Do corporate values affect financial performance? The observed corporate values of the Fortune Global 500 companies were inductively clustered under key attributes, and then, the attributes were grouped under value orientations. The variables used to measure financial performance were given by...

We analyze the relationship between board-level codetermination and shareholder value. We use a unique dataset of listed German companies that enables us to identify heterogeneous aspects of codetermination and overcome otherwise common identification issues. We find that codetermination reduces...