Journal of Business & Industrial Marketing

Impact of B2C e-commerce codes of conduct on sales volume: lessons from the Spanish perspective
M. Dolores Gallego, Salvador Bueno, David López-Jiménez,
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 Impact of B2C e-commerce codes of conduct
on sales volume: lessons from the
Spanish perspective
M. Dolores Gallego and Salvador Bueno
Department of Management and Marketing, University of Pablo de Olavide, Seville, Spain, and
David López-Jiménez
Catholic University of the North, Antofagasta, Chile

Abstract
Purpose – The purpose of this paper is to carry out empirical testing of the relationship between corporate image and corporate satisfaction among
business-to-consumer (B2C) e-commerce organizations who possess codes of conduct and study their effects on sales volume. The aim is to measure
impacts of both corporate image as well as measure corporate satisfaction on online sales volume increases. In addition, the authors have added
to the study the product-type dimension as a moderate variable.
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Design/methodology/approach – A structural model is developed and empirically tested through survey data obtained from 127 Spanish
companies adhering to a code of conduct.
Findings – The results indicate that adhering to a code of conduct has a positive impact on the increase in sales volumes. The paper identified the
main reasons for adhering to a code of conduct, such as offering greater trust to potential consumers as well as improving the firm’s image, prestige
and increasing quality and security.
Research limitations/implications – Further variables must be identified that would help to determine the impact on organizations adhering to
codes of conduct.
Practical implications – This paper highlights how B2C e-commerce codes of conduct help managers achieve better conditions for competiveness.
The findings show how adhering to a code of conduct has a positive impact on increased sales volumes. The results indicate that the reasons for
adhering to a code of conduct are the following: it offers greater trust to potential consumers, as well as improves the firm’s image and prestige,
and increases purchase quality and security.
Originality/value – This paper contributes to the enrichment of knowledge concerning B2C e-commerce codes of conduct developed a pioneering
study.
Keywords Information technology, Information systems, Buyer-seller relationships, Business-to-Business marketing, Product type
Paper type Research paper

1. Introduction However, the fact that the customer and business are not
physically in the same space during the exchange has specific
The internet excels in numerous incentives in almost all areas,
risks that bring about a certain distrust (López-Jiménez et al.,
including the commercial sphere. The principle advantage of
2012). To overcome this distrust, codes of conduct were
e-commerce for consumers is the possibility of acquiring
devised.
products and/or services 24 hours/day, 7 days/week
Codes of conduct allow consumers to choose between
(Wolfinbarger and Gilly, 2001, Wirtz et al., 2010). Other
companies that are publicly committed to the best business
benefits for consumers include:
practices and those which lack such a commitment (Yoon and
● avoid traveling and long queues (Herrero and Rodriguez,
Kim, 2001; Wang et al., 2004; Kimery and McCord, 2006).
2010);
Only the former offer added value to the commercialized
● being able to access more information about goods or
product or service (Chu and Chu, 1994).
services they wish to obtain (Reibstein, 2002; Alboukrek,
The distrust felt by internet users about the security and
2003; Walter et al., 2011); and
privacy of transactions will only be mitigated by global quality
● saving on distribution costs (Serrano-Cinca et al., 2010).
standards. A number of web assurance services have been
developed. These services are intended to alleviate consumer
The current issue and full text archive of this journal is available on trust concerns (Kaplan and Nieschwietz, 2003). These
Emerald Insight at: www.emeraldinsight.com/0885-8624.htm services include, among others:

Received 26 February 2013

Journal of Business & Industrial Marketing Revised 10 December 2013
31/3 (2016) 381–392 6 January 2015
© Emerald Group Publishing Limited [ISSN 0885-8624] 20 February 2015
[DOI 10.1108/JBIM-02-2013-0042] Accepted 20 April 2015

