Journal Article Competition and Capitalization, as Controlled by the Massachusetts Gas Commission Get access John H. Gray John H. Gray Northwestern University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 15, Issue 2, February 1901, Pages 254–276, https://doi.org/10.2307/1884896 Published: 01 February 1901

Journal Article The Gas Commission of Massachusetts Get access John H. Gray John H. Gray Northwestern University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 14, Issue 4, August 1900, Pages 509–536, https://doi.org/10.2307/1883423 Published: 01 August 1900

Journal Article The Gas Supply of Boston Get access John H. Gray John H. Gray Northwestern University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 13, Issue 3, April 1899, Pages 292–313, https://doi.org/10.2307/1891106 Published: 01 April 1899

Journal Article The Gas Supply of Boston Get access John H. Gray John H. Gray Northwestern University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 14, Issue 1, November 1899, Pages 87–120, https://doi.org/10.2307/1882357 Published: 01 November 1899

Journal Article The Gas Supply of Boston Get access John H. Gray John H. Gray Northwestern University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 13, Issue 1, October 1898, Pages 15–44, https://doi.org/10.2307/1882981 Published: 01 October 1898

The Gas Supply of Boston John H. Gray John H. Gray Northwestern University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 12, Issue 4, July 1898, Pages 419–446, https://doi.org/10.2307/1882954 Published: 01 July 1898

Journal Article The Street Railway Situation in Chicago Get access John H. Gray John H. Gray North-western University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 12, Issue 1, October 1897, Pages 83–90, https://doi.org/10.2307/1882312 Published: 01 October 1897

This study examines corporate integrity culture—that is, a firm's shared values and behaviors related to compliance, trustworthiness, and ethics. Different from prior research that associates culture measures with general firm‐level outcomes, we evaluate the pervasiveness of the integrity culture within an organization across two disparate business functions: operations and financial reporting. We first develop a measure of corporate integrity culture based on firms' internal control environments and show that, as predicted, weak integrity culture contributes to both operational and financial non‐compliance. We next document the predicted positive contemporaneous association between operational and financial non‐compliance, controlling for the integrity culture reflected in the internal control environment. Given the organizational and physical distances and lack of day‐to‐day interactions between the two business functions, we infer that management's “tone at the top” likely affects non‐compliance in both functions. Finally, for firms with existing operational non‐compliance, we find more negative market reactions to accounting restatements and higher CEO turnover propensities following restatements. These results indicate that top management must consistently reinforce a culture of compliance and integrity, lest it decay throughout the organization. Our results also imply that regulators evaluating compliance in specific functions could benefit from reviewing compliance in other functions within the firm.