Culture

Working Paper

Creative Corporate Culture and Innovation

We define creative companies by means of the Competing Value Framework, and we identify them by means of textual analysis. We show that a creative corporate culture is an important driver of innovation, as measured by the number of patents a firm...Read more

Franco Fiordelisi
Luc Renneboog
Ornella Ricci
Saverio Stentella Lopes
06 November 2018

Shareholders and Stakeholders around the World: The Role of Values, Culture, and Law in Directors’ Decisions

This study sets out to examine the relative importance of legal and cultural institutions and personal values in directors’ discretion. We present first evidence on the way personal and institutional factors together guide public company...Read more

Amir Licht
Renee Adams
24 June 2019

Growing Up Under Mao and Deng: On the Ideological Determinants of Corporate Policies

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to Deng around the 1978...Read more

Hao Liang
Rong Wang
Haikun Zhu
30 November 2019

Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans

We investigate whether cultural differences between professional decision-makers affect financial contracts in a large dataset of international syndicated bank loans. We find that more culturally distant lead banks offer borrowers smaller loans...Read more

Mariassunta Giannetti
Yishay Yafeh
01 September 2008

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