1、本科毕业论文（设计）外文翻译原文DOESCORPORATECULTUREMATTEREVIDENCEFROMJAPANSHINICHIHIROTAKATSUYUKIKUBOHIDEAKIMIYAJIMAABSTRACTCORPORATECULTUREDOESMATTERUSINGDATAONMISSIONSTATEMENTSOFLARGEJAPANESEFIRMS,WESHOWTHATCORPORATECULTUREHASASIGNIFICANTIMPACTONCORPORATEPOLICIESTHATDETERMINEEMPLOYMENT,BOARD,ANDFINANCIALSTRUCTUR
2、ESWEPROVIDEEVIDENCETHATSTRONGCULTUREFIRMSAREMORELIKELYTORETAININCUMBENTEMPLOYEES,PROMOTEMANAGERSFROMWITHINFIRMS,ANDHAVELESSDEBTANDAHIGHERPERCENTAGEOFINTERLOCKINGSHAREHOLDINGSTHANWEAKCULTUREFIRMSTHISEVIDENCESUGGESTSTHATSTRONGCULTUREFIRMSCONSIDERTHEIRCULTURETOBEORGANIZATIONALCAPITALANDADOPTPOLICIESTOP
3、RESERVEITWEALSOCONFIRMTHATCULTUREANDITSEMBEDDINGCONTRIBUTETOBETTERCORPORATEPERFORMANCEWEFINDTHESECULTUREEFFECTSTOBECONSIDERABLEINMAGNITUDEANDATLEASTASLARGEASTHOSEOFOTHERFACTORS,ANDASSERTTHATTHEROLEOFCULTUREMUSTBETAKENINTOACCOUNTINORDERTOUNDERSTANDCORPORATEPOLICIESANDPERFORMANCEKEYWORDSCORPORATECULTU
4、RE,CORPORATEPOLICIES,ORGANIZATIONALCAPITAL,CORPORATEPERFORMANCE,MISSIONSTATEMENT1INTRODUCTIONRECENTLY,CORPORATECULTUREHASBEENACKNOWLEDGEDTOBEASIGNIFICANTDETERMINANTOFORGANIZATIONALBEHAVIORANDPERFORMANCETHEPRESSANDTHEMASSMEDIAOFTENMAKEREFERENCESTOASPECIFICCORPORATIONSCULTURE,SUCHASTHEHPPHILOSOPHY,THE
5、IBMWAY,AND3MVALUE,ANDATTRIBUTEEACHCOMPANYSCOMPETITIVEADVANTAGETOITSCULTUREFURTHERMORE,SEVERALBOOKSANDVARIOUSCASESTUDIESHAVEFOCUSEDONCORPORATECULTURETOEXPLAINHOWITWORKS,HOWITCHANGESANDEVOLVES,ANDHOWITINFLUENCESBEHAVIORANDCORPORATEPERFORMANCEEG,DEALANDKENNEDY,1982SCHEIN,1985COLLINSANDPORAS,1994INSPITE
6、OFTHEPOPULARATTENTIONPAIDTOCORPORATECULTURE,HOWEVER,VERYFEWQUANTITATIVESTUDIESHAVEBEENCONDUCTEDTOESTABLISHITSIMPORTANCETHESCARCITYOFQUANTITATIVEEVIDENCECANBEATTRIBUTEDTOTHEFACTTHATCORPORATECULTURESHAVETACIT,AMBIGUOUS,ANDUNOBSERVABLEASPECTS,WHICHAREUSUALLYHARDTOMEASUREUSINGPUBLICLYAVAILABLEINFORMATIO
