Does Corporate Culture Matter? An Empirical Study on Japanese Firms

執筆者 HIROTA Shinichi  (Waseda University) /KUBO Katsuyuki  (Waseda University) /宮島 英昭  (ファカルティフェロー)
発行日/NO. 2007年5月  07-E-030


Corporate culture does matter. Using Japanese firms' data from 1987-2000, we have shown that the strength of corporate culture significantly affects corporate policies such as employment policy, management structure, and financial structure. We have also confirmed that the culture and its embedding contribute to better corporate performance. These culture effects are found to be considerable in magnitude and at least as large as those of other factors. We suggest that it is important to recognize the existence of the culture for understanding corporate policies and performance.