Ethics in Business 1

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 Ethics in Business 2

Role of Leadership on Ethical Corporate Reputation

1. Introduction

Presently, organizations of all shapes and sizes are under pressure to maintain impressive

ethical reputations (Dorogov, Kapitonov, and Batyrova, 2021). For quite a long time, compliance

with the existing regulatory framework has been at the center of many organizations. However,

mere compliance with laws is no longer fashionable because the existing laws are inadequate to

prevent unethical behavior. Furthermore, laws may be unethical, weakening organizational

reputation and brand equity. Therefore, although compliance with the business laws is part of

building reputation, ethics are far more critical in promoting reputation. According to Garcia-

Meca and Palacio (2018), reputation refers to a company's positive attitude and perception.

Garcia-Meca and Palacio (p.112) define corporate reputation as a metric that highlights the

collective judgment held by stakeholders, including but not limited to the public, shareholders,

and employees of a firm. It is a broad term that entails publicity, brand trust, and a positive

image (Aksak, Ferguson, and Duman, 2016, p.80). Interest in ethical reputation is increasingly

gaining research momentum in managerial and academic circles (Garcia-Meca and Palacio,

2018, p.112). In various studies, researchers have interrogated the impact of corporate reputation

on marketability and financial performance (Aksak, Ferguson, and Duman, 2016, p.80; Garcia-

Meca and Palacio, 2018, p.112). However, most scholars are yet to interrogate the ethical

leadership and corporate reputation corellation. In this discourse, the study question is whether

leadership is critical in building an ethical corporate reputation? Therefore, the study's purpose is

to examine and provides evidence on the role a leader plays in developing corporate reputation.

Few studies on the relationship between leadership and corporate reputation were the greatest

factor that informed investigation on this topic (Aksak et al., 2016, p.80). In addition, inadequate
 Ethics in Business 3

empirical evidence on the role of leadership in building corporate reputation was also a leading

factor that attracted interest in this research topic (Ramos-González, Rubio-Andrés, and Sastre-

Castillo, 2017, p.2). The research will cover several areas related to leadership, including board

composition, leadership behaviors, social responsibility, human orientation, sustainability, and

values, including integrity, accountability, and trust in reputation (Trevino and Nelson, 2021,

p.10). Organizations should cultivate a positive reputation, including investing in social

responsibility and sustainability. Ethical leadership is at the centerpiece of building an

exceptional reputation.

2. Research Design

2.1 Research Methodology

A mixed research approach is applied in this study because the research collects both

numerical and textual data. In addition, the multi-methodology presents an opportunity to

develops collect precise yet detailed results. Therefore, the precise and in-depth results about the

relationship on leadership's role on business reputation were a major factor for using the above

research methodology.

2.2 Resources

Data collected is from reliable and trustworthy secondary resources, primarily peer-

reviewed articles. Academic books, corporate reports, and government data are also dependable

materials used in collecting data. Data sources used in this study were high-quality and relevant

for the study. During the research, the researcher skimmed through the resources to ensure that

most findings were consistent across the sources (Ramos-González et al., 2017, p.2). Therefore,

this ensures that the findings in one literature resource are identical to another resource. Low-

quality sources, including blogs, social media, and websites, did not apply in this study. In
 Ethics in Business 4

addition to relevancy, currency was also a significant factor considered (Conte, 2018, p.56). All

the sources were not older than ten years. If not all, most sources were aged less than five years.

The central resource for using current resources is that knowledge change with time. For

example, ideas or past truths may be disapproved over time. Therefore, this reflects the role of

using the most current sources. While researching, the research used ethical leadership, corporate

reputation, and sustainability as the primary keywords to collect the most relevant sources to use.

Free online databases that provide these sources included Ebsco Host, Wiley, and InfoTrac

OneFile (Aksak et al., 2016, p.82). Notably, these databases provide reliable information sources

useful in an empirical study.

2.3 Analysis

The researcher used a thematic and systematic approach to collect and analyze both textual

and non-textual data. Although the researcher could have used the primary study via interviews

and surveys, the lack of adequate time informed the researcher to use the secondary data

collection method (Ramos-González et al., 2017, p.2). The thematic and systematic analyses

involved the descriptive approach in the investigations to meet relevant research objectives

(Aksak et al., 2016, p.80). The main purpose of using thematic and systematic analysis is to

understand the relationship between leadership and ethical corporate reputation.

