Here's a general rundown of morale tweaks from the MTW Numerology thread:

"The different states of Morale, and their numerical values:

Impetuous: 10 and above
Steady: 2 to 14
Uncertain: -5 to 5
Wavering: -14 to -6
Routing: "Complete Guide to TotalWar Units" Guide over at the www.totalwar.org

*** Positive Morale Factors ****

+2 Morale for every point of valor
+2 Morale for the Generals unit (automatic)
+1 Morale for being within 50 meters of your General (for every command point the General has)
+1 Morale if further than 50 meters from your General (for every TWO command points the General has)
+4 Morale for outnumbering enemy troops
+4 Morale for having a units flank protected
+2 Morale for being uphill of enemy units
+4 Morale bonus to units charging on their own because they are impetuous
+6 Morale if a unit is "winning"
+4 Morale to nearby units if there is a 3:1 advantage in local superiority
+8 Morale when two or more enemy units are routed
+8 Morale to any units fighting where there is no escape (ie Castle defense, or surrounded by enemy provinces)
+4 Morale for routing units with no enemy nearby
+8 Morale for routing units that rally


*** Negative Morale Modifiers ***

-2 Morale to units in "Loose" or a disordered formation
-3 Morale for units being "Very Tired"
-6 Morale for units being "Exhausted"
-8 Morale for units being "Completely Exhausted"
-2 Morale for being shot at by Missles
-4 Morale if those Missiles "Cause Fear" (ie Cannon)
-4 Morale is outnumbered by the enemy at 2:1
-12 Morale maximum if outnumbered by the enemy 10:1 (could be less)
-2 Morale if a flank is threatened
-6 Morale if both flanks or a flank and the rear is threatened
-4 Morale if charged on a flank
-6 Morale additional if infantry is charged on a flank by Cavalry
-8 Morale if charged on a flank by a hidden unit
-2 Morale if unit takes 10% casualties
-8 Morale if unit takes 50% casualties
-12 Morale if unit takes 80% casualties
-8 Morale maximum if unit is "Losing" (could be less)
-6 Morale additional to infantry "Losing" against Cavalry
-12 Morale maximum if two or more friendly units rout (could be less, depending on type)
-8 Morale immediately following General's death (temporary)
-2 Morale permanently following General's death (does not impact Elite or Disciplined units)
-6 Morale to skirmishers running out of ammunition
-6 Morale to skirmishers being pursued long distances (not sure just how long)

SP Campaign Game settings:

+4 Morale to your troops on Easy
+4 Morale to AI faction troops on Expert
+12 Morale to ALL units if Morale is turned off in realism settings"