Theoretically, a contribution of this article is the pinpointed connection between corporate ethics and trust in intra-corporate relationships. Furthermore, it contributes to a conceptual framework that distinguishes between the constructs of business ethics and corporate ethics. The authors also provide a grounded conceptual framework of corporate ethics and trust. The principal dyadic determinants of corporate ethics in intra-corporate relationships are interpreted to be management behaviour versus employee perception of that behaviour. Empirically, the contribution is an in-depth and longitudinal case description that underpins the topic and the discussion provided in the article.