The authors thank In Gyun Baek, Daniel Bens, Dennis Campbell, Clara Chen, Carolyn Deller (discussant), Aishwarrya Deore (discussant), Amy Edmondson, Yonca Ertimur (discussant), Grace Fan, Fabrizio Ferri, Jonathan Glover, Weili Ge (discussant), Robin Greenwood, Paul Healy, Serene Huang, Mingyi Hung, Robert Kaplan, Sharon Katz, Bin Ke, Zhenyu Liao, Venky Nagar (discussant), Joseph Pacelli, Stephen Penman, Lin Qiu, Shiva Rajgopal, David Reeb, Tatiana Sandino, Suraj Srinivasan, Rodrigo Verdi, Benjamin Yost, Ronghuo Zheng, and workshop participants at American Accounting Association Management Accounting Section Meeting, Boston College, Cornell University, Columbia Junior Accounting Faculty Conference, Duke University, Harvard Business School, Hawaii Accounting Research Conference, Hong Kong University of Science and Technology Accounting Research Symposium, INSEAD, Massachusetts Institute of Technology, National University of Singapore, Peking University, Renmin University of China, Singapore Management University Accounting Symposium, University of Iowa, University of Southern California, and University of Toronto; Kai Li for sharing the corporate culture data; Trevor Fetter for providing institutional insights; and Dian Jiao, Zhuoran Dai, Anthony Le, Chenyang Ma, and Mei Tercek for excellent research assistance.