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Creative corporate culture and innovation

Franco Fiordelisi, Luc Renneboog (), Ornella Ricci and Saverio Stentella Lopes

Journal of International Financial Markets, Institutions and Money, 2019, vol. 63, issue C

Abstract: 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)
Date: 2019
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DOI: 10.1016/j.intfin.2019.101137

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