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.

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Document Object Identifier (DOI): 10.3386/w19557

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