司的主要业务领域，还考虑了它们在不同业务领域中的活动。这是特别令人感兴趣的，因为其他部分通常对空间的提供和所有权策略有不同的要求，这可能导致以前的研究可能出现偏差。此外，通过集成解决方案，其他业务领域也变得越来越重要。该研究使用了欧洲六大经济体2000年至2016年期间的资产负债表数据集。德国是进行更深入分析的合适实验室。采用两阶段方法，将490家公司的持股量回归到股市表现。通过考虑其他业务部门重复此过程。分析表明，所有权降低了股票市场的表现。其他业务活动似乎也影响所有权与公司绩效的相关性。研究表明，所有权的定价取决于其主要业务和其他业务活动。首先，这种洞察力有助于资本市场参与者选择正确的投资策略。其次，它为CRE决策者提供了有关房地产最佳配置的信息。这是第一篇针对公司拥有多个行业的事实研究房地产所有权对公司绩效的贡献的论文。其他业务活动似乎也影响所有权与公司绩效的相关性。研究表明，所有权的定价取决于其主要业务和其他业务活动。首先，这种洞察力有助于资本市场参与者选择正确的投资策略。其次，它为CRE决策者提供了有关房地产最佳配置的信息。这是第一篇针对公司拥有多个行业的事实研究房地产所有权对公司绩效的贡献的论文。其他业务活动似乎也影响所有权与公司绩效的相关性。研究表明，所有权的定价取决于其主要业务和其他业务活动。首先，这种洞察力有助于资本市场参与者选择正确的投资策略。其次，它为CRE决策者提供了有关房地产最佳配置的信息。这是第一篇针对公司拥有多个行业的事实研究房地产所有权对公司绩效的贡献的论文。