The present study extends understanding of the self-regulatory aspects of ethical decision making by integrating and exploring relationships among counterfactual thinking, attribution, anticipatory emotions, and ethical decision-making constructs and processes. Specifically, we examine the effects of a manipulation designed to stimulate a counterfactual mind-set, which is found to significantly affect negative anticipatory emotions and intention associated with unethical conduct. Furthermore, we explore the basis of these effects by delineating and supporting responsibility attributions working through perceived negative consequences to influence both negative anticipatory emotions and intention to perform the unethical behavior. This research addresses both academic and managerial imperatives in the marketing education literature as to how to effectively influence ethical decisions through an understanding of how individuals combine theoretically significant cognitions. (Contains 5 tables and 1 figure.)