381
 Impact of B2C e-commerce codes of conduct
M. Dolores Gallego, Salvador Bueno and David López-Jiménez
● “BBB Online Privacy”, developed by the Better Business
Bureau;
● “Truste”, developed by the Electronic Frontier
Foundation; and
● “WebTrust”, developed jointly by the American Institute
of Certified Public Accountants and the Canadian
Institute of Chartered Accountants.
Codes of conduct came into existence as a previous step to
these standards. They are applied voluntarily and impose
guidelines (Harker and Harker, 2000), not orders, certifiable
by an independent third party. Their characteristics include:
having been drawn up by consensus, public knowledge and
the concision of content and definition of scope.
The peculiarities of the internet, as a remote operational
environment unknown to a great many consumers and
business owners, enhance the usefulness of such credentials,
especially in organizations with an unknown brand in offline
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environments or which carry out more sensitive operations
(Mauldin and Arunachalam, 2002; Noteberg et al., 2003;
Wang et al., 2004).
Furthermore, codes of conduct in e-commerce increase
public awareness while also reflecting legal imperatives; they
include a set of best practice recommendations in
e-commerce. Likewise, in international organizations, these
standards allow for the harmonization of legislation or
differing criteria in individual countries.
With this in mind, the objective of this study is to investigate
the relationships between codes of conduct and business
management. Specifically, this paper examines the role of
business-to-consumer (B2C) e-commerce codes of conduct in
boosting online sales volume among Spanish firms that adhere
to such codes of conduct.
The paper is organized as follows. Section 2 reviews the
literature on B2C e-commerce codes of conduct, which
highlight that many organizations are motivated to adopt
codes of conduct. Section 3 presents the research
methodology and hypotheses for studying the relationships
between codes of conduct, and sales volume and corporate
image. Section 4 presents the preliminary analysis. Section 5
discusses the findings that emerged from the analysis of factors
that influence improvements in sales volume as a consequence
of doing so. The paper concludes by addressing the
implications of the findings and outlines possible directions for
future research.
2. Overview of business-to-consumer
e-commerce codes of conduct: the case of Spain
Academics have focused on a number of research questions
related to consumer dissatisfaction and complaints (McAlister
and Erffmeyer, 2003). Consumer trust is critical to the success
of online retailers because, ultimately, it affects purchasing
decisions (Ma et al., 2012, Edelman, 2011).
When the problem still cannot be resolved, unhappy
customers may complain to third-party consumer protection
organizations (Xu and Yuan, 2009), such as the Council of
Better Business Bureaus (BBB). Unresolved complaints of
this nature have been increasing in recent years. Over 1.1
million complaints submitted to BBB were resolved in 2010
(Council of Better Business Bureaus, 2011). In addition, this
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Journal of Business & Industrial Marketing
Volume 31 · Number 3 · 2016 · 381–392
organization has developed the BBB Code of Business
Practices. It represents sound advertising, selling and
customer service practices that enhance customer trust and
confidence in business.
Therefore, the topic of B2C e-commerce codes of conduct
encompasses two aspects: consumer trust and compliance
management, the latter referring to all forms of ensuring that
the actions of a set of people comply with a set of rules
(Foorthuis and Bos, 2011).
Furthermore, online trust is different from offline trust
(Yoon, 2002, Shankar et al., 2002). Information asymmetry
has been perceived by some to be a significant barrier to the
extensive acceptance of the electronic market (Ba, 2001).
In relation to e-commerce, some research conducted in
1998 was concerned with the need to implement codes of
conduct as an instrument to harmonize existing practices for
enhancing customer trust (Endeshaw, 1998). Today, B2C
e-commerce codes of conduct are a reality, and they are
perceived as a declaration of principles, of due and demanded
conduct by which their signatories are bound. Their content
depends on the sector they are concerned with, but the
majority set up general norms of behavior (Kimery and
McCord, 2006). Similarly, they aim to be self-regulating
instruments for firms and public bodies in their e-commerce
relations with users, citizens, other firms and other public
bodies.
In recent years, many organizations have been motivated to
adopt codes of conduct because of the impact of e-commerce
on the economy (López-Jiménez et al., 2012). Similarly, the
development of structures for generating consumer trust has
been favored because many companies are interested in
improving relationships with their customers. With this in
mind, companies with a B2C e-commerce code of conduct
display the trustmark in a visible location on their website (Hu
et al., 2002; Rifon et al., 2005).
In an e-commerce environment, codes of conduct are
recommendations or rules which aim to determine the rules of
ethics applicable in the field of technology and computing to
protect the fundamental rights of users. Protecting consumers
requires adequate standards and codes of conduct for
e-commerce businesses. In an effort to build consumer
confidence in e-commerce, several international organizations
are developing a trustmark program to provide international
standards for internet transactions (Zhang, 2005; Rifon et al.,
2005; Hu et al., 2010).
With this in mind, online sellers should sign up to the
relevant B2C e-commerce codes of conduct. When a
consumer visits a website with an e-commerce trustmark,
he/she will be assured that this website:
● will not disclose any personal information collected;
● will explain how this information will be used;
● will explain with whom the information will be shared;
● will explain the choices available to him or her regarding
how the collected information will be used; and
● will explain the safeguards in place to protect this
information from loss, misuse or alteration (ABA, 2002).
In addition, according to the EC Recommendation 92/295/
