Using Japanese firms’ data from 1987-2000, the authors
have shown that the strength of corporate culture
significantly affects corporate policies such as
employment policy, management structure, and financial
structure. They have also confirmed that the culture and
its embedding contribute to better corporate
performance. These culture effects are found to be
considerable in magnitude and at least as large as those
of other factors. They suggest that it is important to
recognize the existence of the culture for understanding
corporate policies and performance. pdf 2007
