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dc.contributor.authorGartenberg, Claudine
dc.contributor.authorPrat, Andrea
dc.contributor.authorSerafeim, Georgios
dc.date.accessioned2017-03-23T14:53:10Z
dc.date.issued2017-03-23
dc.identifier.citationGartenberg, Claudine, Andrea Prat, and George Serafeim. "Corporate Purpose and Financial Performance." Harvard Business School Working Paper, No. 17-023, September 2016.en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:30903237
dc.description.abstractWe construct a measure of corporate purpose within a sample of US companies based on approximately 500,000 survey responses of worker perceptions about their employers. We find that this measure of purpose is not related to financial performance. However, high purpose firms come in two forms: firms that are characterized by high camaraderie between workers and firms that are characterized by high clarity from management. We document that firms exhibiting both high purpose and clarity have systematically higher future accounting and stock market performance, even after controlling for current performance, and that this relation is driven by the perceptions of middle management and professional staff rather than senior executives, hourly or commissioned workers. Taken together, these results suggest that firms with employees that maintain strong beliefs in the meaning of their work experience better performance.en_US
dc.language.isoen_USen_US
dash.licenseOAP
dc.titleCorporate Purpose and Financial Performanceen_US
dc.typeResearch Paper or Reporten_US
dc.description.versionAuthor's Originalen_US
dc.relation.journalHarvard Business School working paper series # 17-023en_US
dash.depositing.authorSerafeim, Georgios
dc.date.available2017-03-23T14:53:10Z
dash.contributor.affiliatedSerafeim, Georgios


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