The Impact of Corporate Culture Disclosure on Performance: A Quantitative Approach

Zhaorui Guo (), Kam C. Chan and Yunkui Xue ()
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Zhaorui Guo: School of Business, Shanghai Normal University and Shanghai Advanced Institute of Finance, Shanghai Jiaotong University, Shanghai, China
Kam C. Chan: Gordon Ford College of Business, Western Kentucky University, Bowling Green, KY 42101, United States
Yunkui Xue: Cheung Kong Graduate School of Business, Dongcheng, Beijing, China

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2016, vol. 19, issue 02, 1-29

Abstract: In this paper, we propose a quantitative approach to measure the extent of corporate culture disclosure. Using this new measure, we document that corporate culture disclosure and performance is positively correlated in terms of stock return, return on assets, cash flow, earnings growth, sales growth, return on sales, and turnover; corporate culture disclosure also helps to lower the negative impact of missing earnings benchmarks using a sample of Chinese firms. In addition, we find that the extent of corporate culture disclosure is negatively correlated with earnings management and operational risk exposure. Essentially, our comprehensive analysis provides a good illustration of using the method to measure corporate culture disclosure.

Keywords: Corporate culture disclosure; performance; China (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

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DOI: 10.1142/S0219091516500120

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