TY  - JOUR
AU  - Guiso, Luigi
AU  - Sapienza, Paola
AU  - Zingales, Luigi
TI  - The Value of Corporate Culture
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 19557
PY  - 2013
Y2  - October 2013
DO  - 10.3386/w19557
UR  - http://www.nber.org/papers/w19557
L1  - http://www.nber.org/papers/w19557.pdf
N1  - Author contact info:
Luigi Guiso
Axa Professor of Household Finance
Einaudi Institute for Economics and Finance
Via Sallustiana 62 - 00187
Rome, Italy
Fax: 39 06  4792 4858
E-Mail: luigi.guiso55@gmail.com

Paola Sapienza
Kellogg School of Management
Northwestern University
2221 Campus Drive
Evanston, IL 60208
Tel: 847/491-7436
Fax: 847/491-5719
E-Mail: paola-sapienza@northwestern.edu

Luigi Zingales
Booth School of Business
The University of Chicago
5807 S. Woodlawn Avenue
Chicago, IL 60637
Tel: 773/702-3196
Fax: 773/834-2081
E-Mail: luigi.zingales@ChicagoBooth.edu
M1  - published as Luigi Guiso, Paola Sapienza, Luigi Zingales. "The Value of Corporate Culture," in Luigi Zingales and James Poterba, organizers, "Causes and Consequences of Corporate Culture" Elsevier, Journal of Financial Economics 117(1) (2015)

AB  - 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.
ER  -