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The Value of Corporate Culture

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Author Info

  • Luigi Guiso

    (EIEF and CEPR)

  • Paola Sapienza

    (Northwestern University, NBER and CEPR)

  • Luigi Zingales

    (University of Chicago, NBER and CEPR)

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.

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Bibliographic Info

Paper provided by Einaudi Institute for Economics and Finance (EIEF) in its series EIEF Working Papers Series with number 1327.

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Length: 45 pages
Date of creation: 2013
Date of revision: Oct 2013
Handle: RePEc:eie:wpaper:1327

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  1. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2007. "Social Capital as Good Culture," NBER Working Papers 13712, National Bureau of Economic Research, Inc.
  2. Guido Tabellini, 2008. "Presidential Address Institutions and Culture," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 255-294, 04-05.
  3. Joao F. Gomes & Leonid Kogan & Motohiro Yogo, 2007. "Durability of Output and Expected Stock Returns," NBER Working Papers 12986, National Bureau of Economic Research, Inc.
  4. Marco Pagano & Fabio Panetta & and Luigi Zingales, 1998. "Why Do Companies Go Public? An Empirical Analysis," Journal of Finance, American Finance Association, vol. 53(1), pages 27-64, 02.
  5. Farrell, J. & Gibbons, R., 1989. "Cheap Talk With Two Audiences," Working papers 518, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2010. "Civic Capital as the Missing Link," CEPR Discussion Papers 7757, C.E.P.R. Discussion Papers.
  7. repec:fth:stanho:e-89-7 is not listed on IDEAS
  8. Edmans, Alex, 2011. "Does the stock market fully value intangibles? Employee satisfaction and equity prices," Journal of Financial Economics, Elsevier, vol. 101(3), pages 621-640, September.
  9. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2008. "Alfred Marshall Lecture Social Capital as Good Culture," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 295-320, 04-05.
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Blog mentions

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  1. The wage problem
    by chris dillow in Stumbling and Mumbling on 2013-11-02 13:34:30

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