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Corporate Ethical Identity as a Determinant of Firm Performance

其他書名	A Test of the Mediating Role of Stakeholder Satisfaction
出版	SSRN, 2014
URL	http://books.google.com.hk/books?id=lNIPzwEACAAJ&hl=&source=gbs_api

註釋In this article, we empirically assess the impact of corporate ethical identity (CEI) on a firm's financial performance. Drawing on formulations of normative and instrumental stakeholder theory, we argue that firms with a strong ethical identity achieve a greater degree of stakeholder satisfaction (SS), which, in turn, positively influences a firm's financial performance. We analyze two dimensions of the CEI of firms: corporate revealed ethics and corporate applied ethics. Our results indicate that revealed ethics has informational worth and enhances shareholder value, whereas applied ethics has a positive impact through the improvement of SS. However, revealedethics by itself (i.e. decoupled from ethical initiatives) is not sufficient to boost economic performance.