COMMON-GOOD-ORIENTED CORPORATE GOVERNANCE IN THE REAL ESTATE SECTOR: LITERATURE REVIEW AND CONCEPTUAL FRAMEWORK

Abstract

This paper develops a refined conceptual framework for common-good- oriented corporate governance in the real estate sector. Drawing on extensive scholarship on corporate governance, ESG approaches, the Economy for the Common Good, and urban governance, the study argues that prevailing models fail to capture the sector’s socio-spatial, ecological, and institutional externalities. The framework integrates five governance dimensions into an input-throughput-output model that links ownership and capital structures, governance processes, and societal outcomes. Ideal-typical configurations illustrate variation across profit-oriented corporations, municipal providers, cooperatives, and steward-ownership or purposedriven entities. A multidimensional indicator system is proposed to assess social, ecological, and governance performance. By synthesising insights from institutional economics, behavioural governance, multi-level governance, and comparative housing research, the framework provides a robust basis for embedding common-good objectives into strategic and operational decision-making.