7、N,ANDTHUSPOSEANOBSTACLETOQUANTITATIVEANALYSISTHEREAREAFEWEXCEPTIONALWORKSSUCHASDENISON1984,GORDONANDDITOMASO1992,KOTTERANDHESKETT1992,ANDSORENSEN2002WHICHREPORTTHATCORPORATECULTUREANDCULTURALSTRENGTHAREASSOCIATEDWITHSUPERIORPERFORMANCEHOWEVER,THESEPREVIOUSSTUDIESFOCUSEDALMOSTEXCLUSIVELYONCULTURESIMP
8、ACTONPERFORMANCENEEDLESSTOSAY,ASCERTAININGTHESTATISTICALLYSIGNIFICANTPERFORMANCEEFFECTSOFCULTURE,ANDDETERMININGWHETHERAPARTICULARCULTUREENHANCESORHARMSPERFORMANCEARENOTEASYTASKSINTHISPAPER,WEEXAMINETHESIGNIFICANCEOFCORPORATECULTUREBYFOCUSINGONITSIMPACTONCORPORATEPOLICIESCONSIDERINGCORPORATECULTURETO
9、BEORGANIZATIONALCAPITAL,WESETFORTHTHEHYPOTHESISTHATCULTURESHAPESCORPORATEPOLICIESTHATDETERMINEEMPLOYMENT,BOARDANDFINANCIALSTRUCTURESMORESPECIFICALLY,WEHYPOTHESIZETHATSTRONGCULTUREFIRMSAREMORELIKELYTORETAININCUMBENTEMPLOYEES,PROMOTEMANAGERSFROMWITHINFIRMS,ANDREDUCETHEPROBABILITYOFDEFAULTANDHOSTILETAK
10、EOVERSTHANWEAKCULTUREFIRMSONEOFTHEDISTINGUISHINGFEATURESOFTHISPAPERISTHEUSEOFTHEMISSIONSTATEMENTASAPROXYFORCORPORATECULTUREITISTRUETHATITISNOTALWAYSCLEARWHETHERTHENORMSANDVALUESOFTHEMISSIONSTATEMENTHAVEACTUALLYBEENADOPTEDANDIMPLEMENTEDBYTHECORPORATIONBUTTHEADVANTAGEOFUSINGTHEMISSIONSTATEMENTISTHATIT
11、PUTSINTOWRITINGTHENORMSANDVALUESTHATCORPORATIONSREQUIRETHEIREMPLOYEESTOSHAREANDADOPTWEALSOEXAMINEHOWTHEMISSIONSTATEMENTISEMBEDDEDAMONGEMPLOYEESINORDERTOIDENTIFYTHESTRENGTHOFAPARTICULARCORPORATECULTUREOURSTUDYISCONDUCTEDONLARGESIZEDJAPANESEFIRMSFORTHEPERIODFROM1986TO2000THECORPORATECULTUREOFJAPANESEF
12、IRMSHASATTRACTEDMUCHATTENTIONSINCETHE1980S,WHENITWASCONSIDEREDTOBEASOURCEOFTHEIRCOMPETITIVEADVANTAGEINGLOBALMARKETSOUCHI,1981PASCALEANDATHOS,1981DESPITETHISATTENTION,HOWEVER,LITTLEQUANTITATIVEEVIDENCEONTHEIMPORTANCEOFTHECORPORATECULTUREOFJAPANESEFIRMSHASBEENCOLLECTEDTESTINGFORTHEPERIODWHENJAPANESEFI
13、RMSWEREBUFFETEDBYUNEXPECTEDLYLARGEBUSINESSFLUCTUATIONSARISINGFROMTHEBURGEONINGANDCOLLAPSEOFTHEBUBBLE,THESUBSEQUENTLONGTERMRECESSION,ANDTHEBANKINGCRISISOF1997,OUREMPIRICALRESULTSSHOWTHATCORPORATECULTUREANDITSSTRENGTHSIGNIFICANTLYAFFECTCORPORATEPOLICIESTHROUGHBUSINESSUPTURNSANDDOWNTURNS,STRONGCULTUREF
