This paper revisits the “morality pays” approach to answering the “Why be moral?” question in business. First I argue that “morality pays” is weakest when it needs to be strongest, and thus inadequate to the task. Then I examine and reject a proposed virtue-ethics alternative, arguing that it either collapses into “morality pays” or else introduces a new problem. After sketching an account of moral reasons, I go on to argue that “morality pays” can be reframed, not so much as (...) an answer to “Why be moral,” but as a prescription for reforming corporate institutions. (shrink)