The value of corporate culture

• 成果类型: Article
• 署名作者: Guiso, Luigi; Sapienza, Paola; Zingales, Luigi
• 署名单位: Northwestern University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Chicago
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2014.05.010
• 发表日期: 2015
• 页码: 60-76
• 关键词: Corporate culture; integrity; Going public

摘要

We study which dimensions of corporate culture are related to a firm's performance and why. We find that proclaimed values appear irrelevant. Yet, when employees perceive top managers as trustworthy and ethical, a firm's performance is stronger. We then study how different governance structures impact the ability to sustain integrity as a corporate value. We find that publicly traded firms are less able to sustain it. Traditional measures of corporate governance do not seem to have much of an impact. (C) 2014 Elsevier B.V. All rights reserved.