14、IRMSAREMORELIKELYTOADOPTPOLICIESTHATENCOURAGELONGTERMEMPLOYMENT,ANDTOHAVEMOREMANAGERSPROMOTEDFROMWITHINTHEFIRMTHANWEAKCULTUREFIRMSSTRONGCULTUREFIRMSAREALSOMORELIKELYTOHAVELESSDEBT,ANDAHIGHPERCENTAGEOFINTERLOCKINGSHAREHOLDINGSTHANWEAKCULTUREFIRMSALLOFOUREMPIRICALRESULTSSHOWTHATCORPORATECULTUREDOESMAT
15、TERFORTHEPOLICYCHOICESOFJAPANESECOMPANIESINTERESTINGLY,INSPITEOFPOLICYCHOICESWHICHAREFREQUENTLYREGARDEDTOBEIMPEDIMENTSTOCORPORATEPERFORMANCEINTHEFINANCELITERATURE,1FIRMSWITHSTRONGCULTURESPERFORMEDRELATIVELYBETTERTHROUGHOUTTHISPERIOD2BACKGROUND21SIGNIFICANCEOFCORPORATECULTUREPREVIOUSSTUDIESITHASLONGB
16、EENASSUMEDTHATCORPORATECULTURECANMAKEASIGNIFICANTCONTRIBUTIONTOCORPORATEPERFORMANCECORPORATECULTURE,WHICHISSOMETIMESREFERREDTOASORGANIZATIONALCULTURE,CANBEDEFINEDAS“ASETOFVALUES,BELIEFS,ANDNORMSOFBEHAVIORSHAREDBYITSAFIRMSMEMBERSTHATINFLUENCESEMPLOYEEPREFERENCESANDBEHAVIORS”BESANKOETAL,2007,P550RESEA
17、RCHERSHAVECLAIMEDTHATCULTURECANBEAMAJORSOURCEOFEFFICIENCYINORGANIZATIONSANDIMPROVECORPORATEPERFORMANCEEGKOTTERANDHESKETT,1992CREMER,1993HERMALIN,2001BESANKOETAL,2007THEYHAVEARGUEDTHATTHEPERFORMANCEBENEFITSOFCORPORATECULTUREDERIVEFROMTHREEEFFECTSCULTURECANHAVEAGOALSETTINGEFFECTWHENITSPECIFIESTHEGOALS
18、OFTHEFIRMANDMAKESITEASIERFOREMPLOYEESTOMAKEDAILYDECISIONSCULTUREHASACOORDINATIONEFFECTWHENITREDUCESCOMMUNICATIONCOSTSANDFACILITATESCOORDINATIONAMONGEMPLOYEESANDCULTUREHASAMOTIVATIONEFFECTWHENEMPLOYEESBECOMEMOREHIGHLYMOTIVATEDASARESULTOFEMBRACINGTHECOMPANYSCULTURETHEVIEWTHATCORPORATECULTUREHASASIGNIF
19、ICANTINFLUENCEONPERFORMANCEISWIDELYHELDINACADEMIAANDBYTHEMEDIA,BUTTHEEMPIRICALEVIDENCETHATCANBEMARSHALEDTOSUPPORTTHISVIEWISSCANTMOSTRESEARCHERSHAVERELIEDONANECDOTESORCASESTUDIESANDTHEREFOREHAVEPRODUCEDSTUDIESOFLITTLEQUANTITATIVEVALUETHEDIFFICULTYOFDIRECTLYMEASURINGTHEIMPACTANDSTRENGTHOFCORPORATECULT
