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Guiso, L., Sapienza, P., Zingales, L. (2015). The value of corporate culture. Journal of Financial Economics 117(1): 60-76.

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, a 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.

Authors

Guiso, Luigi

Prof. Guiso joined the Institute in January 2007 from Università di Roma Tor Vergata. He has been visiting professor at the University of Chicago, Graduate School of Business. He is a Fellow of the Centre for Economic Policy Research, London and Director of the CEPR Finance Programme. He...

Sapienza, Paola

Paola Sapienza is a professor of finance at the Kellogg School of Management. She also serves as a faculty fellow for the Zell Center for Risk Research, a research affiliate of the Center for Economic Policy Research and a faculty research fellow in the National Bureau of Economic Research's...

Zingales, Luigi

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