Creative corporate culture and innovation

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

Research output: Contribution to journalArticleScientificpeer-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 languageEnglish
Article numberUNSP 101137
JournalJournal of International Financial Markets, Institutions and Money
Volume63
DOIs
Publication statusPublished - Nov 2019

Fingerprint

Organizational culture
Corporate innovation
Patents
Coefficients
Market value
Inclusion
Patent citations
Textual analysis
Competing values framework
Innovation
Factors

Keywords

  • corporate culture
  • creative companies
  • creativity
  • innovation
  • R&D
  • textual analysis

Cite this

@article{20366a28bf814a30b7d150b1b4bfa7e6,
title = "Creative corporate culture and innovation",
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.",
keywords = "corporate culture, creative companies, creativity, innovation, R&D, textual analysis",
author = "F. Fiordelisi and Luc Renneboog and Ornella Ricci and SS Lopes",
year = "2019",
month = "11",
doi = "10.1016/j.intfin.2019.101137",
language = "English",
volume = "63",
journal = "Journal of International Financial Markets, Institutions and Money",
issn = "1042-4431",
publisher = "Elsevier BV",

}

Creative corporate culture and innovation. / Fiordelisi, F.; Renneboog, Luc; Ricci, Ornella; Lopes, SS.

In: Journal of International Financial Markets, Institutions and Money, Vol. 63, UNSP 101137, 11.2019.

Research output: Contribution to journalArticleScientificpeer-review

TY - JOUR

T1 - Creative corporate culture and innovation

AU - Fiordelisi, F.

AU - Renneboog, Luc

AU - Ricci, Ornella

AU - Lopes, SS

PY - 2019/11

Y1 - 2019/11

N2 - 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.

AB - 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.

KW - corporate culture

KW - creative companies

KW - creativity

KW - innovation

KW - R&D

KW - textual analysis

U2 - 10.1016/j.intfin.2019.101137

DO - 10.1016/j.intfin.2019.101137

M3 - Article

VL - 63

JO - Journal of International Financial Markets, Institutions and Money

JF - Journal of International Financial Markets, Institutions and Money

SN - 1042-4431

M1 - UNSP 101137

ER -