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."