This paper examines a new approach to understanding corporate transparency (or, in reverse, opacity) system, which is used to recognize interconnections existing among firm-related agents – how they sanction and monitor each other’s behaviors, ultimately tuning the activity of a firm in a systematic context. Firm-related agents include internal stakeholders (especially board of directors) and external stakeholders. While former approach individually can only examine corporate transparency/opacity in a one-sided way, we attempted to take on a more holistic and dynamic view using system dynamics. With our new integrative model, we propose a systematic solution to corporate transparency/opacity problems and provide a new means of studying corporate value more transparently than ever before, thus offering a better chance of corporate sustainability and also enhancing corporate value.