The Value of Corporate Culture
48 Pages Posted: 8 Nov 2013
Date Written: November 2013
We study which dimensions of corporate culture are related to a firms performance and why. We find that proclaimed values appear irrelevant. Yet, when employees perceive top managers as trustworthy and ethical, firms 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.
Keywords: Corporate culture, Going Public, Integrity
JEL Classification: G30, Z1
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