Fifty employee managers and 50 owner managers were interviewed to determine differences in their behavior after a university level executive development program (EDP) conducted for businessmen in Lima, Peru. Findings indicated that: (1) owner managers had received a greater overall impact from an EDP than employee managers: (2) the perceived value of tool (strictly utilitarian) courses was higher for owner managers than for employee managers; (3) the perceived value from general, non-tool courses was higher for owner managers; (4) owner managers had experienced a greater change in their activities than employee managers (mainly attributed to owner managers' relatively high decision making and policy setting positions); (5) owner managers, all but one of whom came from Peruvian firms and had had relatively little previous exposure to North American management practices, showed relatively more attitude change as well. It was concluded that the EDP did cause an impact on behavior on the job sufficient to suggest that such programs should be offered in other developing areas. (LY)