Finance Series

Creative Corporate Culture and Innovation

Series number:

578/2018

Date published:

Last revised:

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Categories

Culture
Innovation
R&D

Keywords

corporate culture, Creative Companies, Creativity, innovation, R&D, Textual Analysis

Keywords

corporate culture, Creative Companies, Creativity, innovation, R&D, Textual Analysis
    This article was published in Journal of International Financial Markets, Institutions and Money, Volume 63, pp. 101137, on . Read the journal article here.

Abstract

We define creative companies by means of the Competing Value Framework, and we identify them by means of textual analysis. We show that a creative corporate culture is an important driver of innovation, as measured by the number of patents a firm files for as well as the patents’ importance (captured by patents’ citation scores). Creative firms are able to reach a higher firm value from their investment in innovation. The potential bias induced by omitted variables is then addressed by estimating the additional patents, patent citations, and value generated by creative firms after state-induced tax incentives on R&D in a differences-in-differences framework.

 

© Franco Fiordelisi, Luc Renneboog, Ornella Ricci, Saverio Stentella Lopes, 2018
All rights reserved. Distributed for discussion purposes only; not to be reproduced without permission. The views expressed are those of the author(s) and do not necessarily reflect those of ECGI or its members. For copyright queries or takedown requests, contact wp@ecgi.org.

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