국내상장기업의 부동산보유비율이 기업의 초과성과와 원천별 위험에 미치는 영향에 관한 실증분석

In this study, the risk-adjusted model (RAM: Risk Adjusted Model) was used to calculate excess performance of the seven sub-industries for 10 years from 2013 to 2022. In the analysis of the achievement of excess performance according to real estate ownership ratio, it was found that when real estate ownership ratio increases, high excess performance ratios are achieved in the business facility management and construction industries, while poor excess performance is achieved in the transportation, manufacturing industries. In the case of the wholesale and retail KOSPI, it shows high performance with a high real estate ownership ratio because of positive effect on core competencies due to the nature of the wholesale and retail business. When the excess performance ratio was low, the real estate ownership ratio increases the non-systematic at a greater extent. It can be inferred that real estate holding increases the non-systematic risk of a company. The reason of underperformance of the transportation, manufacturing industries is due to the greater increase in non-systematic risk than other industries when real estate ownership ratio increases.