Creative corporate culture and innovation
Luc Renneboog (),
Ornella Ricci and
Saverio Stentella Lopes
Journal of International Financial Markets, Institutions and Money, 2019, vol. 63, issue C
We identify creative companies by means of a textual analysis that hinges on the competing values framework. We show that a creative corporate culture is an important driver of innovation, as measured by the number of patents as well as the patents’ importance as captured by patents’ citations and market values. A portfolio of creative companies earns significantly positive annual four-factor alphas. We quantify potential biases that could be induced by the omission of relevant variables by formally examining coefficient movements after inclusion of controls.
Keywords: Corporate culture; Creative companies; Creativity; Innovation; R&D; Textual analysis (search for similar items in EconPapers)
JEL-codes: G23 G32 L25 O31 M14 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:63:y:2019:i:c:s1042443118304190
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