دانلود رایگان مقاله انگلیسی اثر فرهنگ سازمانی بر عملکرد شرکت: شواهد از چین - الزویر 2018

ABSTRACT

This study examines whether corporate culture promotion affects firm performance in China in terms of firm market value, firm financial performance and innovation output. We find consistent evidence that corporate culture promotion is negatively related to firm market value, positively related to innovation output and not significantly related to firm financial performance. In addition, the negative effect of corporate culture promotion on firm market value is driven by small firms and firms located in less developed provinces. Furthermore, we find that some specific corporate culture promotions, such as innovation culture promotion and integrity culture promotion, are not related to firm value or financial performance. However, innovation culture promotion is positively associated with innovation output.

5. Discussion and conclusion

Corporate culture is an important topic and an under-studied area in accounting. In this paper, we use hand-collected data from the websites of China’s privately listed firms to capture corporate culture promotion in terms of the culture webpage, the number of words and media news stories on the websites. We provide evidence that corporate culture promotion is significantly negatively related to firm value, which is consistent with Bird et al. (2007), indicating that shareholders do not value firms’ commitment to employee relations and community. We also provide evidence that corporate culture promotion is significantly positively related to a firm’s innovation output, indicating that corporate culture promotion facilitates coordination and cooperation between employees and consequently improves innovation.

Guiso et al. (2015) use a similar method to measure firms’ advertised value to investigate the relation between corporate culture and firm performance for S&P 500 firms in the United States. They find little evidence on the relationship between advertised corporate culture and firm value, which they claim is because the advertised values on firms’ websites are only talk. However, there are two other possibilities. First, firms included in the S&P 500 share similar characteristics, which makes them different from other firms. This shared similarity provides little variance between S&P 500 firms,8 leading to corporate culture’s insignificant relationships with firm value and financial performance. Second, corporate culture promotion is a corporate decision determined according to each firm’s unique characteristics and operations. For example, as a hightech company, Apple chooses innovation as its corporate culture, while Walmart, as a consumer-oriented company, chooses integrity as its corporate culture.