Abstract
AbstractThis study proposes a new corporate transparency index comprising four sub‐indices: financial, governance, operational, and social transparency. Using our index, we examine the effects of corporate transparency on firm value and the profitability of 162 Korean venture firms. Results show that corporate transparency is positively associated with firm profitability. Financial transparency is positively related to firm profitability and negatively associated with firm value. Firms with a greater level of governance transparency have a higher firm value and a lower return on assets. Operational transparency is negatively related to firm value. Social transparency is positively associated with firm value and profit.
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