文献详情
Corporate Culture and Investment-Cash Flow Sensitivity
文献类型：期刊
通讯作者：Kim, KA (reprint author), Tongji Univ, Sch Econ & Management, 1239 Siping Rd, Shanghai 200092, Peoples R China.; Kim, KA (reprint author), SUNY Buffalo, Sch Management, Buffalo, NY 14260 USA.
期刊名称：JOURNAL OF BUSINESS ETHICS
年：2019
卷：154
期：2
页码：425-439
ISSN：0167-4544
关键词：Corporate culture; Integrity; Investment-cash flow sensitivity
所属部门：商学院
摘要：Can firms overcome credit constraints with a corporate culture of high integrity? We empirically address this question by studying their investment-cash flow sensitivities. We identify firms with a culture of integrity through textual analysis of public documents in a sample of Chinese listed firms and also through corporate culture statements. Our results show that firms with an integrity-focused culture have lower investment-cash flow sensitivity, even after we address endogeneity concerns. Ho ...More
Can firms overcome credit constraints with a corporate culture of high integrity? We empirically address this question by studying their investment-cash flow sensitivities. We identify firms with a culture of integrity through textual analysis of public documents in a sample of Chinese listed firms and also through corporate culture statements. Our results show that firms with an integrity-focused culture have lower investment-cash flow sensitivity, even after we address endogeneity concerns. However, we also find that for the culture to reduce the investment-cash flow sensitivity, external stakeholders must be able to verify this culture through a low information asymmetry environment. Overall, our findings show that a corporate culture of high integrity can mitigate a firm's external transaction costs. ...Hide

DOI：10.1007/s10551-017-3444-3
百度学术：Corporate Culture and Investment-Cash Flow Sensitivity
语言：外文
被引频次：2
基金：China National Natural Science FoundationNational Natural Science Foundation of China [71432008, 71172179]
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