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Social Progress and Corporate Culture

Author

Listed:
  • Gary B. Gorton
  • Alexander K. Zentefis

Abstract

Social progress through improved treatment of minority groups (the embrace of anti-racist and anti-sexist norms, for example) may or may not spread to corporate cultures through competition. Sometimes the market fails to adapt on its own and government must pass legislation to secure changes in the workplace. We show how corporate culture is determined, why a variety of corporate cultures exist, and whether progressive corporate cultures can oust regressive ones.

Suggested Citation

  • Gary B. Gorton & Alexander K. Zentefis, 2019. "Social Progress and Corporate Culture," NBER Working Papers 25484, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:25484
    Note: CF IO LS
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    References listed on IDEAS

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    1. Nicolae Gârleanu & Stavros Panageas & Jianfeng Yu, 2015. "Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion," American Economic Review, American Economic Association, vol. 105(7), pages 1979-2010, July.
    2. George A. Akerlof & Rachel E. Kranton, 2005. "Identity and the Economics of Organizations," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 9-32, Winter.
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    Cited by:

    1. Giannetti, Mariassunta & Wang, Tracy Yue, 2020. "Public Attention to Gender Equality and the Demand for Female Directors," CEPR Discussion Papers 14503, C.E.P.R. Discussion Papers.
    2. Hertel, Tobias & Kaya, Devrimi & Reichmann, Doron, 2024. "Corporate culture and M&A deals: Using text from crowdsourced employer reviews to measure cultural differences," Journal of Banking & Finance, Elsevier, vol. 161(C).
    3. Viktor Zamlynskyi, 2019. "Impact of Corporate Culture on the Company's Development," Oblik i finansi, Institute of Accounting and Finance, issue 1, pages 145-151, March.
    4. Gary B. Gorton & Alexander K. Zentefis, 2020. "Corporate Culture as a Theory of the Firm," NBER Working Papers 27353, National Bureau of Economic Research, Inc.

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    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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