Corporate culture and firm value: Evidence from crisis
基于竞争价值框架，通过分析10-K文本衡量四种企业文化类型，发现控制型文化在2008-09年金融危机中显著提升了公司稳定性，表现为裁员更少、资产增长更稳定、债务发行更多及信贷渠道更畅通。
Based on the Competing Values Framework (CVF), we score 10-K text to measure company culture in four types (collaborative, controlling, competitive, and creative) and examine its role in firm stability. We find that firms with higher controlling culture fared significantly better during the 2008–09 crisis. Firms with stronger controlling culture experienced fewer layoffs, less negative asset growth, greater debt issuance, and increased access to credit-line facilities during the crisis. The positive effect of the controlling culture is stronger among the financially-constrained firms. Overall, the controlling culture improves firm stability through greater support from capital providers.