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Seven deadly sins of organizational culture : lessons from some of the most infamous corporate failures
\"The book is about the primary symptoms present in a dysfunctional culture that could have devastating outcomes for any organization. The book outlines each of the seven sins in each chapter. Each of the first seven chapters (chapters 1-7) chapter starts with a famous quote related to each of the sins and then immediately recounts stories ripped from the headlines describing well-known corporate failures but with a personal touch from former employees who experienced those stories from inside the company (these sources for these stories are all cited in the References). The seven sins organizational culture are linked with seven different corporate scandals that serve as a \"lesson learned\" as well as seven stories of organizations that have been successful with each respective organizational attribute as follows: 1. Flawed Mission and Misaligned Values uses WorldCom as the lessons learned and Patagonia as the success case 2. Flawed Incentives uses Wells Fargo as the lesson learned and Bridgeport Financial as the success case 3. Lack of Accountability uses HSBC as the lesson learned and McDonald's as the success case 4. Lack of Transparency uses Theranos as the lesson learned and Zappos as the success case 5 Ineffective Talent Management uses Enron as the lesson learned and Southwest Airlines as the success case 6. Ineffective Risk Management uses the 2008 mortgage industry collapse as the lesson learned and Michael Burry as the success case 7. Ineffective Leadership summarizes all of the foregoing sins as failures of leadership In each chapter and for each organizational sin, the author offers seven attributes of a healthy culture to counter the cultural dysfunction. The seven healthy attributes for each of the seven sins are all original content. In chapter 8, the author offers an approach for assessing an organization's culture by providing seven ways to measure the different drivers of organizational culture. The ideas for how to measure corporate culture is original content, with some references to existing frameworks (all cited in the References). Finally, in chapter 9, the author offers a step-by-step outline for transforming the culture which is all original content from the author. The chapter starts with a story about how Korean Air suffered multiple crashes due to their corporate culture but was able to successfully transform their culture (the source for the Korean Air story is cited in the Reference). There are seven Appendices, most of which are original content from the author with one exception whereby the maturity of risk management references an OECD (government entity) risk management maturity framework\"-- Provided by publisher.
Book
Measuring Corporate Culture Using Machine Learning
We create a culture dictionary using one of the latest machine learning techniques—the word embedding model—and 209,480 earnings call transcripts. We score the five corporate cultural values of innovation, integrity, quality, respect, and teamwork for 62,664 firm-year observations over the period 2001–2018. We show that an innovative culture is broader than the usual measures of corporate innovation – R&D expenses and the number of patents. Moreover, we show that corporate culture correlates with business outcomes, including operational efficiency, risk-taking, earnings management, executive compensation design, firm value, and deal making, and that the culture-performance link is more pronounced in bad times. Finally, we present suggestive evidence that corporate culture is shaped by major corporate events, such as mergers and acquisitions.
Journal Article
The unfinished business of governance : monitoring and regulating industries and organizations
The legal, regulatory and ethical frameworks guiding governance decisions are highly politicised and subject to intense debate. This book discusses governance theory in relation to corporations, universities and markets. Confronting the challenges of governing these three core areas, Alexander Styhre explores the connections between governance and the production of economic value, shareholder value and economic equality. An in-depth overview of recent governance literature in management studies, economics, legal theory and economic sociology exposes how governance theory affects securities markets, commodities trade, university ranking and credit scoring cases. The author examines how changes in competitive capitalism and the wider social organisation of society are recursively both determined by, and actively shaping, the underlying governance ideals and practices.
Book
The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic
After fitting a topic model to 40,927 COVID-19–related paragraphs in 3,581 earnings calls over the period Jan. 22–Apr. 30, 2020, we obtain firm-level measures of exposure and response related to COVID-19 for 2,894 U.S. firms. We show that despite the large negative impact of COVID-19 on their operations, firms with a strong corporate culture outperform their peers without a strong culture. Moreover, these firms are more likely to support their community, embrace digital transformation, and develop new products than those peers. We conclude that corporate culture is an intangible asset designed to meet unforeseen contingencies as they arise.
Journal Article
Making Virtual Worlds
The past decade has seen phenomenal growth in the development and use of virtual worlds. In one of the most notable, Second Life, millions of people have created online avatars in order to play games, take classes, socialize, and conduct business transactions. Second Life offers a gathering point and the tools for people to create a new world online.
Too often neglected in popular and scholarly accounts of such groundbreaking new environments is the simple truth that, of necessity, such virtual worlds emerge from physical workplaces marked by negotiation, creation, and constant change. Thomas Malaby spent a year at Linden Lab, the real-world home of Second Life, observing those who develop and profit from the sprawling, self-generating system they have created.
Some of the challenges created by Second Life for its developers were of a very traditional nature, such as how to cope with a business that is growing more quickly than existing staff can handle. Others are seemingly new: How, for instance, does one regulate something that is supposed to run on its own? Is it possible simply to create a space for people to use and then not govern its use? Can one apply these same free-range/free-market principles to the office environment in which the game is produced? \"Lindens\"-as the Linden Lab employees call themselves-found that their efforts to prompt user behavior of one sort or another were fraught with complexities, as a number of ongoing processes collided with their own interventions.
InMaking Virtual Worlds, Malaby thoughtfully describes the world of Linden Lab and the challenges faced while he was conducting his in-depth ethnographic research there. He shows how the workers of a very young but quickly growing company were themselves caught up in ideas about technology, games, and organizations, and struggled to manage not only their virtual world but also themselves in a nonhierarchical fashion. In exploring the practices the Lindens employed, he questions what was at stake in their virtual world, what a game really is (and how people participate), and the role of the unexpected in a product like Second Life and an organization like Linden Lab.
eBook
Board Gender Diversity and Corporate Innovation: International Evidence
Using a novel database of firm patents and board characteristics across 45 countries, we examine both within- and cross-country determinants of board gender diversity and its relation to corporate innovation. Boards are more likely to include women in countries with narrower gender gaps, higher female labor market participation, and less masculine cultures. Firms with gender diverse boards have more patents and novel patents, and a higher innovative efficiency. Further analyses suggest that gender diverse boards are associated with more failure-tolerant and long-term chief executive officer (CEO) incentives, more innovative corporate cultures, and more diverse inventors, characteristics that are conducive to an improved innovative performance.
Journal Article
Ethical Culture in Organizations: A Review and Agenda for Future Research
We review and synthesize over two decades of research on ethical culture in organizations, examining eighty-nine relevant scholarly works. Our article discusses the conceptualization of ethical culture in a cross-disciplinary space and its critical role in ethical decision-making. With a view to advancing future research, we analyze the antecedents, outcomes, and mediator and moderator roles of ethical culture. To do so, we identify measures and theories used in past studies and make recommendations. We propose, inter alia, the use of validated measures, application of a wider range of theories, adoption of longitudinal studies, and study of group-level data in organizations. We explore research possibilities in new and emergent forms of organizations, ways of organizing work, and technology in ethical decision-making, such as the role of artificial intelligence. We also recommend the study of a broad range of leadership styles and their influence in shaping ethical cultures in organizations.
Journal Article