Abstract

The theme of value creation, being the source of this research, has received increased interest in the field of management science, and hence has become the new creed of managers. We have proposed that ethical behavior of managers influences the policy of value creation. In particular, we test the four cardinal virtues of the manager (justice, prudence, strength and moderation) that influence development and growth of the company. This paper attempts to make an inventory of ethical problems in a country’s development and clarifies their role in the development of firms. We used a sample of Tunisian companies for a period of 2003 to 2011.

Key words: Ethics, managers, behavior, creation of value.