A recent academic paper, The Value of Corporate Culture, explores whether corporate integrity and correlates with results, including productivity, profitability, industrial relations, and attractiveness to job applicants. The paper found that although 85% of S&P 500 companies had a section devoted to “corporate culture” on their websites, there was no significant correlation between these stated values and corporate performance. However, using a database compiled by the Great Place to Work Institute, containing the survey results from employees of more than 1000 US firms (and is used to compile the list of 100 best companies to work for), the study’s authors found that how values were perceived by employees are positively correlated to the corporate results listed above. In addition, employee perceptions of integrity also were found to be economically relevant. The paper also finds that public companies have a more difficult time maintaining a high level of “integrity capital” than do privately held companies.