“…In this article, we rely on the contribution by Heald (2006) on the "varieties of transparency," and more specifically on the horizontal approach (inward and outward transparency) rather than the vertical approach, which focuses on internal communication processes (within an organization). A multidimensional concept, transparency is usually regarded as a virtue (intrinsic value), is often associated with expected benefits (instrumental value: trust, participation, reduction of corruption), and can even act as an attractiveness driver for companies (Lopes and Serrasqueiro, 2017). Here, the importance of transparency as a factor of attractiveness is questioned and investigated accordingly.…”