Corporate culture and company performance in emerging markets: evidence from China
基于中国上市公司管理层讨论与分析文本构建企业文化指数，发现强企业文化显著提升公司绩效，且在促进创新和拥有更多无形资产的企业中效果更强。
This paper constructs a novel corporate culture index for Chinese enterprises based on the text material of management discussion and analysis (MD&A). We examine the role of Chinese corporate culture in affecting company performance in China. Empirical results reveal a pronounced positive correlation between corporate culture values and company performance, indicating that a strong corporate culture significantly enhances company performance. In addition, further discussions show that culture values can have a larger effect on company performance when a company promotes innovation, and owns more intangible assets. This paper attempts to provide new insights on corporate culture and company performance, which can be critical for understanding the dynamics of company behavior and strategic decision-making in emerging markets.