NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Value of Corporate Culture

Luigi Guiso, Paola Sapienza, Luigi Zingales

NBER Working Paper No. 19557
Issued in October 2013
NBER Program(s):   CF

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, 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.

You may purchase this paper on-line in .pdf format from SSRN.com ($5) for electronic delivery.

Information about Free Papers

You should expect a free download if you are a subscriber, a corporate associate of the NBER, a journalist, an employee of the U.S. federal government with a ".GOV" domain name, or a resident of nearly any developing country or transition economy.

If you usually get free papers at work/university but do not at home, you can either connect to your work VPN or proxy (if any) or elect to have a link to the paper emailed to your work email address below. The email address must be connected to a subscribing college, university, or other subscribing institution. Gmail and other free email addresses will not have access.

E-mail:

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w19557

Users who downloaded this paper also downloaded these:
Eccles, Ioannou, and Serafeim w17950 The Impact of Corporate Sustainability on Organizational Processes and Performance
Edmans w19573 Blockholders and Corporate Governance
Farre-Mensa and Ljungqvist w19551 Do Measures of Financial Constraints Measure Financial Constraints?
Guiso, Sapienza, and Zingales w19284 Time Varying Risk Aversion
McCord and Sachs w19512 Development, Structure, and Transformation: Some Evidence on Comparative Economic Growth
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us