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 | |
Publication status | Published - Nov 2019 |
Keywords
- corporate culture
- creative companies
- creativity
- innovation
- R&D
- textual analysis