This study analyzes the determinants of the level of management transparency in venture firms. Management transparency was conceptualized as a sequential process of information sourcing, information disclosure, and information utilization. Additionally, management transparency was classified according to the nature of transparency information, the comprehensiveness of disclosed information, and the direction of information sharing. Four hypotheses were established regarding the factors determining the level of management transparency: the CEO characteristics and background hypothesis, the resource dependence/power perspective hypothesis, the rational expectations hypothesis, and the institutional legitimacy hypothesis. A survey was conducted targeting member companies of the Korea Venture Business Association, yielding 98 responses out of 750 firms (a response rate of 13.1%). Among the sub-hypotheses related to CEO background, the variable of having a science and engineering background and the interaction term between educational level and general corporate work experience showed a negative (−) relationship with the level of transparency. In the resource dependence/power perspective hypothesis, venture capital investment status and dispersion of ownership structure showed a positive (+) relationship with the level of transparency, as hypothesized. In the rational expectations hypothesis, higher internal management effectiveness was associated with higher levels of transparency. The institutional legitimacy hypothesis showed that both industry transparency practices and institutional environmental favorability had a positive (+) relationship with the level of transparency, demonstrating a consistently strong relationship. The rational expectations hypothesis yielded mixed results and was therefore treated separately through additional analysis and discussion. Practical policy implications for enhancing management transparency were derived.