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Corporate culture and shareholder value in banking industry

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Author Info
Carretta, Alessandro
Farina, Vincenzo
Fiordelisi, Franco
Schwizer, Paola

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Abstract

This paper analyses the casual relationship between corporate culture and shareholder value using a sample of large banks in the French, German, Italian and U.K. banking systems over the 2000 to 2003 period. Firstly, we measure shareholder value using an Economic Value Added estimated through a procedure tailored to account for banking peculiarities. Secondly, we measure corporate culture using language as its particular artifact and developing a cultural survey based on the application of a text-analysis model to a corpus of reference texts produced by the sample of banks. We posit six hypotheses regarding the relationship between corporate culture and bank profits and shareholder value. Our results noticeably show that bank profits and shareholder value benefit from different orientations of banking corporate culture.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8304.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:8304

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Find related papers by JEL classification:
M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Social Responsibility
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages

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  1. Robert A. Eisenbeis & Gary D. Ferrier & Simon H. Kwan, 1999. "The informativeness of stochastic frontier and programming frontier efficiency scores: Cost efficiency and other measures of bank holding company performance," Working Paper 99-23, Federal Reserve Bank of Atlanta. [Downloadable!]
  2. Carretta, Alessandro & Farina, Vincenzo & Schwizer, Paola, 2005. "Banking regulation towards advisory: the “culture compliance” of banks and supervisory authorities," MPRA Paper 8302, University Library of Munich, Germany. [Downloadable!]
  3. Chu, Sing Fat & Lim, Guan Hua, 1998. "Share performance and profit efficiency of banks in an oligopolistic market: evidence from Singapore," Journal of Multinational Financial Management, Elsevier, vol. 8(2-3), pages 155-168, September. [Downloadable!] (restricted)
  4. Wilderom, C.P.M. & Berg, P.T. van den, 2000. "Firm culture and leadership as firm performance predictors : a resource-based perspective," Discussion Paper 3, Tilburg University, Center for Economic Research. [Downloadable!]
  5. Eugene F. Fama & Kenneth R. French, 2002. "The Equity Premium," Journal of Finance, American Finance Association, vol. 57(2), pages 637-659, 04. [Downloadable!] (restricted)
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  6. Wiele, A. van der & Boselie, J.P.E.F. & Hesselink, M., 2001. "Empirical Evidence for the Relation between Customer Satisfaction and Business Performance," Research Paper ERS-2001-32-ORG Revision_, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
  7. Barth, Mary E. & Beaver, William H. & Landsman, Wayne R., 2001. "The relevance of the value relevance literature for financial accounting standard setting: another view," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 77-104, September. [Downloadable!] (restricted)
  8. Elena Beccalli & Barbara Casu & Claudia Girardone, 2006. "Efficiency and Stock Performance in European Banking," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 33(1-2), pages 245-262. [Downloadable!] (restricted)
  9. Holthausen, Robert W. & Watts, Ross L., 2001. "The relevance of the value-relevance literature for financial accounting standard setting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 3-75, September. [Downloadable!] (restricted)
  10. Dechow, Patricia M. & Hutton, Amy P. & Sloan, Richard G., 1999. "An empirical assessment of the residual income valuation model1," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 1-34, January. [Downloadable!] (restricted)
  11. Gerald T. Garvey & Todd T. Milbourn, 2000. "EVA versus Earnings: Does it Matter which is More Highly Correlated with Stock Returns?," Claremont Colleges Working Papers 2000-52, Claremont Colleges. [Downloadable!]
  12. Bartram, S.M., 2000. "Corporate Risk Management as a Lever for Shareholder Value Creation," Papers 00-58, Southern California - School of Business Administration.
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