20、UREHASPOSEDOBSTACLESTOTHECONDUCTOFQUANTITATIVERESEARCHINTHISAREATHEEXCEPTIONSAREDENISON1984,GORDONANDDITOMASO1992,KOTTERANDHESKETT1992,ANDSORENSEN2002,WHOREPORTTHATASTRONGCORPORATECULTUREISASSOCIATEDWITHSUPERIORPERFORMANCEHOWEVER,ITISDIFFICULTTODETERMINEAPOSITIVECORRELATIONBETWEENCULTUREANDPERFORMAN
21、CEBECAUSESOMEFIRMSMAYHAVENONADAPTIVEORDEFECTIVECULTURESTHATACTUALLYHARMPERFORMANCEKOTTERANDHESKETT,1992HODGESON,199622CORPORATECULTUREANDCORPORATEPOLICIESASSHOWNABOVE,PREVIOUSQUANTITATIVESTUDIESONCORPORATECULTUREHAVEFOCUSEDALMOSTEXCLUSIVELYONTHEASSOCIATIONBETWEENCULTUREANDPERFORMANCEFEWSTUDIESHAVESP
22、OTLIGHTEDTHEEFFECTOFCULTUREONAFIRMSPOLICIESANDSTRATEGIESINTHISPAPER,WEEXAMINETHESIGNIFICANCEOFCORPORATECULTURE,FOCUSINGONCORPORATEPOLICIESAFFECTINGEMPLOYMENT,BOARDANDFINANCIALSTRUCTURESWEHYPOTHESIZETHATCULTURE,WHICHCANBEVIEWEDASFIRMSPECIFICCAPITAL,AFFECTSTHESEPOLICIESFIRMSPECIFICCAPITAL,WHICHISALSOC
23、ALLEDORGANIZATIONALCAPITAL,ISANASSETSPECIFICTOANDEMBEDDEDINTOANORGANIZATION,ANDINCLUDESEMPLOYEESSKILLSANDKNOWHOWTHATHAVEUSEONLYWITHINAPARTICULARFIRM,INFORMATIONONEACHEMPLOYEESAPTITUDEFORAPARTICULARJOB,EXPERIENCEINCOORDINATINGDIVERSEPRODUCTIONTECHNOLOGIES,ANDTHEGOODWILLOFCUSTOMERSFIRMSPECIFICCAPITALU
24、SUALLYHASTHEFOLLOWINGCHARACTERISTICSITISAPRODUCTIVERESOURCEUNIQUETOAPARTICULARFIRMANDNOTTRANSFERABLETOOTHERFIRMSITCEASESTOBEPRODUCTIVEWHENTHEFIRMISDISSOLVEDANDITISACCUMULATEDTHROUGHINVESTMENTPRESCOTTANDVISSCHER,1980IWAI,2002LEVANDRADHAKRISHNAN,2004CORPORATECULTUREHASTHESETHREECHARACTERISTICSOFFIRMSP
25、ECIFICCAPITALITISHARDTOIMITATEITDISAPPEARSWITHTHEDEMISEOFANORGANIZATIONANDITISACCUMULATEDTHROUGHTHELEARNINGANDEDUCATIONOFEMPLOYEESIFWEREGARDCORPORATECULTURETOBEFIRMSPECIFICCAPITALANDVALUABLEINENHANCINGPERFORMANCE,WECANASSUMETHATSTRONGCULTUREFIRMSHAVEANINCENTIVETOMAINTAINANDUTILIZETHECULTURERATHERTHA
