Corporate ethical identity as a determinant of firm performance: A test of the mediating role of stakeholder satisfaction [Book Review]

Journal of Business Ethics 76 (1):35 - 53 (2007)
Abstract
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, revealed ethics by itself (i.e. decoupled from ethical initiatives) is not sufficient to boost economic performance
Keywords business ethics  corporate ethical identity  financial performance  stakeholder satisfaction  stakeholder theory
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