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http://ssrn.com/abstract=2353486
 
 

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The Value of Corporate Culture


Luigi Guiso


Einaudi Institute for Economics and Finance (EIEF)

Paola Sapienza


Northwestern University - Kellogg School of Management - Department of Finance; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Luigi Zingales


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); University of Chicago - Polsky Center for Entrepreneurship; European Corporate Governance Institute (ECGI)

September 1, 2013

Chicago Booth Research Paper No. 13-80
Fama-Miller Working Paper

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.

Number of Pages in PDF File: 46

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Date posted: November 15, 2013 ; Last revised: August 30, 2014

Suggested Citation

Guiso, Luigi and Sapienza, Paola and Zingales, Luigi, The Value of Corporate Culture (September 1, 2013). Chicago Booth Research Paper No. 13-80; Fama-Miller Working Paper. Available at SSRN: http://ssrn.com/abstract=2353486 or http://dx.doi.org/10.2139/ssrn.2353486

Contact Information

Luigi Guiso
Einaudi Institute for Economics and Finance (EIEF) ( email )
Via Sallustiana 62
Rome, 00187
Italy
+39 06 4792 4858 (Phone)
+39 06 4792 4872 (Fax)
HOME PAGE: http://www.eief.it/faculty-visitors/faculty-a-z/luigi-guiso/
Paola Sapienza
Northwestern University - Kellogg School of Management - Department of Finance ( email )
Evanston, IL 60208
United States
847-491-7436 (Phone)
847-491-5719 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Luigi Zingales (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-3196 (Phone)
773-834-2081 (Fax)

Chicago Booth School of Business Logo

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
University of Chicago - Polsky Center for Entrepreneurship
Chicago, IL 60637
United States
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Feedback to SSRN


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