EEC of 7 April 1992 on codes of practice for the protection of
consumers in regards to contracts negotiated at a distance, it
 Impact of B2C e-commerce codes of conduct
M. Dolores Gallego, Salvador Bueno and David López-Jiménez
lists points which could be covered by suitable codes of
practice, such as:
● Dissemination of solicitations for users: Refers to enabling
consumers not to receive solicitations if they have made it
clear that they do not wish to do so.
● Presentation: Refers to abiding by ethical principles in all
solicitations for users especially regarding human dignity,
religious and/or political beliefs.
● Sales promotion: Refers to provisioning by covering sales
promotion techniques (reductions, refunds, gifts, prize
draws and competitions) to ensure fair competition
principle compliance and enable consumers ultimately
receive clear information.
● Financial security: Refers to ensuring the reimbursement of
payments made by consumers when placing an order
(EUR-Lex, 2012).
Despite this legal backing, there is consumer confusion over
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the proliferation of trustmarks and conflicting standards
among different countries. In this respect, there are many
different codes of conduct linked to B2C e-commerce. In
Spain, there are seven main self-regulation systems (Table I).
Table I shows the attributes of each B2C e-commerce code
of conduct in Spain and their degree of similarity among
European B2C e-commerce codes of conducts. These
self-regulating systems have been compliant to the Electronic
Commerce Directive of 2000.
All the B2C e-commerce codes of conducts, except
E-Confia, are initiated by non-profit organizations. This
statement might seem contradictory considering the price of
adherence.
The price of adherence is different for each B2C
e-commerce code of conduct. In the case of e-Web, it is free.
In other cases such as Agace and AENOR, the price can go up
to €6,000 and Optima Web and Euro-Label do not disclose
their price. Euro-Label applies different prices depending on
the country.
Furthermore, all the B2C e-commerce codes of conducts
have implemented the same two-stage certification method:
evaluation and revision. However, the revision period differs.
For example, Confianza Online, Optima Web, AENOR and
euro-Label have annual revisions, Agace and E-Confia prefer
semiannual revisions and E-Web stipulates quarterly
revisions. Most B2C e-commerce codes of conducts are
national in their scope, with the exception of Euro-Label and
Confianza Online.
These significant differences between B2C e-commerce
codes of conduct and the disparity of the numerous current
codes of conduct obstruct their implementation. Other
barriers are:
● the generalized lack of firms joining them; and
● the legislative and cultural differences between countries
(Luo, 2002).
Some research clearly shows how systems for generating trust
in an e-commerce environment usually increase the sales
volume (Rifon et al., 2005; Mcknight et al., 2004; Zhang,
2005). Authors such as Kaihong and Mingxia (2007) state
that the use of a quality trustmark (accrediting adherence to a
code of conduct) is a good strategy that can help the growth of
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Journal of Business & Industrial Marketing
Volume 31 · Number 3 · 2016 · 381–392
small companies and business entities emerging in the digital
economy.
To sum up, when made into websites, trustmarks allow
consumers to opt between companies that have made a public
commitment to the best business practices and those which
lack such a commitment (Wang et al., 2004). Only the former
offers a bonus or added value to the commercialized product
or service.
Considering the current spreading of codes of conduct, the
aim here is to analyze the effects of adhering to them. Such
effects might include better strategic definition, an
improvement in sales or an enhanced corporate image.
3. Proposed sales model for business-to-
consumer e-commerce codes of conduct and
hypothesis development
B2C e-commerce achieves a strong performance by
redesigning business processes and creating competitive
advantage (Tang et al., 2001). Based on Ramanathan et al.
(2012), studies have found that companies which turn to
e-commerce generally experience benefits in terms of sales
growth in the UK (Daniel and Grimshaw, 2002; Barnes et al.,
2004), Italy (Santarelli and D’altri, 2003; Love and Irani,
2004) and Spain (Romero and Rodríguez, 2010), although
few studies analyze the variables that have an effect on this
relationship.
Based on the B2C e-commerce codes of conduct overview,
this paper focuses on the signaling effect of conduct of code
trustmarks on business management. The specific aim is to
design a model which explains the impact a code of conduct
may have on an organization’s sales volume.
There are some research models which analyze the impact
of the internet on sales. For example, the model proposed by
Jelassi and Leenen (2003) shows how pre-online sales, online
sales and after-sales services will be increasingly conducted
over the internet and become key instruments to market
products and generate revenues. However, these studies move
away from our objectives.
This research paper focuses on proposing a basic model that
serves as a reference to examine this matter in greater depth
for future research.
“Variables such as corporate image and corporate
satisfaction with a code of conduct are felt to influence the
improvement of sales volume” (Kim and Hyun, 2011; Yee
et al., 2008; Posselt and Gerstner, 2005).
According to Dowling (1986), corporate image impacts the
long-term survival of a company. This same author affirms
that social responsibility of business is becoming an
increasingly important factor to be considered by management
both in the short-term decision-making and long-term
planning phases of business operations.
For Aaker and Myers (1982), an image is “the set of
meanings by which an object is known and through which
people describe, remember and relate to it”. “That is, it is the
net result of the interaction between a person’s beliefs, ideas,
feelings and impressions about an object” Dowling (1986).
Applying this concept to an organizational view, corporate
image can be defined as “the set of perceptions that people
have of organizations” (Lemmink et al., 2003).
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Table I B2C e-commerce codes of conducts in Spain

