Shivaram Rajgopal

Corporate culture: Evidence from the field

Journal of Financial Economics · 2022 · 409 citations

Ninety-two percent of the 1348 North American executives we survey believe that improving corporate culture would increase firm value. A striking 84% believe their company needs to improve its culture. But how can that be achieved? Our paper provides some guidance by documenting the following: executives’ views on what corporate culture is and how it operates, distinguishing between stated values and everyday norms; the extent to which culture is perceived to influence value creation (productivi…

Measuring audit quality

Review of Accounting Studies · 2021 · 190 citations

Corporate culture: The interview evidence

Journal of Applied Corporate Finance · 2022 · 63 citations

Culture is given credit for some of the greatest business successes and blamed for some of the biggest failures. Policymakers often point to dysfunctional corporate culture in banking as a first-order contributor to the recent financial crisis.1 Several books identify culture as a key driver of Google's success.2 What is corporate culture? How important is corporate culture? What mechanisms underlie the creation and effectiveness of corporate culture?4 How do other formal institutions (e.g., gov…

ESG Ratings of ESG Index Providers

SSRN Electronic Journal · 2023 · 18 citations

When do firms deliver on the jobs they promise in return for state aid?

Review of Accounting Studies · 2023-10-03 · 11 citations

Abstract US state governments frequently provide firms with targeted subsidies. In exchange, recipients promise to create or retain a certain number of jobs in the subsidizing state. Using novel hand-collected data, we address three questions: (i) the extent to which firms meet job creation targets promised in their applications, (ii) the factors that determine which firms meet the targets, and (iii) the benefits to firms from meeting those targets. We find that 63% of subsidies awarded to publi…