NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Shivaram Rajgopal

Columbia Business School
3022 Broadway
New York, NY 10027

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Institutional Affiliation: Columbia University

NBER Working Papers and Publications

March 2017Corporate Culture: Evidence from the Field
with John R. Graham, Campbell R. Harvey, Jillian Popadak: w23255
Does corporate culture matter? Can differences in corporate culture explain why similar firms diverge with one succeeding and the other failing? To answer these questions, we use a novel survey and interview-based analysis of 1,348 North American firms. Over half of senior executives believe that corporate culture is a top-three driver of firm value and 92% believe that improving their culture would increase their firm's value. Surprisingly, only 16% believe their culture is where it should be. Executives link culture to ethical choices (compliance, short-termism), innovation (creativity, taking appropriate risk), and value creation (productivity, acquisition premia). We assess these links within a framework that implies cultural effectiveness depends on interactions between cultural value...
 
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