The shareholder value model of corporate social responsibility has been shown to be the root cause of the widespread unethical business practices in emerging economies, which have drawn increasing attention from both policy makers and business ethicists. The present study aims to extend previous research by investigating how two different ethics, i.e., ethical egoism and ethics of autonomy affect business decision makers’ shareholder value perspective as well as ethical decisions. Ethical egoism and ethics of autonomy are both originated from market ethic introduced by economic reforms in the emerging markets. However, these two ethical systems relate to ethical decision making in different ways. Ethical egoism positively relates to shareholder value perspectives and negatively relate ethical decisions. In contrast, ethics of autonomy has a negative effect on shareholder value perspectives but a positive effect on ethical decision making. The findings demonstrate a clear distinction between ethical egoism and ethics of autonomy in their effects on the relationship between shareholder value perspectives and ethical decision making. The theoretical and managerial implications of the results are discussed.