A Study Between 41 and 86 Companies in the UK

A study between 41 and 86 companies in the UK taken from the FTSE 350 found that ____________________________________.

A) while profitability was greater among firms with codes of ethics, firms without codes experienced less P&L volatility
B) codes of ethics had no appreciable effect on a firm's financial performance
C) the presence of a code of ethics proved to be detrimental to the financial performance of firms
D) those firms with a code of ethics exhibited greater levels of financial performance than those without a code