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The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic

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Cited by:

  1. Li, Yuhang & You, Jia & Huang, Hui & Sun, Yihan, 2025. "Text-based analysis of corporate nationalism and dividend policies in China," International Review of Financial Analysis, Elsevier, vol. 101(C).
  2. Wang, Zhimin & Zhu, Xiaodi & Ding, Ruixin, 2025. "National culture’s influence on firm performance in bad times: Evidence from the COVID-19 crisis and GFC," Research in International Business and Finance, Elsevier, vol. 79(C).
  3. García, Raffi E. & Harithsa, Jyothsna G. & Owusu, Abena, 2024. "Adding stress in banking: Stress tests and risk-taking sentiments," Journal of Corporate Finance, Elsevier, vol. 87(C).
  4. Zhao, Gang & Xu, Shengyan & Sun, Li, 2025. "Does political risk affect corporate culture?," Research in International Business and Finance, Elsevier, vol. 78(C).
  5. Shizhen Bai & Xiaoxue Zhang & Dingyao Yu & Chunjia Han & Mu Yang, 2025. "Investigating the impact of decent work perception on employee voice behavior: evidence from text mining," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-14, December.
  6. Roddy Allan & Ervi Liusman & Teddy Lu & Desmond Tsang, 2021. "The COVID-19 Pandemic and Commercial Property Rent Dynamics," JRFM, MDPI, vol. 14(8), pages 1-24, August.
  7. Liu, Wenhua & Liu, Yang & Wen, Fenghua & Gong, Xu, 2025. "Climate policy uncertainty and analyst earnings forecasts: Evidence from the Chinese energy sector," International Review of Financial Analysis, Elsevier, vol. 100(C).
  8. Hasan, Mostafa Monzur & Bhuiyan, Md Borhan Uddin & Taylor, Grantley, 2025. "Reprint of: Corporate culture and carbon emission performance," The British Accounting Review, Elsevier, vol. 57(1).
  9. Ephraim Kwashie Thompson, 2025. "ESG and stock price crash risk mitigation: evidence from Korea," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.
  10. Zaman, Rashid, 2024. "When corporate culture matters: The case of stakeholder violations," The British Accounting Review, Elsevier, vol. 56(1).
  11. Yun Chen & Zeyang Lei & Chongsen Ma, 2022. "Research on the Evolution of the Competition Culture of Highway Construction Companies Based on Text Mining," Sustainability, MDPI, vol. 14(19), pages 1-16, September.
  12. Yao, Rongrong & Xiao, Min, 2025. "Common ownership and corporate violations: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
  13. Elham Daadmehr, 2024. "Workplace sustainability or financial resilience? Composite-financial resilience index," Risk Management, Palgrave Macmillan, vol. 26(2), pages 1-35, May.
  14. Rachel M. Hayes & Feng Jiang & Yihui Pan & Huayi Tang, 2025. "Racial Disparities in Financial Complaints and the Role of Corporate Social Attitudes," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 63(4), pages 1289-1333, September.
  15. Cumming, Douglas & Köchling, Gerrit & Neukirchen, Daniel & Posch, Peter N., 2024. "How does corporate culture affect IPO price formation?," Journal of Banking & Finance, Elsevier, vol. 163(C).
  16. Fan, Liwei & Sun, Yuan & Wu, Tung-Ju, 2025. "Is climate policy uncertainty an angel or a devil? Empirical evidence from corporate digital transformation," International Review of Financial Analysis, Elsevier, vol. 103(C).
  17. Haoyu Gao & Hui Wang & Xinyu Wang & Huiyu Wen, 2024. "ESG‐oriented analysts and corporate green innovation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(S1), pages 4977-5008, December.
  18. Hasan, Mostafa Monzur, 2022. "Corporate culture and bank debt," Finance Research Letters, Elsevier, vol. 49(C).
  19. Zheng, Guohong & He, Feng & Xiao, Zhongyi & Han, Wei, 2025. "Chinese corporate governance research over the last decade (2014 - 2023)," International Review of Financial Analysis, Elsevier, vol. 97(C).
  20. Ambrose Egwuonwu & Arthur Egwuonwu & Suman Lodh & Monomita Nandy, 2025. "Unravelling the Impact of Ideological Diversity on Stock Returns Amidst Uncertainty," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 34(5), pages 199-221, December.
  21. Kim, Kenneth A. & Xie, Hongjun & Zheng, Xiaojia, 2024. "Are R&D-intensive firms more resilient to trade shocks? Evidence from the U.S.–China trade war," Journal of International Money and Finance, Elsevier, vol. 149(C).
  22. Ting Feng & Zhongyi Xue, 2023. "The impact of government subsidies on corporate resilience: evidence from the COVID-19 shock," Economic Change and Restructuring, Springer, vol. 56(6), pages 4199-4221, December.
  23. Mabel D. Costa & Solomon Opare, 2025. "Impact of Corporate Culture on Environmental Performance," Journal of Business Ethics, Springer, vol. 196(1), pages 61-92, January.
  24. Jiang, Fei & Kong, Dongmin & Lu, Zhengfei & Ma, Yongqiang & Yi, Yang, 2023. "Geographic dispersion and corporate resilience during the COVID-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 88(C).
