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Corporate culture, cultural diversification, and independent directors: Evidence from earnings conference calls

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  • Chindasombatcharoen, Pongsapak
  • Chatjuthamard, Pattanaporn
  • Jiraporn, Pornsit

Abstract

Capitalizing on a distinctive measure of corporate culture obtained from sophisticated machine learning, we investigate the concept of cultural diversification. A firm is culturally diversified if it is characterized by a variety of diverse cultural attributes. Motivated by agency theory, we hypothesize that risk-averse managers favor cultural diversification, but, owing to agency problems, tend to over-invest in cultural diversification. More effective governance in the form of stronger board independence mitigates the agency conflict, lowering the level of cultural diversification and bringing it closer to the optimal level where shareholder value is maximized. Our results strongly support this hypothesis.

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  • Chindasombatcharoen, Pongsapak & Chatjuthamard, Pattanaporn & Jiraporn, Pornsit, 2023. "Corporate culture, cultural diversification, and independent directors: Evidence from earnings conference calls," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    • Handle: RePEc:eee:beexfi:v:37:y:2023:i:c:s2214635022000958
    DOI: 10.1016/j.jbef.2022.100773
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    More about this item

    Keywords

    Corporate culture; Diversification; Agency theory; Independent directors; Board independence; Corporate governance;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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