3. Literature Review

3.1 Ethical Leadership and Corporate Reputation

Ethical leadership is an area with enormous research interest across the business and

academic fields (Ramos-González et al., 2017, p.4). Traditionally, people did attribute ethics to

be fundamentals of leadership. However, this perception is changing gradually. Today, ethics are

increasingly becoming pillars of exceptional leadership (Ramos-González et al., 2017, p.4).

 Ethics in Business 5

Ethical leadership is unique and distinct leadership behavior in which leaders commit themselves

to ethics and morality. Notably, this leadership style differs from the ordinary leadership style,

including transformational, transactional, spiritual, directive, and authentic leadership (Ramos-

González et al., 2017, p.4). In ethical leadership, ethics are the core guidelines that inform

actions and decision-making among the leaders.

According to Nguyen, Nguyen, and Hoai (2021, p.1), ethical leadership refers to leadership

behavior in conformity to ethical values and norms. It means a proper display of ethical behavior

based on humane acts and universal integrity, honesty, and other virtues. In western countries,

many researchers have examined ethical leadership implications in organizational settings. For

example, a recent study (Nguyen et al., 2021, p.1) shows a strong linkage between ethical

leadership and a firm's performance. Another study (Garcia-Meca and Palacio, 2018, p.113)

reported that ethical leadership involves humane orientation, accountability, and sustainability

orientation, paramount in organization success. Therefore, this implies that ethical leadership

incorporates the values mentioned above in their decisions and habits.

Multiple scholarly sources define ethics as guiding principles of human behavior and

conduct. On the other hand, ethical behavior refers to acceptable conduct characterized by the

right and proper habits. According to Nguyen et al. (2021, p.2), ethical leaders should judge

people's behavior based on their personalities and contributions. Instead, their ability to

contribute to positive societal growth and community wellbeing. Leaders with a capacity to

promote social and community wellbeing are conscientious (Yadav, Dash, Chakraborty, and

Kumar, 2018, p.2). Notably, these leaders encourage their team members to exercise integrity

and respect the community's wellbeing. In addition, ethical leaders have admirable traits,

including reliability, trustworthiness, diligence, accountability, and responsible (Aksak et al.,

 Ethics in Business 6

2016, p.81). For example, ethical leaders avoid blame games and instead take responsibility for

their decisions and organizational failures. Therefore, this in itself builds a positive reputation in

a company since leaders are figureheads.

In an organizational situation, ethical leaders act as role models and incentivize positive

behavior in an organization. For example, they are fair in their rewarding systems, minimizing

the hazard for unethical conduct, including fraud and corruption. If employees receive adequate

rewards to live a decent life, the incentive to defraud a company may reduce (Conte, 2018, p.56).

Lack of adequate compensation is a major issue that incentivizes employees to engage but is not

limited to fraud and corruption to get money to sustain their livelihood (Yadav et al., 2018, p.2).

Therefore, this drives positive professional conduct in an organization.

3.2 Board Composition and its Relationship to Ethical Reputation

Board composition and its relationship to corporate governance or business ethics require

thoughtful interrogation. In a study (Baslga-Pascual, Trujillo-Ponce, Vahamma, and Vahamma,

2018, p.489), board characteristics significantly influence reputation in financial institutions. A

major strength of this study is that the authors were specific about board characteristics and

ethical reputation in financial institutions. As a result, this allowed the researcher to thoroughly

deal with the relationship between board composition and ethical reputation. While the findings

focused on banking sector, they are generalizable. According to Baselga-Pascual et al. (2018,

p.492), financial institutions' positive and ethical reputation strongly correlates with board

independence, size, and gender diversity. However, the results established a significant negative

relationship between CEO duality and ineffective oversight (Conte, 2018, p.56). The researcher

observed that a strong board characterized by gender diversity and independent and sizeable

members reduces incidents for unethical scandals, building a reputation in a financial institution
 Ethics in Business 7

(Conte, 2018, p.56). Therefore, this study strongly supports the notion to strengthen board

independence and to hire diverse members. Apart from promoting ethical behaviors, diverse,

sizeable, and independent board members reduce unethical scandals.