  25. Batten, Jonathan A. & Boubaker, Sabri & Kinateder, Harald & Choudhury, Tonmoy & Wagner, Niklas F., 2023. "Volatility impacts on global banks: Insights from the GFC, COVID-19, and the Russia-Ukraine war," Journal of Economic Behavior & Organization, Elsevier, vol. 215(C), pages 325-350.
  26. Mansoor Afzali & Gonul Colak & Sami Vähämaa, 2025. "Climate Change Denial and Corporate Environmental Responsibility," Journal of Business Ethics, Springer, vol. 196(1), pages 31-59, January.
  27. Zhang, Junru & Shan, Yuan George & Kapu Arachchilage, Nirosha Dilhani, 2026. "Do students have satisfying educational experiences at sustainable universities? Evidence from Australian universities," The British Accounting Review, Elsevier, vol. 58(1).
  28. Francisco Brahm & Joaquin Poblete, 2024. "Organizational Culture, Adaptation, and Performance," Organization Science, INFORMS, vol. 35(5), pages 1823-1848, September.
  29. Semeyutin, Artur & Kaawach, Said & Kara, Alper, 2023. "CEO risk-culture, bank stability and the case of the Silicon Valley Bank," Economics Letters, Elsevier, vol. 233(C).
  30. Changfeng Ma & Jianfeng Shen & Huiping Zhang, 2025. "Health Risk and Stock Return: Evidence From SARS and COVID‐19," International Review of Finance, International Review of Finance Ltd., vol. 25(4), December.
  31. Amore, Mario Daniele & Pelucco, Valerio & Quarato, Fabio, 2022. "Family ownership during the Covid-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 135(C).
  32. Shiblu, Kawser Ahmed & Toscano, Francesca, 2026. "Culture as a catalyst: The impact of corporate culture on strategic alliances and equity market response," Journal of Financial Stability, Elsevier, vol. 82(C).
  33. Gao, Haoyu & Wen, Huiyu & Wang, Xingjian, 2022. "Pandemic effect on corporate financial asset holdings: Precautionary or return-chasing?," Research in International Business and Finance, Elsevier, vol. 62(C).
  34. Dian Perwitasari & Doddy Setiawan & An Nurrahmawati & Isna Putri Rahmawati, 2022. "Firm Performance during COVID-19 Pandemic: Does Ownership Identity Matter? Evidence from Indonesia," JRFM, MDPI, vol. 15(10), pages 1-18, September.
  35. Ziliang Yu & Jian Yang & Robert I. Webb, 2023. "Price discovery in China's crude oil futures markets: An emerging Asian benchmark?," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(3), pages 297-324, March.
  36. Yongning Deng & Sipeng Zeng, 2025. "Does culture matter in corporate cash holdings?," International Review of Finance, International Review of Finance Ltd., vol. 25(1), March.
  37. Thi Nguyen, Loan Quynh & Matousek, Roman & Muradoglu, Gulnur, 2024. "Bank capital, liquidity creation and the moderating role of bank culture: An investigation using a machine learning approach," Journal of Financial Stability, Elsevier, vol. 72(C).
  38. Li, Haolin & Cheng, Sirui & Hua, Xiuping & Wang, Yong, 2025. "The mitigating effects of blockchain adoption on supply chain financing disruptions under crises: Evidence from China," China Economic Review, Elsevier, vol. 94(PA).
  39. Wongsinhirun, Nopparat & Chatjuthamard, Pattanaporn & Jiraporn, Pornsit, 2023. "Corporate culture and board gender diversity: Evidence from textual analysis," International Review of Financial Analysis, Elsevier, vol. 86(C).
  40. Li, Wenquan & Neupane, Suman & Tan, Kelvin Jui Keng, 2025. "Environmental externalities of corporate culture: Evidence from firm pollution," The British Accounting Review, Elsevier, vol. 57(5).
  41. Chenyu Shan & Dragon Yongjun Tang, 2023. "The Value of Employee Satisfaction in Disastrous Times: Evidence from COVID-19," Review of Finance, European Finance Association, vol. 27(3), pages 1027-1076.
  42. Cheng, Sirui & Hua, Xiuping & Wang, Qingfeng, 2023. "Corporate culture and firm resilience in China: Evidence from the Sino-US trade war," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
  43. Choi, Hyoung-Yong & Park, Junyoung, 2022. "Do data-driven CSR initiatives improve CSR performance? The importance of big data analytics capability," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
  44. Yadav, Hitesha & Kumar Kar, Arpan & Kashiramka, Smita & Rana, Nripendra P., 2024. "How does change in CEOs' strategic orientations in their social media communication impact firm performance during crisis? A longitudinal study," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
  45. Hassan, M. Kabir & Karim, M. Sydul & Cole, Matthew L., 2025. "Corporate culture and inventory behavior," International Review of Economics & Finance, Elsevier, vol. 102(C).
  46. Jin, Zuben, 2024. "Business aspects in focus, investor underreaction and return predictability," Journal of Corporate Finance, Elsevier, vol. 84(C).
