Little empirical work has been done on the effect of share repurchase management on the long-term firm value. In this study, we present an empirical explanation that draws on business ethics and stakeholder theories to present an academically rigorous version of a simple argument: bad motivation earns chit. We contributed to business ethics by (1) deriving a distinct share repurchase model from extant empirical research, (2) testing the descriptive accuracy of the long-term value of firm from its moral motivation, and (3) including important concept from the top management literature in the concept and tested models. The results provide support for an opportunistic motivation of share repurchase could not manipulate firm value in the long run. Implications of these findings for management practice and future research are discussed.