Corporate Culture, Stakeholder Cognition And Financial Performance

Corporate culture has been a hot issue in management, psychology, sociology and the other research. Worldwide companies carried out extensive restructuring and reengineering, which led to a full range of enterprise transformation. In the process of change, the remodeling and reconstruction of corporate culture has got widespread concern by theory and business circles. To verify the role of corporate culture, scholars have carried out a lot of theoretical research about the relation between corporate culture and enterprise financial performance. But in China, current academic rarely carry out empirical research of sample data on the relationship between corporate culture and financial performance.According to the stakeholder theory, expectancy theory, attribution theory, cognitive psychology and behavioral theory, we put forward the concept of’stakeholder cognitive’. Based on the formation mechanism of stakeholder cognition, we build stakeholders cognitive theoretical model of corporate culture and analysis how stakeholder cognitive affect financial performance.Firstly, we collect the research achievements in the corporate culture, stakeholders and financial performance and other areas and sum up and further clarify the relationship between corporate culture and financial performance, then propose hypothesis. Secondly we collect the top 500 companies as samples and quantify corporate culture to build the quantitative model of corporate culture and analysis the relation of corporate culture and financial performance, and the role of stakeholder cognitive in the relationship between corporate culture and financial performance. Finally, we draw conclusions based on the empirical results of the study, and summarize the innovation and deficiency of the paper to provide suggestions for the domestic corporate cultural construction.The results show that the level of corporate culture scores of Chinese companies is uneven and not concentrated. The domestic market is not concerned about the importance of corporate culture and there is no uniform standard. Finally, corporate culture and financial performance is not significantly correlated; however, stakeholder cognitive plays a significant regulatory role in the relationship between corporate culture and financial performance.