Editing Corporate transparency (section)

== Emerging countries ==
Countries with multi-party legislatures are associated with higher levels of corporate transparency. Furthermore, when a country transitions to multi-party legislature, opacity is expected to decrease. 

Comparing democracies and authoritarian regimes, we can expect that firms are more transparent in democratic countries. Levels of corporate transparency are decreasing as we go from democracies to countries with semi-competitive authoritarian regimes. Lastly, firms in countries with non-competitive authoritarian regimes display the greatest opacity. 
 
When a regime changes from non-competitive authoritarian one to semi-competitive, corporate transparency tends to improve. However, this trend does not hold if a country transitions from a semi-competitive authoritarian regime to democracy.<ref>{{cite journal |last1=Carney |first1=Richard |last2=Guedhami |first2=Omrane |last3=El Ghoul |first3=Sadok |last4=Chen |first4=Ruiyuan |title=Political Institutions and Corporate Transparency in Emerging Economies |journal=Academy of Management Proceedings |date=1 August 2019 |volume=2019 |issue=1 |pages=13061 |doi=10.5465/AMBPP.2019.300 |ssrn=3135771 |s2cid=201349701 }}</ref>