Bravery can actually be increase. I am not sure about being panicked, but one way I know of to train bravery is to let morale drop below 50 and NOT panick.
I never sack people with low bravery, as I usually get enough kills to keep morale near 100. The only occassions I have problem with low bravery is with panic attacks(which depends a lot more on psi strengh) and when most of my soldiers, especially officers, being wipe up in a single turn(but when that happens, I am most likely going to lose anyway and bravery is not going to help).
But I think one of the reasons that make this game so good is the many different possible ways to play(and win).
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