Values are the perceptions and ideals of what is wanted and unwanted behaviour in the company. Values are the basis for the corporate culture. Values are important guidelines for how employees should behave in situations.
Companies with clear and consise values understood by all employees achieve higher profitability, lower churn rate of customers and lower turnover of employees. It is important that the values are so clear that they can be part of everyday descisions. A company should emphazise its values in its recruitement process and in its marketing.
Values are the heart in the corporate culture, and the corporate culture must be consistent with the stategy plan.
A company should not have more than 4 values. They should be verbes and be short. They should be discussed in plenum and it should be clear what they mean internally and externally with regards to customers, suppliers and society.

Examples
Facebook: Focus on impact, Move Fast, Be bold, Be open, Build social value
General Electric: Unyielding Integrity, Commitment to Performance, Thirst for Change