Nearly all survey respondents agree that transparency is important to their company. However, although eight in 10 say their company now provides a high level of disclosure, about 40 percent say they would personally expect more information from their company if they were an outside investor.

"While most executives think their company does a good job in providing information to stakeholders, it's noteworthy that so many of them admit they would expect a greater level of transparency if they were private investors," said Dr. Robert Eccles, PricewaterhouseCoopers Senior Fellow and co-author of the new book, Building Public Trust: The Future of Corporate Reporting. "I anticipate that realization will add impetus to the movement for greater transparency in corporate reporting."

Among the effects of a lack of transparency, respondents cited reduced investor confidence, unwillingness of investors to commit more money to the equity markets, lower share prices, high stock price volatility, and weak economic growth. 

Four types of disclosure are most often cited as needing improved transparency in one's own company: non-financial value drivers, such as customer service, and success in new product development; corporate and business unit strategies; results compared to a benchmark group of competitors; and forward-looking information, such as plans and targets.

"In this time of discredited corporate reporting, providing more information, particularly about non-financial value drivers, is gaining credence. Executives realize there is significant potential in increased transparency," Eccles said.

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