In today’s fast-paced, competitive business world, an emphasis is often put on earnings, return on investment (ROI), and the like. Many would argue that cash is a necessity and corporate culture a nicety. But what if culture and character not only improved morale, but also trickled down to earnings?

I recently read Fred Kiel’s “Return on Character” and found his research on the impact of leaders’ character not only inspiring but also applicable to businesses in any industry and of any size. Over seven years, Kiel studied 84 CEOs, their senior teams, and their organizations, and found that character not only matters, but that “good” character wins.

To evaluate character, Kiel and his team outlined four universal principles in their Return on Character (ROC) Matrix: integrity, responsibility, forgiveness and compassion, and ranked leaders on a scale of superior character, or virtuous, to poor character, or self-focused.

The truly fascinating finding through the research is the return on assets (ROA) of the CEOs at the top of the character curve versus those at the bottom. The virtuous CEOs created a ROA of nearly five times greater than did the self-focused CEOs.

As Kiel states in the book, “When an organization is led by a CEO and executive team of high character, on average it will produce a great ROA than organizations run by low-character leaders.” Additional benefits of this high character “ripple effect” within this research include highly engaged workforces, delivery of better value to customers, and strong customer satisfaction.

So how does this apply to the everyday professional?

Character is shaped by a mix of upbringing and personal experiences, but Kiel found that virtuous leaders continued to develop the principles and further honed leadership-enhancing skills through mentor relationships, meaning we can continue to develop our character throughout our lives. He suggests seeking guidance and counsel from mentors or advisors to aid in this development.

Further, character applies to more than just C-level executives. It’s inherent in every level of a business and not only will those around you appreciate your “good” character, but Kiel’s findings suggest that your business will also reap the benefits. There are a range of considerations for a business, however, looking beyond cash and ROI to character and company culture has a proven effect to not only improve business, but increase morale.