With an increasing demand of ethical standard on current business environment, leader's ethical behavior (i.e., ethical leadership) has received a particular attention. Drawing on self-verification theory and social exchange theory, this study investigated the effect of leader's core self-evaluation on the display of ethical leadership, and the moderating role of employee's exchange ideology in the relationship between ethical leadership and his/her job performance. The results from a sample of 230 dyads of employees and their immediate supervisors in South Korea supported most of hypotheses. Implications and future research directions are discussed.