  47. Bongiovanni, Alessio & Fiandrino, Simona, 2024. "Does firm environmental performance mitigate the market reaction to COVID-19 uncertainty?," Research in International Business and Finance, Elsevier, vol. 68(C).
  48. Su, Yu, 2025. "Perceived corporate individualism culture and corporate bond issuing costs," International Review of Financial Analysis, Elsevier, vol. 103(C).
  49. Loncan, Tiago, 2025. "Can employee welfare policies insure workers against fluctuations in employment?," Journal of Corporate Finance, Elsevier, vol. 94(C).
  50. Chen, Yuyou & Cheng, Sirui & Zhang, Yuning, 2025. "The Sino-U.S. trade war: Challenges for trade credit financing and the role of corporate culture," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
  51. Zhang, Chong & Lu, Hanxiao & Zhou, Chaobo & Gan, Chen, 2025. "Role of digital innovation's moderating effect on the relationship between organizational resilience and corporate risk-taking," Finance Research Letters, Elsevier, vol. 79(C).
  52. Yao, Rongrong & Xiao, Min & Lin, Ling & Zhang, Xiaoying, 2026. "Only the connected survive: Common ownership and corporate resilience," Pacific-Basin Finance Journal, Elsevier, vol. 95(C).
  53. Will Gornall & Oleg R. Gredil & Sabrina T. Howell & Xing Liu & Jason Sockin, 2025. "Do Employees Cheer for Private Equity? The Heterogeneous Effects of Buyouts on Job Quality," Management Science, INFORMS, vol. 71(5), pages 4287-4317, May.
  54. Essaddam, Naceur & Mrad, Fatma & Sassi, Syrine, 2026. "The green side of corporate culture," International Review of Economics & Finance, Elsevier, vol. 105(C).
  55. Chatjuthamard, Pattanaporn & Wongboonsin, Kua & Ongsakul, Viput & Jiraporn, Pornsit, 2024. "Corporate culture, staggered boards, and managerial entrenchment: Evidence from textual analysis," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 404-418.
  56. Hoang, Daniel & Wiegratz, Kevin, 2022. "Machine learning methods in finance: Recent applications and prospects," Working Paper Series in Economics 158, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
  57. Ersahin, Nuri & Giannetti, Mariassunta & Huang, Ruidi, 2024. "Supply chain risk: Changes in supplier composition and vertical integration," Journal of International Economics, Elsevier, vol. 147(C).
  58. Yarovaya, Larisa & Brzeszczyński, Janusz & Goodell, John W. & Lucey, Brian & Lau, Chi Keung Marco, 2022. "Rethinking financial contagion: Information transmission mechanism during the COVID-19 pandemic," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
  59. Likitapiwat, Tanakorn & Starita, Stefano & Treepongkaruna, Sirimon & Chan, Kam Fong, 2024. "Corporate innovation culture and ESG: Evidence from textual analysis in emerging market," Economics Letters, Elsevier, vol. 244(C).
  60. Wasi, Md Abdul & Zurbruegg, Ralf, 2025. "Mitigating or magnifying systemic risk? The role of non-interest income during market disruptions," Finance Research Letters, Elsevier, vol. 86(PE).
  61. Hossain, Md Noman & Rabarison, Monika K. & Guo, Chiquan, 2024. "Corporate culture and investment inefficiency," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  62. Wang, Xinyu & Zhao, Jing, 2023. "The green reputation: Corporate culture and environmental reputation risk," Finance Research Letters, Elsevier, vol. 58(PA).
  63. Afzali, Mansoor, 2023. "Corporate culture and financial statement comparability," Advances in accounting, Elsevier, vol. 60(C).
  64. Bai, Shizhen & Tan, Yongbo & Han, Chunjia & Yang, Mu & Fan, Weijia & Gupta, Brij B. & Arya, Varsha, 2025. "Sailing through uncertainty: The impact of geopolitical risks on technology adoption in U.S. corporations—A corporate culture lens," Technological Forecasting and Social Change, Elsevier, vol. 213(C).
  65. Liu, Qingfu & Shi, Chen & Tse, Yiuman & Wang, Chuanjie, 2023. "The value of communication during pandemics," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
  66. Liu, Hengxu & Zhao, Wenxi, 2023. "The role of political connections in bad times: Evidence from the COVID-19 pandemic," Economics Letters, Elsevier, vol. 224(C).
  67. Wang, Zongrun & Fu, Haiqin & Ren, Xiaohang & Gozgor, Giray, 2024. "Exploring the carbon emission reduction effects of corporate climate risk disclosure: Empirical evidence based on Chinese A-share listed enterprises," International Review of Financial Analysis, Elsevier, vol. 92(C).
  68. Ding, Guolei & Lei, Jin & Liu, Yunxiao & Wang, Zhen, 2024. "Supplier–customer cultural similarity and supplier performance," Journal of Banking & Finance, Elsevier, vol. 163(C).
  69. Yihui Chen & Xin He & Haoyuan Wei, 2025. "The bright side of cross ownership: Evidence from the corporate resilience to COVID‐19 crisis in China," International Review of Finance, International Review of Finance Ltd., vol. 25(1), March.
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