This paper empirically analyzes the role of corporate culture in banking. We define culture based on the Competing Value Framework (Quinn and Rohrbaugh, 1983) and find that banks with a more pronounced competition-oriented culture have stronger bonus-focused compensation schemes. Banks with a strong focus on growth show higher stock returns and banks with a focus on stability show lower bankruptcy risk. These findings support various theories on bank culture (Thakor, 2012; Song and Thakor, 2019) and highlight the importance of corporate culture as a ‘softer’ aspects of governance to enhance banking stability.

中文翻译：

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企业文化与银行

本文从经验上分析了企业文化在银行业中的作用。我们根据竞争价值框架（Quinn和Rohrbaugh，1983）来定义文化，发现具有更加明显的竞争导向文化的银行具有更强的以奖金为中心的薪酬体系。注重增长的银行表现出较高的股票收益，而注重稳定性的银行则表现出较低的破产风险。这些发现支持有关银行文化的各种理论（Thakor，2012； Song和Thakor，2019），并强调了企业文化作为治理“软性”方面以提高银行稳定性的重要性。