Abstract
This paper is the first to empirically study the effects of different types of corporate culture on the risk-taking behavior of European banks. Based on a text analysis approach following the competing values framework (CVF), we analyze a unique set of hand-collected data from 167 European banks between 2005 and 2015 and find collaborate- and control-oriented cultures to be significantly related to lower risk-taking. Considering the impact of the global financial and European debt crises, our results also indicate the presence of a moderating effect for these cultures on banks’ risk. In addition, we find a second moderating effect for collaborate- and control-oriented cultures on the impact of corporate governance mechanisms on banks’ risk-taking.
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