Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Gary Birkenbeuel

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OCLC Record Number



This paper provides empirical evidence of financial markets that “ethical” companies produce consistent financials and above S&P 500 stock returns. Companies were chosen as “ethical” based on in-depth analysis from The Ethisphere Institute and reviews from inside the various corporations. Ten years of financials and prices were analyzed between ethical companies and those that struggled with ethics previously. It was evident that companies who focus on ethics not only outperformed companies who have had ethical struggles, but also outperformed the S&P 500. The significance of this research is that firms who value ethics will have excellent financial performance in the long-run, on average. This study attempts to encourage investors to value business ethics when making investing decisions.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.