The Value of Corporate Culture
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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Copy CitationLuigi Guiso, Paola Sapienza, and Luigi Zingales, "The Value of Corporate Culture," NBER Working Paper 19557 (2013), https://doi.org/10.3386/w19557.
Published Versions
Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2015. "The value of corporate culture," Journal of Financial Economics, Elsevier, vol. 117(1), pages 60-76. citation courtesy of
The Value of Corporate Culture, Luigi Guiso, Paola Sapienza, Luigi Zingales. in Causes and Consequences of Corporate Culture, Zingales and Poterba. 2015