Unfortunately, this process is based on some erroneous ideas about the role that values, beliefs and principles play in influencing human behaviour, both on an individual and collective basis. No, not really. There is a single major reason why values clarification exercises don't work very well, and a number of small ones. This defies common sense. Of course our beliefs, values and principles influence our behaviour.
Research suggests otherwise.
A number of years ago, a group of social psychologists investigated this problem. They approached hotel owners in the southern United States, and asked them several questions about their attitudes and beliefs regarding Afro-Americans. They consistently found that owners expressed positive attitudes, and did not support discrimination. Some number of months after, the researchers arranged for Afro-Americans to go to those same establishments and request accommodation. Overwhelmingly, they found that those very people who professed non-discriminatory attitudes and beliefs, acted in highly discriminatory ways towards Black customers.