Corporate Ethical Identity as a Determinant of Firm Performance: A Test of the
Mediating Role of Stakeholder Satisfaction |
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Authors: | Pascual Berrone Jordi Surroca Josep A Tribó |
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Institution: | (1) Department of Business Administration, Universidad Carlos III de Madrid, Calle Madrid 126, 28903 Getafe, Madrid, Spain |
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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.
Pascual Berrone is a PhD candidate of the Business Administration and Quantitative Methods Ph.D. program at the Universidad
Carlos III de Madrid. His current research interests focus on business ethics, stakeholder theory, and various aspects of
the interface between corporate governance mechanisms and corporate social responsibility. His interests also include ethical,
environmental and social issues and their impact on firms' overall performance.
Dr. Jordi Surroca is an Assistant Professor of Management at the Department of Business Administration at the Universidad
Carlos III de Madrid. He holds a PhD in Business Administration and a Licentiate Degree in Business and Economics from Universitat
Autònoma de Barcelona. His research interests center on stakeholder management, firm strategy, innovation, and corporate governance.
Dr. Josep A. Tribó is Associate Professor of Finance in the Department of Business Administration at the Universidad Carlos
III de Madrid. He has a PhD in Economic Analysis from the Universitat Autònoma de Barcelona and a Licenciate Degree in Theoretical
Physics by Universitat de Barcelona. His research interests are Corporate Finance and the financing of R&D. His work has been
published in journals such as Applied Economics, International Journal of Production Economics. |
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Keywords: | business ethics corporate ethical identity financial performance stakeholder satisfaction stakeholder theory |
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