In a similar study (Garcia-Meca and Palacio, 2018, p.118), the focal area was also the

board characteristics and firm reputation. However, Garcia-Meca and Palacio slightly deviated

from other researchers by a focus on diversity. The diverse board composition involved in this

study included support specialists, community influential, and business experts. Past researchers

had not investigated the role community experts, support specialists, and business experts play in

developing organizational reputation (Orozco et al., 2018; p.187). In addition, the researchers

determined whether political ties and technical expertise were paramount in business reputation.

This research strongly approved the role of board composition on the business reputation. From

the research, the authors noted that not all board characteristics are effective in building

corporate reputation (Conte, 2018, p.56). Certain directors, including business experts,

community experts, and technical specialists, improve the corporate reputation (Orozco et al.,

2018; p.187). However, directors that previously served as politicians may affect corporate

image depending on the impression they created in their political careers.

The literature sources also identify the unique board roles, including serving as watchdogs

to shareholders and the public. The board members are the most critical stakeholders. The board

of directors performs various activities, including but not limited to monitoring and controlling a

firm's strategic decisions (Orozco et al., 2018; p.187). In addition, the board scrutinizes executive

actions to ensure that they act in the shareholders' maximum interests. According to Baselga-

Pascual et al. (2018, p.2), the corporate in the financial industry vest fiduciary duty to

stakeholders, including but not limited to shareholders. Studies also identify code of ethics
 Ethics in Business 8

development as a major board role (Conte, 2018, p.56). Often, the board makes ethical policy

and oversees its implementation to the latter. In most industries, including the financial sector,

the board should also monitor corporate culture and ensure that managers' actions are congruent

with business laws and ethics (Orozco et al., 2018; p.187). Therefore, reliable sources suggest

that the critical board mandate is to promote and monitor ethical conduct across businesses.

3.3 Relationship Between Reputation and Business Conduct

The intricate connection between business conduct and reputation is a critical area with

minimal research interest. Therefore, it is imperative to laud and acknowledge the few

researchers that interrogated the relationship between the two fundamental aspects. Hill (2019) is

among the few researchers that analyzed the association between reputation and business

conduct. According to Hill (2019, p.1193), the law tries to address problematic business behavior

with little or no success. Naturally, the law is a deterrence to certain behaviors by punishing

banned behavior. However, the law is impossible or unfeasible to implement in some situations.

In addition, mandating all businesses to comply with the universal golden rule may not apply

because it may infringe on individual autonomy (Orozco et al., 2018; p.187). Surprisingly,

reputation can address what the law or the golden rule may not address.

Businesses with great reputations have goodwill that directs them to adhere to professional

conduct. Naturally, the need to protect an exceptional reputation does not permit a company to

engage in practices that would compromise professional conduct (Yadav et al., 2018, p.2).

Examples of practices that could undermine professional conduct are fraud, dishonesty, conflict

of interest, and human rights violation. Reputation discourages problematic business conduct by

developing a moral business concept on companies' actions to promote a great reputation.

According to Hill (2019, p.1198), companies that engage in unethical conduct take advantage of
 Ethics in Business 9

duress, information asymmetry, and incapacity. For example, Volkswagen took advantage of

duress and information asymmetry to install a system in its vehicles to defeat the carbon

emission standard of lowering toxic emissions. After it becomes public of Volkswagen's scandal,

its reputation greatly suffered, reflecting unethical leadership (Yadav et al., 2018, p.3). Leaders

are in a prime position to prevent unethical behavior because they are figures and primary

decision-makers. Therefore, this shows that the professional conduct of a business depends on

leadership.

Studies show that an excellent reputation mandates companies to use their best efforts and

resources to avoid cavalier practices that may hurt people (Hill, 2019, p.1201; Conte, 2018,

p.56). For example, these businesses would avoid businesses that would pollute the environment

or erode people's wellness. Another case is that financial companies would not advance

uncollateralized debt to individuals aware would lack the capacity to pay (Conte, 2018, p.56). If

major banks and other financial institutions were not greed to exploit the weak link arising from

financial deregulation, the world could not have suffered from the worst post-war downturn in

the late 2000s (Hill, 2019, p.1201). The financial crisis in 2008- 2009 exposed leadership failure

and moral bankruptcy among corporate leaders not only in the financial industry but the entire

world.

