Using an aggregate measure of corporate culture, we find that firms with stronger corporate culture encounter lower investment inefficiency. We show that reducing information asymmetry or engaging in tax avoidance are two potential channels through which corporate culture reduces investment inefficiency. Further analyses reveal that the aforementioned relationship is more pronounced for firms with lower local religiosity, firms with less corporate social responsibility engagement, and financially unconstrained firms. Overall, our findings contribute to the literature stressing the importance of corporate culture for corporate decisions and outcomes, and hence, for adding value.

中文翻译：

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企业文化和投资效率低下


使用企业文化的总体衡量标准，我们发现企业文化较强的公司投资效率较低。我们表明，减少信息不对称或进行避税是企业文化减少投资效率低下的两个潜在渠道。进一步的分析表明，上述关系对于当地宗教信仰程度较低的公司、企业社会责任参与度较低的公司以及财务不受限制的公司更为明显。总体而言，我们的研究结果有助于强调企业文化对公司决策和结果的重要性，从而增加价值。