Attribute Confianza online Agace E-Web Optima web Aenor E-Confia Euro-Label
Impact of B2C e-commerce codes of conduct

Organization typology Non-profit Non-profit Non-profit Non-profit Non-profit Consultant Non-profit

Certification system Evaluation and control Evaluation and control Evaluation and control Evaluation and control Evaluation and control Evaluation and control Evaluation and control
M. Dolores Gallego, Salvador Bueno and David López-Jiménez

Revision Annual Half-yearly Quarterly Annual Annual Half-yearly Annual

Budget €295-1,000 €6,000 Free €99-149 €1,000-6,000 €390, €490 Variable
Territorial area International National National National National National EU

384
Foundation year 2002 2001 2003 2005 2002 2002 2002
Government collaboration
Reference document Code of conduct Code of conduct ⫹ Code of conduct Code of conduct Code of conduct ⫹ Code of conduct Code of conduct
Regulation Regulation
Structure Rules General principles Rules General principles ⫹ General principles ⫹ Rules Rules
Rules Rules
Updates
Volume 31 · Number 3 · 2016 · 381–392
Journal of Business & Industrial Marketing
 Impact of B2C e-commerce codes of conduct
M. Dolores Gallego, Salvador Bueno and David López-Jiménez
Numerous researchers have recognized the critical roles of
corporate image in consumer buying behavior (Nguyen and
Leblanc, 2001; Kim et al., 2011). Along these lines, it is
considered that the variables improve after adhering to a code
of conduct and that satisfaction with the code of conduct of
the B2C vendor (SF) will explain the improvement in sales
volume.
Therefore, the relative effects of improvement in corporate
image (CI) on sales volume are examined. To conduct a
formal investigation into this relationship, the following
hypothesis is suggested:
H1. The improvement made in terms of corporate image by
adhering to the code of conduct has a positive impact
on improvements in the firm’s sales volume.
Secondly, in relation to corporate satisfaction with the code of
conduct (SF), the aim is to measure whether the firm that has
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adhered to a code of conduct is satisfied with the resolutions
and actions carried out by the bodies promoting said code. In
1995, the journal Futures published a paper on “Codes of
Conduct”, which affirms that:
[. . .] sincerity, candor, truthfulness, the keeping of promises, and
transparency contribute not only to their own credibility and stability but
also to the smoothness and efficiency of business transactions, particularly
on the international level (Cleveland et al., 1995).
Furthermore, codes of conduct require members to maintain
higher standards of conduct than required by law, help make
professional norms visible and act as a vehicle to assure the
public and clients that members are competent, have integrity
and maintain and enforce high standards (Kshetri, 2007).
In this respect, this paper assesses the action taken in the
case of conflict with the client and the corrective measures
imposed on firms that do not maintain the requirements of
adhering to a code of conduct. Furthermore, a code of
conduct typically describes rules for the transparency of trade
(Emiliani, 2005).
The work of Geyskens et al. (1999) defines corporate
satisfaction as a positive affective state resulting when the
economic and psychosocial (or non-economic) expectations of
all aspects of a B2C e-commerce code of conduct have been
met. Furthermore, Davies et al. (2001) find evidence of a
positive relationship between satisfaction and trust. They
argue that trust is a value that represents a higher conceptual
level than satisfaction and that economic performance is a
precondition of trust. Moreover, both trust and corporate
satisfaction are related to behavioral and attitudinal loyalty to
the B2C e-commerce code of conduct, which increases the
quality of the sales relationships, purchasing intention and
purchasing efficiency (Alejandro et al., 2011). With this in
mind, the second hypothesis set out in this study is as follows:
H2. Corporate satisfaction with the actions of the body
promoting the code of conduct has a positive impact on
improvements in sales volumes.
Furthermore, we have additionally performed the analysis of
variables that moderate the relationships described in the H1
and H2. This analysis is applied frequently in studies with the
intention of testing models based upon structural equation
modeling (SEM). In this context, Safa and Ismail (2013)
385
Journal of Business & Industrial Marketing
Volume 31 · Number 3 · 2016 · 381–392
analyzed the direct and indirect effects of technological,
organizational and customer factors on e-loyalty, considering
e-trust and e-satisfaction as moderating variables. In a similar
way, Chang et al. (2003) used industry type as a blocking
variable to control potential moderators of firm performance.
In addition, Maity and Dass (2014) study whether effects of
media richness on channel choice and consumer
decision-making vary across product type and task
complexity. All these references make different classifications
of products in several ways, including business vs consumer
products or tangible vs intangible goods, among others.
Complementarily, some authors frequently use search and
experience to describe a product or service (Huang et al.,
2009). Based on this background information, we think that
product types influence sales volume. For that reason, we have
incorporated to the study the product-types dimension as a
variable moderator. Based on this suggestion, the following
hypothesis is defined:
H3. Product type (product or service) moderates the effect
of sales volume.
Hence, the research model proposed, graphically presented in
Figure 1, includes the aforementioned hypotheses. This
model focuses on ascertaining an organization’s adherence to
a code of conduct and its impact on sales volume
improvements. To verify this hypothesis, a questionnaire was
designed as a necessary tool for obtaining the data for this
study. Procedures for choosing the sample, designing and
validating the questionnaire are explained below.
3.1 Sample selection
There is no official list of Spanish companies adhering to a
code of conduct. To compensate for this drawback, the
websites of the promoting bodies were checked, such as
Agace – www.agace.com – Confianza Online – www.
confianzaonline.es – and Iqua – www.confianzaonline.es –
which have specific sections listing the firms that have
committed to their codes of conduct. After individually
contacting the firms listed in these spaces, it became obvious
that their lists were not always realistic. They included firms
that at that time did not adhere to the promoting body’s code
of conduct. It could be, therefore, assumed that the electronic
sections that list which firms adhere to these codes of conduct
are not always kept up to date.
In any case, by having developed a detailed study of the
data, it was possible to identify 130 firms which were adhered
to a code of conduct and carried out e-commerce with end
consumers.
Figure 1 The proposed research model
Improvement H1
corporate image
Improvement
sales volume
H3
H2
Satisfaction with the
code of conduct Product Type
 Impact of B2C e-commerce codes of conduct Journal of Business & Industrial Marketing
M. Dolores Gallego, Salvador Bueno and David López-Jiménez Volume 31 · Number 3 · 2016 · 381–392