Reputation building is congruent with social responsibility and sustainability. Often, most

reputable businesses use sustainability and social responsibility as their moral compass.

Increasingly, growing attention towards social responsibility and sustainability, including

environmental, social, governance, and planetary initiatives, have gained attention to building a

reputation in the modern corporate world (Hills, 2019, p.1193). According to multiple, the

fundamental goal of corporate activism towards sustainability is to improve their reputation

 Ethics in Business 10

(Nguyen et al., 2021, p.2). Therefore, this suggests that building reputation is a critical motivator

of investing in social responsibility and sustainable practices.

Ethical leadership and social responsibility have special and direct relationships (Nyuyen et

al., 2021, p.2). Research has proven that social responsibility and ethical leadership exist to

promote corporate growth (Conte, 2018, p.56). Therefore, this manifests corporate as the leading

factor that inspires ethical leadership and social responsibility. Freeman defines CSR (corporate

social responsibility) to promote community wellbeing (Hur Kim, and Woo, 2014, p.1; Nguyen

et al., 2015). For example, humanitarian aids and support to the charity, including offering food

to the vulnerable popular, accommodating persons with disabilities in the workplace, and other

community efforts are critical CSR practices used to build a reputation in a company (Burke,

Dowling, and Wei, 2018, p.1228). CSR also involves the capacity to grow wealth while

promoting community wellbeing (Yadav et al., 2018, p.3). In essence, companies that devote

themselves to CSR create wealth by developing a positive reputation. As a result, this establishes

brand equity, attracting the market, and improving earning earnings.

CSR focus on the sustainability parameters, including community, environment, and

economy (Conte, 2018, p.56). A company focuses on addressing social problems in the

community aspect, including poverty, unemployment, and human rights violation (Hur et al.,

2014, p.2). For instance, anti-discrimination labor practices, including fair hiring and rewarding;

offering job opportunities; and addressing hunger, aligns with the community aspect of

sustainability. The economy focuses on profitability and creating wealth for the shareholders

while fostering growth in an economy (Ramos-González et al., 2017, p.4). For example,

automating business processes to save costs and increase productivity reflects the practice focus

on maximizing profitability in a company.

 Ethics in Business 11

The research shows that most business leaders approach CSR in the wrong way (Conte,

2018, p.56). CSR can hardly succeed without leadership support, reflecting the importance of

exceptional leaders to inspire the team and guide them on the CSR programs, including anti-

plastic, recycling, reducing, and reusing initiatives (Mahmood and Bashir, 2020, p.2). Great

leadership motivates the staff and serves as role models to the team members. In addition, ethical

leadership allows the team to focus and care about the stakeholders' interests, fostering

responsibility, accountability, integrity, dignity, transparency (Mahmood and Bashir, 2020, p.2).

Therefore, motivation is necessary to inspire positive results in an organization.

4. Results and Analysis

The results from the literature sources help to draw various inferences relevant to the

business world. An effective finding drawn from the literature is that the board characteristics

matters in ethical reputation (Almeida and Coelho, 2019, p.15). Overwhelmingly, multiple

studies reveal that gender diversity, huge size, and strong monitoring or oversight of the CEO

correlated with the positive reputation. Strong oversight also relates to the board size, frequent

meetings, education, and gender composition (Toro and Pavia, 2019, p.114). Therefore, this

suggests that companies should strengthen their gender diversity, board independence, and size

to increase their financial reputation. Notably, individuals gain confidence in a gender-diverse,

large, and independent board. Empirical findings from the literature also suggest that strong

board oversight reduces unethical scandals, improving business reputation (Almeida and Coelho,

2019, p.15). Therefore, these empirical results from the literature suggest that board composition

and characteristics matter in ethical corporate reputation. Notably, this finding is consistent with

the research assumption that board composition is synonymous with ethical corporate reputation.
 Ethics in Business 12

The research also indicates that board diversity, including different talents, expertise, and

experience, brings a firm reputation (Conte, 2018, p.56). According to the literature sources,

board resource diversity brings at least four primary benefits: specific resource provision,

including professional advice and expertise; communication channels to share information across

organizations; legitimacy, and networking to aid in getting support (Ramos-González et al.,

