Corruption at the firm level is a very complex issue better understood within its cultural, national, and historical contexts. Using Ukrainian firms as an example via two data sets from 2013 (n = 625) and 2015 (n = 120), we describe two types of corruption: (1) the abuse of power by individuals or groups for private gain, and (2) abuse of power by CEOs and general managers not for their own private gain, but for the gain of other individuals or groups. The latter abuse of power—either within or beyond the existing rules, laws, and norms—is often the only way to get things done in Ukraine. On the other hand, corruption might also be used to hinder business activities. This ambivalent function is the main challenge in mitigating corruption.