As three organizations did not wish to take part, the empirical
study was made up of 127 firms. The data showed the high
degree of reliability of the results found in this research.
Regarding the study sample, of particular note is the high
percentage of small- and medium-sized enterprises (SMEs) in
the total number of firms adhering to a code of conduct. As
shown in Table II, large firms committed to a code of
conduct are in the minority: 13.38 per cent. The criteria
used to assess whether a firm was an SME or not was based
upon applicable European Commission instruments for this
matter (Recommendation 1996/280 CE, updated by EC
Recommendation 2003/361 CE).
Table II Typology of firms adhering to a code of conduct
Modality of firms No. (% of total)
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3.2 Questionnaire design
To measure each of the variables included in the model
worked out for this study, 16 items were included in the
questionnaire. These items were organized into four sections
(Table III). The first section in the questionnaire includes
introductory questions to obtain additional information about
the companies adhering to a code of conduct (qualitative
variables). The following three sections include the variables
brought about by the model itself. A three-point Likert-type
scale was used in the questionnaire, ranging from (1) “agree”
to (3) “disagree” (quantitative variables).
3.3 Questionnaire validation
Given the scarcity of literature that analyzes the impact of
e-commerce firms adhering to codes of conduct, a
questionnaire was designed to measure the variables defined
in this study. This questionnaire was validated by experts in

Small- and medium-sized firms 110 (86.62) the matter both from a business point of view – five bodies that
Large firms 17 (13.38) promote codes of conduct were consulted – and from the area
of research point of view – two Spanish experts who have

Table III Question items used in the study

Variable
Introductory
Improvement of corporate image
Satisfaction with the code of conduct
Increase of sales volume
Construct Source
IN1: Could you indicate how you know about the notion of codes López-Jiménez et al. (2012)
of conduct?
IN2: Why did you decide to adhere to the code of conduct in
e-commerce?
IN3: Are you in favor of there being in Spain and the rest of
Europe numerous codes of conduct in e-commerce or would you
prefer there to be only one?
IN4: Do you see the notion of codes of conduct as having a
future?
IC1: Estimate how much you have improved your corporate Nguyen and Leblanc
image (2001), Spyropoulou et al.
IC2: You consider that you have improved the client’s quality- (2010)
price perception after your adhesion
SF1: You have thought at some time of a change in your code of Emiliani (2005)
conduct
SF2: You consider that the code of conduct you belong to should
be improved
SF3: Value the working of the mechanism of the extrajudicial
decisions regarding conflicts or, where this applies, the consumer
arbitration of the code of conduct firm to which you are adhered
SF4: Value the solutions adopted in the case of conflicts by the
code of conduct firm to which you are adhered
VN1: Value to what point you are given to understand that Emiliani (2005), Wirtz et al.
adhering to a code of conduct has increased visits to your web (2010)
site.
VN2: Value the increase in gaining new clients after your
adhering to the code of conduct
VN3: The improvements that you had to carry out to adhere to
the code of conduct influenced you positively
VN4: Adhering to the code of conduct has brought about an
increase in your internet sales
VN5: Adhering fulfilled and continues to fulfill your expectations
regarding the improvement of the internet sales results
VN6: The management of the body in charge of the code of
conduct to which you adhere to has favored the increase in your
volume of e-commerce

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 Impact of B2C e-commerce codes of conduct Journal of Business & Industrial Marketing
M. Dolores Gallego, Salvador Bueno and David López-Jiménez Volume 31 · Number 3 · 2016 · 381–392

published articles about codes of conduct in prestigious
journals were also asked.
Once the questionnaire was validated, personal interviews
were carried out with information from society service
providers adhered to a B2C e-commerce code of conduct.
These interviews mostly involved the heads of the information
systems departments and, if not, the heads of the firm’s
marketing department. The interviews took place between the
second half of 2008 and the beginning of 2009.
4. Preliminary analysis
Before proceeding to evaluate the validity of the scales
proposed, it is timely here to present a few of the indexes used
in descriptive statistics, such as N, referring to the number of
responses, mean and standard deviation (SD). Each one of the
items conforms to the constructs in this study (Table IV). This
analysis reveals the averages for each of the items included for
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would favor positive future expectations on information
society service providers who adhered to a code of conduct.
5. Analysis and findings
To agree upon all the hypotheses gathered together in the
research model, exploratory factor analysis (EFA),
confirmatory factor analysis (CFA) and, finally, causal
analysis were conducted.
EFA will provide an initial approximation of the existing
dimensions for each of the model’s proposed constructs. At
the same time, this analysis will enable the reliability of the
scales to be ascertained. This, in turn, guarantees the
converging validity of the scales.
Following this, CFA will verify the reliability and validity of
the scales proposed. Once the model is validated, the SEMs
will be proposed. Finally, causal analysis will test out the
hypotheses proposed in this study, by applying the SEMs.

