Popadak (2013)

Popadak, Jillian. “A Corporate Culture Channel:  How Increased Shareholder Governance Reduces Firm Value.”  Working paper (Fuqua School of Business), October 25, 2013.

From the author's abstract:  "I show corporate culture is an important channel through which shareholder governance affects firm value.  By quantifying culture and using a regression discontinuity strategy, I demonstrate stronger governance significantly changes culture:  it increases results-orientation but decreases customer-focus, integrity, and collaboration.  Shareholders initially realize financial gains from stronger governance:  increases in sales, profitability, and payout occur.  Over time, however, intangible assets associated with culture deteriorate, offsetting the gains."

Link:  http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2345384