26、NBUILDANEWDIFFERENTCULTUREPRESERVINGCORPORATECULTUREANDSUSTAININGTHEORGANIZATIONINWHICHTHECULTUREISEMBEDDEDCANINCREASETHEFIRMSVALUEVIATWOEFFECTSFIRST,ITRAISESCURRENTPERFORMANCETHEFIRMTAKESADVANTAGEOFITSACCUMULATEDCULTURETOOPERATEEFFICIENTLYSECOND,ITIMPROVESFUTUREPERFORMANCEOBSERVINGTHATTHECULTUREAND
27、THEORGANIZATIONCONTINUETOEXIST,THEEMPLOYEESAREENCOURAGEDTOMAKECULTURESPECIFICINVESTMENTSWHICHFACILITATEFURTHERACCUMULATIONOFORGANIZATIONALCAPITALTHEREFORE,STRONGCULTUREFIRMSCANBEASSUMEDTOADOPTPOLICIESTHATPRESERVETHECULTUREANDTHEORGANIZATION,ANDMAXIMIZETHEBENEFITSEMANATINGFROMTHECULTUREWECANSURMISETH
28、ATCORPORATECULTUREAFFECTSTHEFIRMSEMPLOYMENT,BOARD,ANDFINANCIALSTRUCTURESWEHYPOTHESIZETHATSTRONGCULTUREFIRMSAREMORELIKELYTORETAININCUMBENTEMPLOYEES,PROMOTEMANAGERSFROMWITHIN,ANDREDUCETHEPROBABILITYOFDEFAULTANDHOSTILETAKEOVERSTHANWEAKCULTUREFIRMSWEWILLEXPLAINTHESEHYPOTHESESINTHENEXTSECTION3HYPOTHESESW
29、EEXPLORETHEEFFECTOFCULTUREONCORPORATEPOLICIESBYANALYZINGWHETHERSTRONGCULTUREFIRMSTENDTOSELECTEMPLOYMENT,BOARD,ANDFINANCIALSTRUCTURESTHATHELPTOPRESERVETHEIROWNCULTUREANDORGANIZATIONPREVIOUSRESEARCHHASDEFINEDACULTURETOBESTRONGIFNORMSANDVALUESAREWIDELYSHAREDANDINTENSELYHELDTHROUGHOUTANORGANIZATIONOREIL
30、LYANDCHATMAN,1996WEHAVEDEVELOPEDTHEFOLLOWINGHYPOTHESESTOHELPEXPLAINTHERELATIONSHIPBETWEENTHESTRENGTHOFCORPORATECULTUREANDCORPORATEPOLICIESANDSTRUCTURESHYPOTHESIS1LONGTERMEMPLOYMENTSTRONGCULTUREFIRMSAREMORELIKELYTOADOPTLONGTERMEMPLOYMENTPOLICIESTHANWEAKCULTUREFIRMSASLONGASTHEIRCORPORATECULTUREISEMBED
31、DEDINTOTHEIREMPLOYEES,STRONGCULTUREFIRMSAREMORELIKELYTORETAINTHEIRINCUMBENTEMPLOYEESTHANWEAKCULTUREFIRMSEMPLOYEESWITHHIGHLEVELSOFCULTURALKNOWLEDGEAREANIMPORTANTFOUNDATIONOFORGANIZATIONALCAPITALSTRONGCULTUREFIRMSTENDTOHOLDONTOINCUMBENTEMPLOYEESRATHERTHANHIRENEWWORKERSFROMLABORMARKETSATTHESAMETIME,THE
