Discussion Paper Details

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Title: The Value of Corporate Culture

Author(s): Luigi Guiso, Paola Sapienza and Luigi Zingales

Publication Date: November 2013

Keyword(s): Corporate culture, Going Public and Integrity

Programme Area(s): Financial Economics

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.

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Bibliographic Reference

Guiso, L, Sapienza, P and Zingales, L. 2013. 'The Value of Corporate Culture'. London, Centre for Economic Policy Research.