Using a random effect regression, this paper examines internal and external factors that may explain the differences of transparency across banks. Our sample is an unbalanced panel data of 69 commercial banks operating in seven emerging countries (Egypt, Lebanon, Malaysia, Morocco, Thailand, Tunisia and Turkey) over the period 2006-2009. The results relative to governance variables indicate that ownership concentration has a negative effect on transparency. We also find a positive correlation of transparency with government ownership. Concerning macroeconomic and juridical indicators, we observe a positive association of transparency with the existence of an explicit system of deposits insurance, the protection of stockholders’ rights, and a negative one with the development of financial market and inflation. Finally, as for the impact of banks’ characteristics, the empirical results show only an association between transparency and profitability measured by ROE and ROA.