2017, p.4). In addition, evidence across the literature sources suggests that a board characterized

by diverse expertise, experience, and from different backgrounds helps build connections

(Garcia-Meca and Palacio, 2018, p.113). Reputation also improves because of the perception that

a company's top leadership has diverse, unique, and complementary talents. Notably, this is

consistent with the resource-based theory that posits that board diversity brings critical resources,

including skills, information ties, and the personal reputation of the individual members to a firm

(Burke, Dowling, and Wei, 2018, p.1228). Therefore, this promotes the board's effectiveness and

improves reputation growth for a firm. For example, various experiences, expertise, and

knowledge improve the board's efficacy in their oversight role. As a result, this maximizes the

board's effectiveness in their oversight role, ensuring that the managers work in the best

shareholders' interests. Finally, this research suggests that the board should reflect a multicultural

and dynamic society to maximize excellent and shareholders' value.

The results also establish that ethical leadership strongly correlates with CSR and corporate

reputation. From the findings, most companies with great CSR and reputation have ethical

leadership (Orozco et al., 2018; p.187). Here, ethical leadership is the primary independent

driving to CSR and reputation. On the other hand, CSR is an intermediate variable because it

serves as a dependent variable of ethical leadership and an independent variable of business

reputation. In ethical leadership, business ethics, CSR, and sustainability are at the heart of the
 Ethics in Business 13

corporate strategy. Commitment to ethical leadership inspires organizations to implement

actions, including but not limited to humanitarian support to society (Ramos-González et al.,

2017, p.4). For example, feeding the hungry and donating to charity makes the public positively

perceive and attitudes towards those brands and products. In addition, the public and the

consumers believe that companies that focus on sustainability actions mentioned above have

positive intentions towards humanity and society (Ramos-González et al., 2017, p.4). Positive

perception is an effective outcome needed in emotional marketing. Naturally, positive emotions

towards a company drive market success.

The research also establishes that ethical corporate reputation is vital in promoting brand

equity (Conte, 2018, p.56). As mentioned above, brand credibility is possible by investing in

CSR practices, boosting the market for the business. Furthermore, it means that building brand

equity and credibility using sustainability and CSR practices can build corporate wealth (Aksak

et al., 2016, p.80). Therefore, this research proposes that organizations should commit

themselves to sustainable business practices.

The research establishes that a firm's reputation strongly relates to financial performance

(Nguyen et al., 2021, p.5). Overwhelmingly, the literature sources found ethical leadership drives

performance by building a reputation in various ways, including investing in CSR. Firms can

translate their reputation into better financial performance. Great reputation attracts customers to

the business and talent. From the research, customers and employees want to go to organizations

with positive reputations. Notably, this finding affirms most of the previous findings above.
 Ethics in Business 14

5. Implications

Findings in this research have multiple implications in the corporate and scholarly world.

According to Nguyen et al. (2021, p.6), empirical studies have various practical applications to

various interested groups, including students, managers, aspiring entrepreneurs, and employees.

Therefore, this suggests that this research is significant in the education and business sectors.

Part of the major implication is that this study provides knowledge to the scholar, corporate

leaders, and aspiring businesspersons on the leadership role on ethical reputation (Toro and

Pavia, 2019, p.114). For example, scholars can relate the significance of the board composition

in improving organizational reputation. Another example is that the study provides evidence on

the importance of building ethical leadership to nurture reputation in the corporate world

(Almeida and Coelho, 2019, p.15). Therefore, this may inform organizations in recruiting and

hiring ethical leadership to maximize their organization's reputation.

In addition, this study will affect board hiring and development practices. The study

highlights the need to identify expertise and experience among different directors (Almeida and

Coelho, 2019, p.14). Advisably, hiring a board characterized by members with complementary

skills is essential to maximize business reputation. It means that the shareholders, when voting

for the board members, should select a team of different professionals from different fields,

including business, engineering, law, and other disciplines (Burke, Dowling, and Wei, 2018,

p.1228). In addition, hiring a board with diverse talents ensures optimal oversight over the

shareholders' activities.

