Blazovich and Smith (2010) explored the relationship between ethical corporate citizenship and financial performance (i.e., greater profitability and efficiency, and lower cost of capital). They also examined whether ethical corporate behaviour was associated with a market-value premium. The study matched firms listed by Business Ethics magazine as The 100 Best Corporate Citizens to a sample of control firms of the same size and industry. The univariate results indicated a significant relationship between ethical corporate behaviour and CFP; however, multivariate tests controlling for prior year market value of equity yielded results which indicated no direct association between those.