EXECUTIVE SUMMARY Interest in corporate identity, both as a management issue and as an academic discipline, has grown significantly over the last decade. However, one of the major problems in the areas of research is the lack of consensus as to basic conceptualization and definition of corporate identity (Balmer and Wilkinson, 1991). This study used a case study approach, focusing on a monopolistic electricity company, Companhia de Electricidiade de Macao - CEM, S.A. (CEM), to study the concept and the perceived value of corporate identity management from the management’s and employees’ point of view. This study attempts to identity important elements and impact of the corporate identity management, especially when the company is facing the potential threat of deregulation of public utility in Macao. Prior literatures indicated that the corporate identity mix was influenced by various organizational and environmental characteristics. This study identified six key drivers of corporate identity management: they were top management, strategy, culture, behavior, communication, and external environment. From the 14 staff interviews, some evidence emerged. First, the strategic importance of corporate identity was doubtful for some of the CEM’s employees. Second, under the potential threat of deregulation, corporate identity management seemed to have become the company’s competitive edge. Corporate identity management may in fact facilitate the company to secure the contract renewal in the near future. On theoretical implication, the case study highlighted the uncertainty of corporate identity performance impact to the organization in the absence of competition. This finding opened an additional condition which had never been considered in the whole concept of corporate identity. Also, the six key drivers supplemented the elements in Balmer’s (2001) corporate identity management mix and the case study provided an empirical support to Illa’s (2004) view on corporate identity definition as a strategic tool to secure business survival. On practical implication, the case study reflected that CEM should reinforce and extend from only symbolic visual base to tangible action driven based on the previous groundwork. The six key driving factors can be very good references for CEM to improve the corporate identity management. Improvement areas included CEQ’s extended designation period, systematic action-based mechanism, clear code of conduct, and enhanced communication.