Corporate culture and investment inefficiency
研究发现，企业文化越强的公司，投资效率低下的问题越少。这种效果通过减少信息不对称或避税行为实现，且在宗教氛围弱、社会责任少、财务不受限的公司中更明显。
Using an aggregate measure of corporate culture, we find that firms with stronger corporate culture encounter lower investment inefficiency. We show that reducing information asymmetry or engaging in tax avoidance are two potential channels through which corporate culture reduces investment inefficiency. Further analyses reveal that the aforementioned relationship is more pronounced for firms with lower local religiosity, firms with less corporate social responsibility engagement, and financially unconstrained firms. Overall, our findings contribute to the literature stressing the importance of corporate culture for corporate decisions and outcomes, and hence, for adding value.