This study compares the different emphases on virtuous characters presented in their values, across global firms considering country and industry of origin. It presents a content analysis of the 122 codes of conduct statements from Fortune Global 500 firms, drawn from four sectors and using correspondence analysis. American firms tend to emphasize courage, while European firms emphasize integrity and empathy, surprisingly with Asian firms being closer to European ones. Retailers and pharmaceutical firms emphasize empathy, while banks and petroleum emphasize courage. (...) This study extends the newly emerging strategic paradigm of organizational virtue, by introducing an empirical study of ethical values. Implications for multinational companies are then discussed. (shrink)