What is new and interesting about this study from Duke and Columbia Universities is not so much what this article´s headline declares. This relation has been proven several times by various institutes which I am following regarding these topics over the past 20 years. Nevertheless it seems that the study recognizes the importance of quantifying and publishing the results again from time to time in order to establish these facts as common knowledge:
A value based company culture with an ethical foundation (which has to be exemplified through leadership and leader´s attitudes) enhances a company´s economical performance!
What I find yet much more interesting is the statement in the article´s subtitle:
A high percentage of CEO´s and CFO´s is aware of this relation! This is a big change compared to 20 years ago when this was intuitivly considered by owners of small and medium sized businesses but rejected in listed companies…
Therefore we can presume that the first step has been taken: the awareness exists!
The question is: how come that 85,5 % of those who are convinced of the matter are not satisfied with the current state of things?
These executives believe that improving the company´s culture would improve their business. Nonetheless the circumstances in globally acting and listed companies still do not allow focus on company culture as they would on any other project. This would include spending direct and indirect financial ressources as well as energy, time and personell!
Thus „corporate culture“ despite it´s name often stays a matter of personal conviction and responsibility up until today…
The good news is: change can also be initiated by achieving a critical mass!
© Dr. Cristina Barth Frazzetta