Purpose: Codes of ethics have become the mainstay of the ethics programs of corporations. Many studies have explored their contents, but few have examined what makes them effective. This international study aims to identify the measures viewed as being important by top executives in determining the worth to their organizations of corporate codes of ethics. Design/methodology/approach: Data were collected by questionnaires sent to the top 500 companies ranked by revenue operating in the private sectors in Australia, Canada and Sweden. By analyzing the survey results from the top corporate executives in these countries, the research team was able to test for a number of determinants of effectiveness for codes of ethics. Findings: In a statistically significant model, it was found that four factors related to the internal management of the corporation are positively correlated to executives’ perceptions of the value of their corporate codes of ethics. Research limitations/implications: Future research may seek to address features of this study that limit its generalizability, as it was conducted on the largest of companies in each country and thus this sample may not reflect the way that business ethics are managed in smaller organizations in those countries. Originality/value: If executives see particular items as important to their business ethics success, one could postulate that this has arisen from a perception that implementing these measures has been effective for their organizations. This provides guidance to other organizations on what items could enhance the effectiveness of their codes of ethics. © 2018, Emerald Publishing Limited.