Transparency of Financial Activities of Enterprises: The Assessment Methodology

In the modern business environment, the transparency of financial activities of enterprises is a crucial element of corporate governance, as it contributes to the formation of a positive investment image and influences the provision of financial stability of the enterprise. The conducted bibliometric analysis and the formed map of interconnections of key categories revealed that the main aspects in the context of transparency of financial activities of enterprises include: corporate governance, financial reporting, investments, financial market, capital structure, stakeholders, corporate social responsibility, and in recent years, issues related to the application of digital technologies have also been added. The aim of the research was to improve the methodology for assessing the transparency of financial activities of enterprises, taking into account the key principles of corporate governance. As a result, the work proposes an improved methodological approach that takes into account changes in the key principles of corporate governance for the year 2023 and the key requirements and recommendations of the corporate governance code (regarding the calculation of a comprehensive indicator of openness and transparency of financial activities of enterprises based on the use of such indicators: general information about the enterprise, information about the owners of the enterprise, the structure of equity, ESG report, report of the executive body on the financial condition and results of the enterprise’s activities, key indicators of operational and financial activities, publication of financial statements, publication of the audit report. The criteria for openness and transparency applied are: the presence and accessibility of information, the relevance of the published information, the regularity of publication, and the possibility of automated processing of the provided data.