Academic Salon for Young Scientists, the 23nd event of Academic Series of “Hujiang Economy & Management Symposium”, was held at the Second Lecture Hall of Block A of Economy & Management Building on December 28. Dr. Yaopeng Wang from the Department of Finance delivered the lecture on “Corporate Culture and Innovation: A Tale from Emerging Market? Dr. Wei Guo from the Department of Finance commented on the lecture.
In this lecture, Dr. Yaopeng Wang examines the influence of corporate culture on innovation using a unique set of data from Chinese listed companies over the period 2008–2017. Using the competing value framework, we quantify corporate culture using textual analysis of financial statements. He finds a positive and significant impact of a creation culture on innovation measured by both patent applications and citations, as well as innovation efficiency. He addresses endogeneity concerns and conduct a battery of robustness tests, including alternative proxies for both corporate innovation and culture, and conclude that variations in culture have a significant impact on firm-level innovation. He also shows that a strong creation culture is more likely to spur innovation for firms in more competitive product markets and firms that are subject to higher managerial career concerns. He provides empirical evidence that corporate culture is an important driver in enhancing innovation.
At the end of the talk, Dr. Wei Guo summarized the main contributions, originalities and commented on possible future directions of the paper.
