元宇宙创新中的企业文化力量

Metaverse innovation is based on various emerging technologies such as artificial intelligence, blockchain, the internet, and virtual reality technology. It is an important path to achieve a strong manufacturing, quality, and digital China. And corporate culture is a core component of developing a strong culture. Based on the news and patent data of the A-share listed companies in China, this paper creatively uses the Word2Vec model to build a metaverse dictionary and uses this dictionary to construct the firm-level metaverse development index. It finds that a strong corporate culture can help companies develop better and innovate more in metaverse. The results are consistent after addressing endogeneity concerns using an instrumental variable strategy and conducting robustness tests. The mechanism analysis reveals that strong corporate culture promotes metaverse development through higher levels of innovation investment and risk tolerance. Besides, cross-sectional heterogeneity is identified across firms with varying CEO education, CEO age, and the type of industry. The paper enriches the concepts and measurements related to metaverse and provides new research methods and insights for the cross-discipline between metaverse and corporate governance. It also provides policy references for government departments to guide enterprises to promote metaverse innovation better.