each construct in this study. Statistical analysis will be carried out using the Lisrel 8.8
Table IV shows the high response rate achieved for all the computer program (2011).
items included in the study: all close to 100 per cent. This
information indicates that the questionnaire is easy to
understand and that the users who took part did not have any 5.1 Exploratory factor analysis
difficulty in responding to the majority of the variables To evaluate the fit quality of the model, firstly, EFA was
consulted. carried out on the different scales used to measure the items.
Analyzing the introductory part of the questionnaire, the This was done to identify which items had a strong impact on
sample can be profiled into two large blocks. The first is made their constructs (Hair et al., 2010), as well as to reduce the
up of organizations that adhered to the codes of conduct number of items used in later analyses. EFA was performed
under their own initiative after searching on the internet or separately for each of the three constructs included in the
having seen the logo on other websites (40.95 per cent). The model with a view to analyzing the converging validity of these
second group had become familiar with codes of conduct as a variables and their dimension.
consequence of third parties who informed them of their EFA was calculated using the SPSS 20.0 statistical
existence (59.05 per cent). software. The extraction method selected was principal axis
Furthermore, the firms that made the decision to adhere to factoring, as this is the most appropriate method for
the code of conduct did so either as a means of improving the identifying the constructs (Hair et al., 2010). Variables were
image and prestige of the firm (27.55 per cent) or of extracted if their eigenvalues were greater than one. This
encouraging trust in potential customers/users (47.24 per process eliminated factors with low factor loadings, thereby
cent). Some of the firms surveyed went even further, insisting yielding a Cronbach’s alpha coefficient greater than the
on their intention of guaranteeing the quality and security of recommended minimum of 0.7 (Nunally and Bernstein,
their website (25.19 per cent). 1994). Similarly, the EFA carried out for each of the
Finally, it should be noted that the great majority of service constructs of the model was performed by means of Kaiser’s
providers that adhered to a code of conduct were in favor of varimax rotation to determine the unidimensionality of the
there being a single code of conduct (95.28 per cent), the aim scales (Kaiser, 1970; Kaiser and Rice, 1974; Hair et al., 2010)
being to improve its levels of effectiveness. Such unification (Table V).
EFA was able to demonstrate the unidimensionality of all
Table IV Summary of measurement scales the constructs in the study. All the constructs exceeded the
minimum recommended value of 0.7 for Cronbach’s alpha
Items N Mean SD
(Nunally and Bernstein, 1994). This shows that the items are
SF1 127 1.97 0.175 able to measure the variables for which they were selected.
SF2 127 1.82 0.379 However, items VN4 and SF2 yielded a low factor loading,
SF3 126 1.98 0.125 which is why it is advisable to remove them from the model.
SF4 127 2.94 0.302 Their removal is also supported by the CFA carried out.
IC1 127 2.11 0.737 Following this modification, Cronbach’s alpha for the latent
IC2 126 2.33 0.738 variable had a value of 0.818 and 0.824 for the SF variable.
VN1 127 1.53 0.602 Furthermore, the (Kaiser–Meyer–Olkin coefficient (KMO)
VN2 126 1.56 0.573 measure of sampling adequacy revealed values of 0.55 for IC,
VN3 126 2.37 0.500 0.746 for SF and 0.769 for VN (⬎recommended value of 0.5).
VN4 121 2.93 0.321 Moreover, the p value of Bartlett’s test was 0 (less than the
VN5 126 1.8 0.400 explicit level of 0.05). Both Bartlett’s test of sphericity and the
VN6 126 2.19 0.723 KMO indicated that there were sufficient inter-item
correlations within the data to perform factor analysis.

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Table V Exploratory factor analysis

