Unethical behavior of organizations, such as financial fraud, has attracted enormous attentions from both organizational theorists and management scholars. However, we still know very little on this topic. One major challenge is that fraudulent behaviors are usually unobservable to outsiders such as governmental regulators and academic researchers. Cases caught by the public’s eyes are only the tip of the iceberg and thus any research with a focus on them will unavoidably run into the issue of selection bias.