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.