Creative corporate culture and innovation

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

Research output: Contribution to journalArticleScientificpeer-review


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 number101137
JournalJournal of International Financial Markets, Institutions and Money
Publication statusPublished - Nov 2019


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


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