Dissecting Corporate Culture Using Generative AI

Kai Li; Feng Mai; Rui Shen; Chelsea Yang; Tengfei Zhang

doi:10.1093/rfs/hhaf081

Dissecting Corporate Culture Using Generative AI

Kai Li¹; Feng Mai²; Rui Shen³; Chelsea Yang¹; Tengfei Zhang⁴

¹ Sauder School of Business, University of British Columbia · ² Tippie College of Business, University of Iowa · ³ Shenzhen Finance Institute, School of Management and Economics, The Chinese University of Hong Kong Shenzhen · ⁴ Rutgers School of Business–Camden, Rutgers University

Review of Financial Studies 2026

Abstract We conduct the first large-scale study of how different stakeholder groups assess corporate culture and quantify the economic implications of those differences. We employ generative AI to analyze analyst reports, call transcripts, and employee reviews, and organize the extracted information into a knowledge graph that links a culture type to its perceived causes and effects. We demonstrate that the divergence in different stakeholder groups' assessment of culture aligns with their distinct roles and economic incentives. Moreover, we show that analysts' culture analyses are incorporated into stock recommendations and target prices, and investors react to divergence in stakeholders' assessment of culture.

DOI: 10.1093/rfs/hhaf081
Volume: 39 (1)
Pages: 253-296
Language: en
Export: BibTeX
Sources: openalex crossref