The Value of Corporate Culture

Luigi Guiso, Paola Sapienza and Luigi Zingales

No 19557, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: G30 Z1 (search for similar items in EconPapers)
Date: 2013-10
Note: CF
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Published as Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2015. "The value of corporate culture," Journal of Financial Economics, Elsevier, vol. 117(1), pages 60-76.
Published as The Value of Corporate Culture , Luigi Guiso, Paola Sapienza, Luigi Zingales. in Causes and Consequences of Corporate Culture , Zingales and Poterba. 2015

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Related works:
Journal Article: The value of corporate culture (2015)
Working Paper: The Value of Corporate Culture (2013)
Working Paper: The Value of Corporate Culture (2013)
Chapter: The Value of Corporate Culture (2011)
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