Why do we see variation in first-term president 's corruption? Previous literature of regional comparative politics only provide limited accounts of presidential corruption. In this paper, I provide a theory that presidential term-limit matters with regard to first-term president 's corruption. I argue that when a president is elected at the first time, a president who is under single-term presidency---presidency under which a president cannot be reelected due to constitutional limit---is more likely to perpetrate corruption than under multi-term presidency---presidency under which a president can be reelected at least one more term. It is attributed to whether reelection incentive exists. In order to test the hypothesis, I use two