32、IRLONGTERMEMPLOYMENTPOLICIESENCOURAGEYOUNGEREMPLOYEESTOMAKECULTURESPECIFICINVESTMENTSTOINCREASEFUTUREORGANIZATIONALCAPITAL3THUS,WECANASSUMETHATSTRONGCULTUREFIRMSAREMORELIKELYTOTAKELONGTERMEMPLOYMENTPOLICIESTHANWEAKCULTUREFIRMSHYPOTHESIS2INTERNALLYPROMOTEDMANAGERSMANAGERSPROMOTEDFROMWITHINFIRMSCOMPRI
33、SEAGREATERPERCENTAGEOFTHEMANAGEMENTTEAMSATSTRONGCULTUREFIRMSTHANATWEAKCULTUREFIRMSITISASSUMEDTHATMANAGERSNEEDTOFULLYUNDERSTANDAFIRMSCULTUREINORDERTORUNTHEFIRMEFFICIENTLYSINCEACULTURECONSISTSOFVALUES,BELIEFS,ANDSUBTLEINTERPRETATIONS,INTERNALLYPROMOTEDMANAGERSWHOHAVEWORKEDFORTHECOMPANYFORALONGTIMEHAVE
34、ANADVANTAGEOVERMANAGERSAPPOINTEDFROMTHEOUTSIDEWITHRESPECTTOKNOWLEDGEOFTHEFIRMSCULTURECHOWDHRYANDGARMAISE2004FORMULATEDAMODELTHATSHOWSTHATCULTURALCOMPLEMENTARITYEXISTSAMONGMEMBERSOFANORGANIZATIONTHEYSUGGESTTHATTHECULTUREEMBEDDEDINTOEMPLOYEESISFUNCTIONALONLYWHENITISALSOEMBRACEDBYTHEMANAGEMENTTHEREFORE
35、,THEOPTIMALCHOICEFORSTRONGCULTUREFIRMSWOULDBETORECRUITMOREMANAGERSFROMWITHINTHEIRFIRMSTOTHEIRMANAGEMENTTEAMS4HYPOTHESIS3LOWLEVERAGESTRONGCULTUREFIRMSHAVELESSDEBTTHANWEAKCULTUREFIRMSZINGALES2000ARGUESTHATFINANCIALDISTRESSINFLICTSHIGHERCOSTSONFIRMSWITHLARGEAMOUNTSOFORGANIZATIONALCAPITALBECAUSETHEDISTR
36、ESSNOTONLYHASFINANCIALREPERCUSSIONSBUTALSODESTROYSTHEORGANIZATIONALCAPITALHISARGUMENTSUGGESTSTHATBECAUSESTRONGCULTUREFIRMSHAVEAGREATERAMOUNTOFORGANIZATIONALCAPITALTHANWEAKCULTUREFIRMS,THEYAREMOREEAGERTOAVOIDFINANCIALDISTRESSSINCETHEPOSSIBILITYOFFINANCIALDISTRESSDEPENDSNOTONLYONAFIRMSPERFORMANCEBUTAL
37、SOONITSLEVERAGE,STRONGCULTUREFIRMSSHOULDMAKECAPITALSTRUCTUREDECISIONSTHATLEADTOLOWERDEBTRATIOSINFACT,DONALDSON1984SUGGESTSTHATCORPORATEMANAGERSLIKETOBEABLETORELYONINTERNALLYGENERATEDCASHFLOW,RATHERTHANDEBT,TOSTAYINBUSINESSWECONJECTURETHATHISOBSERVATIONISMORELIKELYTOAPPLYTOSTRONGCULTUREFIRMSHYPOTHESI
