Corporate culture: Evidence from the field

• 成果类型: Article
• 署名作者: Graham, John R.; Grennan, Jillian; Harvey, Campbell R.; Rajgopal, Shivaram
• 署名单位: Duke University; National Bureau of Economic Research; Santa Clara University; Columbia University; Duke University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2022.07.008
• 发表日期: 2022
• 页码: 552-593
• 关键词: Corporate culture; VALUES; NORMS; leadership; corporate governance; Incentive compensation; Informal institutions; Intangible assets; risk-taking; myopia; INNOVATION; Firm value; PRODUCTIVITY; M&A valuation; integrity; trust; ETHICS; Compliance; earnings management; Intrinsic motivation

摘要

Ninety-two percent of the 1348 North American executives we survey believe that im-proving corporate culture would increase firm value. A striking 84% believe their company needs to improve its culture. But how can that be achieved? Our paper provides some guidance by documenting the following: executives' views on what corporate culture is and how it operates, distinguishing between stated values and everyday norms; the extent to which culture is perceived to influence value creation (productivity, mergers), ethical choices (compliance, short-termism), and innovation (creativity, risk-taking); and a list of obstacles that can prevent culture from being where it should be (inattentive leaders, mis-aligned incentive compensation). Finally, we provide evidence that the executives' survey responses are consistent with external data.(c) 2022 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)