This article empirically investigates the impacts of corporate governance structure, specifically, shareholder value orientation on employment and wages, using Korean firm’s data from 2000 to 2010. Our study has four major findings. Firstly, considering the effects of technological change or efficiency enhancement caused by shareholder value orientation as one of the paths by which shareholder value orientation affects firm’s employment, we can not ascertain empirically that the path exists in the case of Korean firms. Secondly, however, we can shows by estimation of employment equation that another path exists, that shareholder value orientation makes the wage elasticity of labor demand higher. Thirdly, it is assured that shareholder value orientation has negative impacts on wage in the Korean manufacturing sector. Lastly, we find that shareholder value orientation decreases labor share inside the firm.