【报告主题】Whose Perspective Matters More? The Role of Employees and Executives in Cultivating Corporate Culture and Enhancing Firm Value
【主讲嘉宾】杨国超，中南财经政法大学会计学院教授
【报告时间】2024年5月7日 14:00
【报告地点】会计学院108室
【内容提要】
We examine the differences in corporate culture as depicted by executives and employees and the associated value implications. Applying a supervised machine learning technique and a nine-cultural-dimension framework, we measure executive-depicted culture (EXEC) based on executive earnings call communication and employee-depicted culture (EMPC) based on employee Glassdoor.com reviews. We find substantial divergence between the two perspectives along different cultural dimensions and also in aggregation. Furthermore, EMPC is more strongly associated with firm value than EXEC. The values implication of EXEC increases with CEO power, while the culture-value association for both EXEC and EMPC increases with employee engagement, weaker governance, and economic uncertainty. We further show that the EXEC - EMPC divergence is negatively associated with firm value. Overall, we document corporate cultural divergence and the associated differential value implications, highlighting the importance of aligning cultural perspectives between executives and employees.