Construct Items Standard loading Cronbach’s ␣ KMO Bartlett’s test
Improvement corporate image (IC) IC1 0.742 0.714 0.55 0.000
IC2 0.745
Satisfaction with the code of conduct (SF) SF1 0.811 0.724 0.746 0.000
SF2 0.408
SF3 0.857
SF4 0.919
Improvement of sales volume (VN) VN1 0.742 0.777 0.769 0.000
VN2 0.746
VN3 0.647
VN4 0.202
VN5 0.625
VN6 0.734
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CFA was performed with the Lisrel structural equations (CR) coefficients (Bagozzi and Yi, 1988). A model is said to
software (Jöreskog and Sörbom, 1993), using the maximum possess internal consistency when the composite reliability
likelihood robust statistical method. Fit was assessed, firstly, attains values greater than 0.7 for all the constructs defined in
for the measurement model, verifying the statistical the model. In formulating this index (1), ␭i is identified as the
significance of each loading obtained between the indicator, factor loading associated with an item:
the construct and the measurement reliability of each of the
共兺␭兲
2
constructs included in our model. These measurements also
I
help confirm the converging and discriminatory validity of the CR ⫽ (1)
共 兺 ␭ 兲 ⫹ 兺 var 共␧ 兲
2
model proposed. Later, the model as a whole was examined. I i
i
Regarding the discriminatory validity of the scales, the
objective was to determine whether each factor represents a
To estimate the discriminatory validity of the model, the
separate dimension. This was done using standardized linear
average variance extracted (AVE) proposed by Fornell and
or covariance correlations among the constructs. The results
Larcker (1981) was calculated, whose formula includes the ␭i
show discriminatory validity indexes between the different
standardized loading for Scale Item 11,
dimensions analyzed as they take values far from 1 (Bagozzi,

兺␭
1994). Once the covariance correlations were squared, the
2
variance extracted was lower, thereby guaranteeing the I
AVE ⫽ (2)
兺 ␭ ⫹ 兺 var 共␧ 兲
discriminatory validity of the constructs. To study this validity 2
in depth, care was taken to make sure that the correlation I i i

confidence interval between each pair of constructs did not

have a value of 1 (Table VI). This demonstrates that these On one hand, the standardized factor loadings are statistically
factors represent notably different concepts (Anderson and significant, around 0.7, and have individual reliabilities at or
Gerbing, 1988). above 50 per cent. This demonstrates the converging validity
Once the discriminatory validity of the scales was of the measurement scales. On the other hand, the composite
demonstrated, and prior to interpreting the CFA results, it reliability is always above 0.7 and the extracted variance
was necessary to determine the fits of the estimated model, exceeds 50 per cent. This information, along with the strong
using the indexes indicated in Table VII. The indicators used Cronbach’s alpha, provides sufficient evidence for the internal
were above the maximum limits established by Hair et al. consistency of the measurements (Hair et al., 2010).
(2010).
Upon verifying the discriminatory validity of the scales and
Table VII Overall fits of models
the model fit, CFA was carried out on the whole model,
showing adequate specification of the proposed factor Recommended
structure in the results (Table VIII). Fit index Results value
The proposed reliability of the measurement scales was (␹2/degrees of freedom 2.063 (3.00)
evaluated using Cronbach’s alpha and composite reliability Normed fit index 0.901 (0.90)
Non-normed fit index 0.905 (0.90)
Table VI Discriminatory validity of the scales Comparative fit index 0.911 (0.90)
Adjusted goodness-of-fit index 0.831 (0.80)
Items Correlationa Confidence interval Root mean square error
VN-SF 0.00014 (⫺0.002; 0.026) of approximation 0.0437 (0.05)
VN-IC 0.028 (0.090; 0.242) Goodness-of-fit index 0.902 (0.90)
SF-IC 0.001 (0.001; 0.045) Incremental fit index 0.914 (0.90)

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M. Dolores Gallego, Salvador Bueno and David López-Jiménez Volume 31 · Number 3 · 2016 · 381–392

Table VIII Summary of measurement scales

Constructs Lambda standard R2 CR AVE Cronbach’s ␣
Improvement corporate image 0.759 0.628 0.714
IC1 0.968 0.937
IC2 0.564 0.318

