Fuqua School of Business
100 Fuqua Drive
Durham, NC 27708
Institutional Affiliation: Duke University
Information about this author at RePEc
NBER Working Papers and Publications
|March 2017||Corporate Culture: Evidence from the Field|
with John R. Graham, Campbell R. Harvey, Shivaram Rajgopal: w23255
Does corporate culture matter? Can differences in corporate culture explain why similar firms diverge with one succeeding and the other failing? To answer these questions, we use a novel survey and interview-based analysis of 1,348 North American firms. Over half of senior executives believe that corporate culture is a top-three driver of firm value and 92% believe that improving their culture would increase their firm's value. Surprisingly, only 16% believe their culture is where it should be. Executives link culture to ethical choices (compliance, short-termism), innovation (creativity, taking appropriate risk), and value creation (productivity, acquisition premia). We assess these links within a framework that implies cultural effectiveness depends on interactions between cultural value...
|November 2013||Patent Value and Citations: Creative Destruction or Strategic Disruption?|
with David S. Abrams, Ufuk Akcigit: w19647
Prior work suggests that more valuable patents are cited more. Using novel revenue data for tens of thousands of patents held by non-practicing entities (NPEs), we find that the relationship between citations and value forms an inverted-U, with fewer citations at the high end of value than in the middle. We explain the inverted-U with a model of innovation that has productive and strategic patents. Empirically, we observe more strategic patents where the model predicts: among inventors in fields of rapid development and where divisional applications are employed. These findings have important implications for our understanding of growth, innovation, intellectual property policy, and patent valuation.