Why does Elaine disguise herself as a beggar?

To test the character of Ethan's fiancée, Chloe, during the engagement party.

What happens after Elaine reveals her identity?

She appoints Ethan vice president; Chloe causes a public scene and is exposed, leading to her disgrace.

The Beggar at My Engagement Owns the Company

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The Beggar at My Engagement Owns the Company — A corporate president tests her brother's fiancée by posing as a destitute beggar at their engagement party.

Elaine attends Ethan's engagement celebration disguised as a beggar to evaluate Chloe's character. The fiancée responds with open contempt for the siblings' apparent poverty and immediately terminates the betrothal. Elaine then discards the ruse, revealing her true position as president of a major corporation and appointing Ethan as vice president. Humiliated, Chloe attempts to salvage her reputation by manufacturing a public disturbance and circulating falsehoods, yet her manipulative behavior is exposed before witnesses, resulting in her complete disgrace. The siblings unite to steer the family enterprise forward.

Quick answers

Why does Elaine disguise herself as a beggar?: To test the character of Ethan's fiancée, Chloe, during the engagement party.
What happens after Elaine reveals her identity?: She appoints Ethan vice president; Chloe causes a public scene and is exposed, leading to her disgrace.