The Value of Corporate Culture: Relationships Among Values, Industry, and Performance

Bradley Koch, Vijay Gondhalekar and Joerg Picard

A chapter in Empirical Research in Banking and Corporate Finance, 2022, vol. 21, pp 1-28 from Emerald Group Publishing Limited

Abstract: Using corporate value statements of the top Fortune 300 firms for the year 2012, we examine relationships among the stated values of these companies, their industries, and their Corporate Social Responsibility (CSR) performance measures. We classify stated values into 21 broad categories. We find that corporate values exhibit strong industry affiliations. Correspondence analysis and regression models indicate that 19 out of 21 values are related to at least one performance measure and while some values are associated with improved performance (e.g., ethics), others (e.g., safety) have a negative impact. Further, while some values have the anticipated impact on performance (e.g., the shareholder value is positively associated with financial performance), some show no relationship (e.g., the environment value is not associated with environmental performance). Finally, our findings also suggest possible CSR washing in some cases. Overall, the study finds corporate values do affect their performance.

Keywords: Corporate values; corporate culture; CSR; ESG; correspondence analysis; CSR washing (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:afeczz:s1569-373220220000021001

DOI: 10.1108/S1569-373220220000021001

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