The study will also inform talent attraction practices. Notably, this study suggests that

corporate reputation is necessary to attract talents. The findings may inform companies to invest

in a great reputation to attract and keep talents in the organization. It would also inform
 Ethics in Business 15

companies to build their images (Trevino and Nelson, 2021, p.23). Operational productivity may

also improve when organizations invest in reputational building practices.

Findings in this research suggest that leadership has an indispensable role in corporate

strategy (Conte, 2018, p.56). From the findings, corporate leaders must observe ethics of

integrity, transparency, accountability, honesty, and responsibility (Orozco, Vargas, and

Galindo-Dorado, 2018; p.183). On this end, a leader should consider sustainability and CSR in

their decision-making and inspire their team by serving as role models. Undeniably, exceptional

ethical leaders walk the talk. Acting as a role model builds a sustainable and ethical culture

because it develops ethical habits congruent with their leaders (Orozco et al., 2018; p.183).

Therefore, this explains why professional conduct among leaders is instrumental in building an

ethical culture.

Another way in which this research will influence this study is that business leaders and

owners should differentiate a reputational building from ordinary branding and marketing

(Almeida and Coelho, 2019, p.10). Instead, building reputation should be the mainstream of the

corporate strategy. Naturally, building reputation is a value addition strategy to a business and its

stakeholders. Without ethical leadership, companies are likely to strive to builds a reputation

with the core interest of maximizing revenue (Orozco et al., 2018; p.185). However, this should

never be the case. Instead, the role of cultivating reputation should be about being conscientious

and ethical in business practices.

Finally, this study will inform companies on how to build a reputation (Burke, Dowling,

and Wei, 2018, p.1228). This study suggests that stakeholders' involvement is vital when making

decisions to understand their expectations and interests. For example, involving the communities

within the business when implementing projects likely to disrupt their lives is essential to
 Ethics in Business 16

understand their concerns, including job expectations or displacement. In addition, involving

these critical stakeholders will help understand effective ways of resettling these communities

and improving their financial success.

6. Conclusion

Indeed, ethical leadership is the critical ingredient to cultivate a remarkable corporate

reputation by investing in ethics, CSR, and sustainability. In conclusion, businesses can rarely

build their reputation without ethical leadership. The results above suggest the importance of

board composition in reputation building. From the results, it is vital to create a diverse and

inclusive board composed of people with different expertise, skills, and experiences and gender

orientation for effective oversight roles. A board with diverse people creates a positive

impression on the public and other stakeholders. In addition, diverse people on a board allow an

organization to pool complementary competencies and strengths in their oversight role. The

results also suggest that other board characteristics, including size, CEO duality, and frequency

of the meetings, positively relate to the reputation. Another critical finding is that ethical

leadership is the bedrock of CSR and sustainability, fostering reputation in a business. Research

also suggests that a positive reputation strongly correlates with professional, ethical conduct.

Therefore, cultivating an honest reputation is an exceptional way to safeguard an organization

from the ethical hazards mentioned above.

7. Limitations

Like any other discourse, this study was subject to drawbacks. One major drawback faced

is that the subjectivity plagues assessment on ethical leadership and conduct. Naturally, different

individuals and groups may have different motivations and behaviors. Therefore, this may
 Ethics in Business 17

influence the interpretation of corporate decisions. For example, the stakeholders' interests and

concerns rarely coincide, leading to different opinions and suggestions.

Another limitation is that the findings in this research solely relied on secondary research.

Lack of adequate time impeded the research from collecting primary results. In addition, the

ongoing COVID-19 was also a major issue impeding the researcher from harnessing primary

results. During this pandemic, physical interactions are minimal to control the disease's spread.

As a result, this informed the researcher to use quality and highly dependable results.

Although this research has limitations, it provides crucial insights to apply in future

studies. First, few researchers focus on the role of leadership in building an ethical reputation.

Second, ethical leadership is a new phenomenon that requires exploration. Fortunately, this

research provides an opportunity to interrogate this topic thoroughly. Third, in future studies,

researchers should apply both primary and secondary data to get richer data. Therefore, this will

help to understand how to exploit reputation to build a competitive advantage in an organization.

 Ethics in Business 18

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 Ethics in Business 19

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