与计量、金融与大数据工作坊联合举办

【主讲人】卢瑞昌 副教授
【主持人】高明 长聘副教授
【报告题目】Set in Stone: The Persistence and Origin of Corporate Culture

【报告摘要】We examine the evolution of corporate culture and trace its origin, differentiating the values and norms prevailing within a company from the preferences of corporate insiders. Leveraging one of the largest panel data sets on corporate culture, we first show that corporate culture is fairly stable: Firms with a strong (weak) culture tend to remain so for the subsequent decade. We then show that the majority of the variation in corporate culture is driven by time-invariant firm fixed effects, largely attributed to a firm’s culture formed around its initial public offering. Employing a rich set of founder, founding time, and founding location characteristics to explain a firm's early culture, we show that a founder's cultural heritage, the business environment at the start of a founder's career or at a firm's founding, a founder's birthplace, and a firm's founding location all have significant influences on its early culture. Finally, we provide some suggestive evidence on the presence of CEO-firm matching on cultural values as a possible mechanism underlying the persistence in culture. We conclude that the early culture of a firm, influenced by its founder, founding time, and founding location, is behind the persistence in corporate culture.

【主讲人介绍】北京大学光华管理学院金融学系副教授，新加坡国立大学商学院金融学博士。研究领域为实证公司金融，具体方向为银行贷款定价和金融机构。他的文章发表于Management Science、Journal of Financial and Quantitative Analysis、Journal of Banking & Finance、Journal of Accounting and Public Policy和《金融研究》《中国会计评论》《金融学季刊》等中英文期刊。曾获得2014 WFA Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research、Best Paper Award of Seventh Annual Conference on Asia-Pacific Financial Markets、银行与金融中介论坛优秀论文奖。