Successful firms across the world are often known for their professed values, which they credit for their growth. But how much do corporate values affect firm performance? Researchers Luigi Guiso, Paola Sapienza and Luigi Zingales found that corporate values are often irrelevant when it comes to performance. In fact, what actually impacts output is how the employees perceive the firm’s top managers — if their actions are seen as ethical, the performance is much more robust. 

 

Title: The Value of Corporate Culture
Source: The National Bureau of Economic Research