38、S4INTERLOCKINGSHAREHOLDINGINTERLOCKINGSHAREHOLDINGSAREMORELIKELYTOBEOBSERVEDINSTRONGCULTUREFIRMSTHANINWEAKCULTUREFIRMSIWAI2002ARGUESTHATTHEVALUEOFCOMPANIESCHARACTERIZEDBYFIRMSPECIFICORGANIZATIONALCAPITALWILLINCREASEWHENOUTSIDESHAREHOLDERSEXERCISEWEAKERCONTROLANDTHATTIGHTERCONTROLBYOUTSIDESHAREHOLDER
39、SINCREASESTHEPROBABILITYOFHOSTILETAKEOVERS,CAUSINGTHEHOLDUPPROBLEMTHATPREVENTSEMPLOYEESFROMINVESTINGINFIRMSPECIFICHUMANASSETSZINGALES2000ALSORAISESQUESTIONSABOUTWHETHERCONTROLSHOULDRESIDEINTHEHANDSOFSHAREHOLDERS,GIVENTHEIMPORTANCEOFORGANIZATIONALCAPITALHEACCEPTSTHEPOSSIBILITYTHAT“THEPURSUITOFSHAREHO
40、LDERSVALUEMAXIMIZATIONMAYLEADTOINEFFICIENTACTIONS,SUCHASTHEBREACHOFVALUABLEIMPLICITCONTRACTS,”ASDESCRIBEDBYSHLEIFERANDSUMMERS1988,P1635IFWECONSIDERCORPORATECULTURETOBEAFORMOFORGANIZATIONALCAPITAL,WECANPREDICTTHATSTRONGCULTUREFIRMSHAVEMOREINCENTIVESTOWEAKENTHECONTROLOFOUTSIDESHAREHOLDERSINORDERTOPROT
41、ECTTHEIREMPLOYEESRIGHTSINJAPAN,INTERLOCKINGSHAREHOLDINGSAREWIDELYPERCEIVEDTOBEAMEANSOFREDUCINGTHEPROBABILITYOFHOSTILETAKEOVERSANDBLOCKINGINTERVENTIONBYOUTSIDESHAREHOLDERSSHEARD1994HENCE,WECANHYPOTHESIZETHATSTRONGCULTUREFIRMSAREMORELIKELYTOFORMINTERLOCKINGRELATIONSHIPSWITHBANKSANDOTHERAFFILIATEDCOMPA
42、NIESSOURCEBUSINESSJOURNALFORENTREPRENEURS,VOLUME2008ISSUE4,P3745译文企业文化重要吗来自日本的证据广田真一久保克行宫岛英昭摘要企业文化很重要。通过日本各大公司的报表数据我们发现，企业文化对企业的政策产生重大影响包括决定就业，董事会和财务结构。我们提供的证据表明，企业文化强的公司更可能保留现有员工，从企业内部提升管理人员，负债更少并且有比企业文化弱的公司更高比例的联锁持股。事实表明，企业文化强的公司认为他们的文化是组织的资本，并采取政策来保护它。我们亦相信，文化及其嵌入有助于提高的企业性能。我们发现这些文化影响的规模是相当大的，至少和
43、其他因素一样，并断言，为了了解公司政策和业绩，必须考虑文化的作用。关键词企业文化，企业政策，组织资本，企业1、介绍最近,企业文化被承认是组织行为和业绩的一个重大决定因素。新闻界和大众媒体经常会提到一些特定公司的文化，如HP的哲学，IBM的方式，和3M的价值观，并把每家公司的竞争优势归功于它的文化。此外，一些书籍和各种案例研究侧重于用企业文化解释它是如何工作，如何改变和演进，以及如何影响行为与公司绩效（例如，交易和肯尼迪，1982沙因，1985年柯林斯和珀拉斯，1994）。尽管注重企业文化非常流行,然而,却很少进行了定量研究来确立它的重要性。定量依据的稀缺性可归结为一个事实，即企业文化的事实隐性
44、,模棱两可,与不可观察性,它们往往是不可用公开可得到的信息估量的,从而构成进行定量分析的障碍。这里也有一些例外,如丹尼森1984、高登和底托马斯1992,赫斯科特1992瑟恩森,2002称企业文化和文化实力都与卓越的性能相关联,然而，这些以往的研究重点几乎完全放在文化对性能的影响上。不用说,确定影响显著表现的文化,确定在某一特定文化是损害或是提高性能不是件简单的事情。在本文中，我们研究的重点放在企业文化对企业政策的意义上。考虑到企业文化是组织资本，我们提出的假设，即企业文化的种类，确定就业政策，董事会和财务结构。具体来说，我们假设文化强的公司更可能保留现任雇员，从企业内部提升管理人员，降低违约
