Corporate Values, Codes of Ethics, and Performance of Russian Top Banks
This is a common practice to analyze company performance based on financial results, linkage to the strategy, or analysis of human resources related indicators, such as productivity, employee engagement, etc.. The recent research, conducted in January – June, 2012 among Russian top banks was directed to measure the influence of publicly declarative corporate values and codes of ethics on performance. Based on the analysis of annual and social reports of Russian banks core corporate values were determined. To numerically quantify corporate values CV – Index (corporate value index) was calculated. The research found out statistically significant evidence that corporate values (CV-Index) positively correlates with net profit of top banks.
These empirical findings suggest that corporate ethics is vital for management of banks in emerging markets.