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This paper analyses the casual relationship between corporate culture and shareholder value using a sample of large banks in the French, German, Italian and U.K. banking systems over the 2000 to 2003 period. Firstly, the authors measure shareholder value using an Economic Value Added estimated through a procedure tailored to account for banking peculiarities. Secondly, they measure corporate culture using language as its particular artifact and developing a cultural survey based on the application of a text-analysis model to a corpus of reference texts produced by the sample of banks. They posit six hypotheses regarding the relationship between corporate culture and bank profits and shareholder value. The results noticeably show that bank profits and shareholder value benefit from different orientations of banking corporate culture.
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