The Codes of Ethics of S&P/MIB Italian Companies: An Investigation of Their Contents and the Main Factors that Influence Their Adoption |
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Authors: | Ennio Lugli Ulpiana Kocollari and Chiara Nigrisoli |
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Institution: | (1) Humanities & Arts, Arizona State University at the Polytechnic Campus, Bell Hall, 7001 E. Williams Field Road, Mesa, AZ 85212, USA;(2) W.P. Carey School of Business, Arizona State University, Tempe, USA |
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Abstract: | This article introduces and discusses the initial results of a survey focused on the contents, role and effectiveness of company
codes of ethics. The article examines the contents of the codes of ethics of companies operating in the private sector in
Italy, quoted on the Italian Stock Exchange (Standard&Poor/Mib-Milano Indice Borsa). The purpose of this investigation was
to identify any correlations between sector characteristics and the contents of the codes of ethics, which would enable us
to map out the main principles followed in writing the companies’ codes of ethics. The analysis was conducted in order to
ascertain whether there were common factors deriving from the shared ethical questions faced by the companies operating in
the same sector of activity. As the first step, the 40 companies were subdivided into three main economic categories – Industrial,
Financial and Service. Then the contents of each code of ethics were evaluated and classified in accordance with different
criteria. The main categories of classification were based on – general principles, social values, rules of conduct, relationships
with third parties, implementation and sanctions. The next objective was to investigate whether these characteristics were
due to the regulation of the sector of reference, the existence of sector benchmarks for best practice, or simply companies’
voluntary stance on ethical issues. The main conclusions were that the codes of ethics of the Italian companies that we analysed
do not seem to show relevant differences traceable to sector of activity, and their adoption is affected by several reasons
other than intentionally ethical considerations. |
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