Résumé : Following the call for further research on the consumer perspective of corporate ethics, this research sets out to explore and conceptualize the construct of ‘Consumer Perceived Ethicality’ (CPE), referring to consumers’ aggregate and valenced perceptions of a subject’s(i.e., a company, brand, product, or service) ethicality. Results present novel insights into how positive/negative CPE is formed and impacted by various kinds of corporate conduct, thereby offering some explanations as to why some companies benefit from positive while others suffer from negative moral equity.