Satisfaction with the code of conduct 0.863 0.678 0.824

SF1 0.827 0.684
SF3 0.856 0.733
SF4 0.785 0.616

Increase of sales volume 0.833 0.501 0.818

VN1 0.726 0.527
VN2 0.752 0.566
VN3 0.675 0.456
VN5 0.630 0.397
VN6 0.748 0.560
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5.2 Testing the model hypotheses
After confirming the reliability and validity of the scales
proposed, the next step was to contrast the hypotheses set out
in the structural model. To do so, a set of structural equations
was considered. The parameters that represent the regression
coefficients among the constructs are indicated with the
symbol ␤. Taking this notation into account, the regression
equation to be estimated is as follows:
VN ⫽ ␤1 SF ⫹ ␤2 IC ⫹ ␧
The research models were tested by means of SEM using
Lisrel 8.8 with a maximum likelihood estimation. For the
Lisrel application, the t-student statistics were obtained. This
allowed a contrast to be performed for each of the hypotheses
formulated in the study. In addition, this software enabled the
strength of each relationship between the constructs defined in
the model to be defined quantitatively. To test the moderating
effects of product type, a multi-group analysis procedure was
used. Companies were divided into two groups, services group
(63 companies) and products group (64 companies). Three
models were examined. The independent variables were SF
and IC. The control variables were product type. This was
undertaken to analyze the effects on sales volume. The test is
shown in Table IX. In all three models, the results were
significant. They explain the 30.1 per cent (global model),
58.8 per cent (service model), and 7.9 per cent (product
model) of sales volume, respectively.
Regarding the significance level of each relationship
between the constructs, their t-student statistic, this
relationship has not been significantly contrasted in both
cases. The t-student results obtained for the relationship
between the SF and VN variables were lower than 1.96
(␤1 ⫽ 0.236, p ⬍ 0.803). The statistical significance of the
relationship has not, therefore, been contrasted. Nevertheless,
H1 reveals significant contrast between IC with VN (␤2 ⫽
0.322, p ⬍ 0.01). These results demonstrate the statistical
significance of the relationships defined (Anderson and
Gerbing, 1988).
Additionally, it has been possible to ascertain how the
model substantially explains variance in the improvement of
sales volume (R2 ⫽ 0.301). The variability attained can be
considered highly significant within the field of IS/IT, such as
the studies carried out by Amoako-Gyampah and Salam
(2004), with an R2 of 0.288 for the intention to use an ERP
system for SAP; the work of Saadé and Bahli (2005) with an
R2 of 0.26, related with the intention to use information
system/information technology for e-learning; and the
research of Bruner and Kumar (2005), which explained
variability of 52 per cent regarding intentions to use small
portable computers such as personal digital assistants.
Finally, Table IX shows that service companies with an
adhesion to a code of conduct have a higher positive impact on
sales volumes (R2 ⫽ 58.8 per cent) compared with product
companies (R2 ⫽ 7.94 per cent). This finding supports the
H3.
6. Conclusions
The exponential growth of e-commerce has favored the
upsurge of codes of conduct aiming at bringing down the
barriers of consumer distrust when it comes to online
purchasing. Yet, despite the proliferation of such codes of
conduct, there have been few studies focusing exclusively on
them. The research carried out as part of this article has
enabled major conclusions to be reached in this area.

Table IX Summary of results

Results Satisfaction with the code of conduct Improvement corporate image Increase of sales volume
ⴱ ⴱⴱ
Overall model ␤1 ⫽ 0.236 (t ⫽ 0.803) ␤2 ⫽ 0.322 (t ⫽ 3.251) R2 ⫽ 0.301
Services ␤1 ⫽ 0.163ⴱ (t ⫽ 0.455) ␤2 ⫽ 0.541ⴱⴱ (t ⫽ 3.251) R2 ⫽ 0.588
Products ␤1 ⫽ 0.316ⴱ (t ⫽ 1.134) ␤2 ⫽ 0.0580ⴱ (t ⫽ 0.534) R2 ⫽ 0.0794
ⴱ ⴱⴱ ⴱⴱⴱ
Notes: ⬎Significance levels: p ⬍ 0.05 t(0.05;⬁) ⫽ 1.9670; p ⬍ 0.01 t(0.01;⬁) ⫽ 2.5904; p ⬍ 0.001 t(0.001;⬁) ⫽ 3.3195

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 Impact of B2C e-commerce codes of conduct
M. Dolores Gallego, Salvador Bueno and David López-Jiménez
The study focuses on the impact on an organization’s sales
volume brought about by adhering to a code of conduct in
Spain. With this in mind, a pioneering study was carried out in
which almost all Spanish firms that adhere to a code of
conduct have taken part. The aim is to measure impacts of
both corporate image as well as measure corporate satisfaction
on online sales volume increases. From an academic
perspective, this article contributes to the development of
knowledge about B2C e-commerce codes of conduct. This
article has laid a foundation for further studies to empirically
evaluate the impact of B2C e-commerce codes of conduct on
managerial activities. Furthermore, it would also be useful to
carry out further research with a view to understanding how
the different B2C e-commerce codes of conduct evolve and tie
in with company transformation.
From a managerial perspective, this article highlights how
B2C e-commerce codes of conduct help managers to achieve
better conditions for competiveness. The findings show how
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adhering to a code of conduct has a positive impact on
increased sales volumes. The results indicate that the reasons
for adhering to a code of conduct are the following: it offers
greater trust to potential consumers, as well as improves the
firm’s image and prestige, and increases purchase quality and
security.
Furthermore, service providers surveyed in this study
recognize the positive effects of the codes of conduct to which
they adhere. Lastly, the study shows significant positive
perception of companies after adhering to the code of conduct
and shows the impact on sales volumes.
We also have examined the moderating role of product type
on the proposal model. Our results show that product type
moderates the relationship between satisfaction and the code
of conduct, improvement of corporate image and increase of
sales volume. In addition, the findings demonstrate that
service companies with a code of conduct have a higher
positive impact on sales volume than product companies.
Although this study has yielded some important findings,
further variables that would help to determine the impact of
adhering to codes of conduct on organizations must still be
identified. Therefore, this research will be the starting point
for future investigations.
Moreover, in this study, there is no way of comparing with
the results of companies that do not adhere to a code of
conduct. This would be a necessary comparison for future
work, as sale volumes might have increased for all companies.
This bias will complete the answers to the research question
defined at the beginning of the paper.
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Corresponding author
M. Dolores Gallego can be contacted at: mdgallego@upo.es
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