Korean big companies have adopted and implemented ethics programs since financial crisis in 1997. Corporate ethics program is defined as values, policies and activities that impact the propriety of organization (Brenner, 1992). Ethics program can be classified into 2 groups:one is explicit program and the other is implicit program. The explicit components of ethics programs include such as: codes of ethics, ethics training, ethics committees and officers,internal control system, help line etc. Implicit parts of ethics program include such as: leadership,corporate culture, communication, performance measurement systems etc. This study suggests that implicit program needs to be defined in terms of ethical context such as ethical culture and climate, ethical leadership, etc. Despite increasing interest in the importance of business ethics, there are very few empirical studies on the effectiveness of ethics program, specially on the relationship between ethics program and performance. The purpose of this research is to ascertain whether ethics programs Korean companies have implemented are effective or not. The specific objectives of this study are to: 1) examine whether ethics programs have positive effect on financial performance and non-financial performance(stakeholder’s satisfaction) 2) identify mediation effect of stakeholder’s satisfaction between ethics program and financial performance 3)investigate which program is more effective in ethical management. Based on literature survey and preliminary interview with 10 ethics officers of Korean big companies, the hypotheses which were tested in this study are framed as follows: H1: Explicit ethics program will have a positive impact on the satisfaction of stakeholders. H2: Explicit ethics program will have a positive impact on the financial performance. H3: The satisfaction of stakeholders will mediate the relationship between explicit ethics program and financial performance. H4: Implicit ethics program will have a positive impact on the satisfaction of stakeholders. H5: Implicit ethics program will have a positive impact on the financial performance. H6: The satisfaction of stakeholders will mediate the relationship between implicit ethics program and financial performance. To test these hypotheses, survey using questionnaires with related items was conducted and data were collected from 80 Korean large companies. The results analyzed by hierarchical polynomial regression procedures are as follows. Period of ethics office operation among explicit ethics programs only has a positive impact on the satisfaction of stakeholders and financial performance, while all parts of implicit ethics program have a positive impact(H1, H2 partly accepted, H4, H5 fully accepted). Explicit ethics program(except for period of ethics office operation) and financial performance are not mediated by satisfaction of stakeholders, while implicit ethics program and financial performance are mediated partly by satisfaction of stakeholders. These outcomes provide no support for H3, while part support for H6. The results are significant in three aspects. First, this study showed relationship between ethical management and performance in a degree through empirical analysis on Korean companies. Second, this study proves mediation effect of stakeholder’s satisfaction between ethics program and financial performance in empirical way. This result is in accordance with existing stakeholder theories. Third, this study makes sure that ethics programs Korean companies have implemented since 1997 are effective to some extent. This study has several implications like followings. First, Ethical management of Korean corporates had a fruitful outcome to a certain degree in the ethics practices focusing on operating ethics programs since 1997. Second, in working level, corporates need to make an effort more on satisfying various stakeholders in ethical management. Third, companies should also focus more on such programs as ethical culture and climate of organization,ethical leadership, ethical reward procedure than explicit programs. Fourth, ethics officer or staff is an essential program for successful ethics management. The period of operating ethics office, in particular, is vital key to enhancing effectiveness of ethical management. Notwithstanding these contributions and implication, this study suffers from some limitations. First, analysis on ethics program has a limit in explaining unethical behaviors in corporates. Thus, future research needs to cover the impacts of ethics program implementation on unethical behaviors. Second, this study didn’t deal with the relationship between explicit program and implicit program. Therefore, future study needs to check out relationship between each other. Third, more various and valid variables and constructs should be developed for further study. More variables of implicit program should be considered and more objective constructs of financial performance, in particular, should be introduced for elaborate research in the future. Fourth, Since this study used a single questionnaire design and was conducted on self-report data, it had some chance of common method variance bias even though statistically controlled. Thus, future study should include responses of various stakeholders on ethical management of corporates.