What Do Financial Executives Say about Corporate Culture and Strategy?

Management and Business Review

15 Pages Posted: 5 Aug 2022 Last revised: 30 May 2024

See all articles by John R. Graham

John R. Graham

Duke University; National Bureau of Economic Research (NBER)

Jillian Grennan

Emory University

Campbell R. Harvey

Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

Shivaram Rajgopal

Columbia University - Columbia Business School, Accounting, Business Law & Taxation

Date Written: August 4, 2022

Abstract

Thinking quantitatively about culture and continuously investing in it can drive success, increase a firm’s value, and help employees thrive. While strategy lays down the rules, culture fuels a firm’s spirit. By analyzing the views of financial executives about when, how, and why strategy and culture influence performance, we derive novel insights for scholars who seek to improve their theories and practitioners who want to build better businesses. We show that financial executives believe that culture can be quantified and optimized. They also consider a firm’s characteristics to be central to determining how culture and strategy will interact. We conclude by sharing ideas for building an effective culture.

Keywords: corporate culture, organizational culture, strategy, leadership, intangible value, sustainable value

JEL Classification: G30, G32, L10, L21, M10, M14

Suggested Citation

Graham, John Robert and Grennan, Jillian and Harvey, Campbell R. and Rajgopal, Shivaram, What Do Financial Executives Say about Corporate Culture and Strategy? (August 4, 2022). Management and Business Review, Available at SSRN: https://ssrn.com/abstract=4181891 or http://dx.doi.org/10.2139/ssrn.4181891

John Robert Graham

Duke University ( email )

Box 90120
Durham, NC 27708-0120
United States
919-660-7857 (Phone)
919-660-8030 (Fax)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Jillian Grennan (Contact Author)

Emory University ( email )

Rich Memorial Building
1602 Fishburne Dr
Atlanta, GA 30307
United States

Campbell R. Harvey

Duke University - Fuqua School of Business ( email )

Box 90120
Durham, NC 27708-0120
United States
919-660-7768 (Phone)

HOME PAGE: http://www.duke.edu/~charvey

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Shivaram Rajgopal

Columbia University - Columbia Business School, Accounting, Business Law & Taxation ( email )

3022 Broadway
New York, NY 10027
United States

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