Creative corporate culture and innovation

F. Fiordelisi; Luc Renneboog; Ornella Ricci; SS Lopes

doi:10.1016/j.intfin.2019.101137

Creative corporate culture and innovation

F. Fiordelisi, Luc Renneboog, Ornella Ricci, SS Lopes

Research output: Contribution to journal › Article › Scientific › peer-review

Abstract

We identify creative companies by means of a textual analysis that hinges on the competing values framework. We show that a creative corporate culture is an important driver of innovation, as measured by the number of patents as well as the patents' importance as captured by patents' citations and market values. A portfolio of creative companies earns significantly positive annual four-factor alphas. We quantify potential biases that could be induced by the omission of relevant variables by formally examining coefficient movements after inclusion of controls.

Original language	English
Article number	101137
Journal	Journal of International Financial Markets, Institutions and Money
Volume	63
Issue number	101137
DOIs	https://doi.org/10.1016/j.intfin.2019.101137
Publication status	Published - Nov 2019

Keywords

corporate culture
creative companies
creativity
innovation
R&D
textual analysis

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