45、概率和恶意收购。本文的显著特点之一是用使命作为企业文化的代理。这是事实，它并不总是清楚准则和价值观念实际上已被公司采用执行。但是使用任务说明的优点是它提出书面订立的准则和价值观念，即公司要求雇员分享和采纳。我们还研究如何在陈述使命中嵌入，为员工确定一个特定力量的企业文化。我们的研究是从1986年到2000年期间在日本大型公司进行的。日本公司的企业文化吸引了广泛关注，因为20世纪80年代，它被认为是日本全球市场竞争优势的来源（大内，1981年帕斯卡尔和阿索斯，1981）。尽管受到这种关注，但是，对日本企业的企业文化的重要性的定量证据的收集却还是很少。测试正当日本企业出乎意料遇到冲击大型企业蓬勃发
46、展所产生的波动和泡沫的崩溃期间。随后的长期衰退，1997年银行危机，我们的实证结果表明，企业文化和实力显著影响企业的政策。通过业务起跌，文化强的公司更可能采用政策鼓励长期就业，并提升更多的经理。文化强的企业也更可能有较少债务，以及联锁持股比例高于文化弱的公司。我们的实证结果都表明，企业文化的确很重要对日本公司的政策选择。有趣的是，尽管的政策选择这经常被视为是在公司业绩的障碍，公司金融文献和强势文化相对完善进行贯穿始终这个时期。2、背景21企业文化的意义过去的研究一直以来，企业文化被认为可以作出重大贡献公司业绩。企业文化，有时也被称为组织文化，可以被定义为“自己的价值观，信仰和规范其（一公司）成
47、员分享的行为，影响员工的喜好和行为（博萨科等。2007，P550）。研究人员声称，文化可以是组织效率的主要来源及提高企业绩效（如科特和赫斯克特，1992克雷默，1993年荷马林，2001博萨科等，2007）。他们认为，企业文化的影响，推导出三个性能优势。文化可以影响目标设置，当它指定该公司的目标，它使员工的日常决策更容易。文化具有协同效应时它大大减少了通信成本，促进员工之间的协调。文化具有的激励作用变得越来越大时，员工的高度进取心作为结果拥护的企业文化。企业文化有重要的影响，在学术界和媒体被广泛接受，但可以支持这个观点的经验证据很少。大多数研究人员依靠轶事或案例研究，并因此产价值很小的定量研究
48、。直接测量的困难影响企业文化，已对定量研究这方面形成了障碍。例外情况，丹尼森（1984年）、戈登和底托马斯（1992年）、科特和赫斯科特（1992年）和瑟恩森（2002年）。报告说，一个强有力的企业文化与上级表现有关。然而，很难确定文化和表现正相关关系，因为一些公司可能有非适应或有缺陷文化，实际上是损害的表现（科特和赫斯克特，1992霍其森，1996）。22企业文化和企业策略在本文中，我们研究企业文化的重要意义，重点在于企业政策影响就业，董事会和财务结构。我们假设，文化可视为企业专用资本影响政策。企业特定资本，这也被称为组织资本，是一种资产具体到一个组织并嵌入，包括员工的熟练程度和技能水平，使
49、用只在一个特定的公司，每个员工的工作性向特定，如协调各种生产经验技术和维护企业商誉。企业特有的资本通常具有以下特点它是一个独特的生产资源，不转让给其他公司，当它不再是生产公司即告解散，并是通过投资积累（普雷斯科特和比塞彻，1980年岩井，2002列夫和拉达克里希南，2004）。企业文化是具有企业特有的三个特点的资本，这是很难模仿的，它与一个组织共存亡这是员工通过学习和教育积累的。如果我们把企业文化看作是企业特有的资本和能在提高性上有价值，我们可以假设，企业文化强的公司有动力去维持和利用文化，而不是建立一个新的（不同的）文化。通过保存企业文化和维护文化在其中可以嵌入组织两种方式增加公司的价值。首先，它提出了目前的表现。该公司利用其积累的文化，有效地运作。其次，它提高未来的表现。观测的文化和组织继续存在,鼓励员工去做特有的文化投资，促进进一步积累组织资本。因此，企业文化强公司可以被假定为采取有关政策，维护文化和组织，并最大限度地享受文化所产生好处。我们可以推测，该公司的企业文化影响的就业，董事会和财务结构。我们推测，强大的文化的公司更可能保留现任雇员，从内部提拔管理人员，在一般情况下，比弱文化公司低的恶意收购的可能性。在下一节我们会解释这些假设。3、假设我们探讨通过分析文化对企业政策的影响企业文化强的公司倾向于选择就业，董事会，以及财务结构来维护自己的
