The value of corporate culture

被引：437

作者：

Guiso, Luigi ^{[1
,2
]}

Sapienza, Paola ^{[3
,4
,5
]}

Zingales, Luigi ^{[4
,5
,6
]}

机构：

[1] Einaudi Inst Econ & Finance, Rome, Italy

[2] CEPR, Florence, Italy

[3] Northwestern Univ, Evanston, IL 60208 USA

[4] NBER, Cambridge, MA 02138 USA

[5] CEPR, Jamaica, NY USA

[6] Univ Chicago, Chicago, IL 60637 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2015年 / 117卷 / 01期

关键词：

Corporate culture; Integrity; Going public;

D O I：

10.1016/j.jfineco.2014.05.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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, a 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. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：60 / 76

页数：17

共 19 条

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