Creative Corporate Culture and Innovation

34 Pages Posted: 4 Nov 2018

See all articles by Franco Fiordelisi

Franco Fiordelisi

University of Rome III - Department of Business Studies; Middlesex University - Business School

Luc Renneboog

Tilburg University - Department of Finance; European Corporate Governance Institute (ECGI); Tilburg Law and Economics Center (TILEC)

Ornella Ricci

University of Roma Tre, Department of Business Studies

Francesco Saverio Stentella Lopes

Bangor Business School

Multiple version iconThere are 2 versions of this paper

Date Written: November 3, 2018

Abstract

We define creative companies by means of the Competing Value Framework, and we identify them by means of textual analysis. We show that a creative corporate culture is an important driver of innovation, as measured by the number of patents a firm files for as well as the patents’ importance (captured by patents’ citation scores). Creative firms are able to reach a higher firm value from their investment in innovation. The potential bias induced by omitted variables is then addressed by estimating the additional patents, patent citations, and value generated by creative firms after state-induced tax incentives on R&D in a differences-in-differences framework.

Keywords: Corporate Culture, Creative Companies, Creativity, Innovation, R&D, Textual Analysis

JEL Classification: G23, G32, L25, O31, M14

Suggested Citation

Fiordelisi, Franco and Renneboog, Luc and Ricci, Ornella and Stentella Lopes, Francesco Saverio, Creative Corporate Culture and Innovation (November 3, 2018). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 578/2018, Available at SSRN: https://ssrn.com/abstract=3277812 or http://dx.doi.org/10.2139/ssrn.3277812

Franco Fiordelisi

University of Rome III - Department of Business Studies ( email )

Via Silvio D'Amico 77
Via Silvio D'Amico 77
Rome, RM 00145
Italy

HOME PAGE: http://host.uniroma3.it/docenti/fiordelisi/?home

Middlesex University - Business School ( email )

The Burroughs
London, NW4 4BT
United Kingdom

Luc Renneboog (Contact Author)

Tilburg University - Department of Finance ( email )

P.O. Box 90153
Warandelaan 2
5000 LE Tilburg
Netherlands
+13 31 466 8210 (Phone)
+13 31 466 2875 (Fax)

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

Tilburg Law and Economics Center (TILEC)

Warandelaan 2
Tilburg, 5000 LE
Netherlands

Ornella Ricci

University of Roma Tre, Department of Business Studies ( email )

Via Ostiense, 159
Rome, RM 00145
Italy

Francesco Saverio Stentella Lopes

Bangor Business School ( email )

Bangor Business School
College Road
Gwynedd LL57 2DG, Wales LL57 2DG
United Kingdom

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