If businesses are doing something bad, they're going to get found out. Running shoes, for instance, are going out of fashion and sales are off. Among the reasons is the public response to how Nike has behaved. The most threatening scenario to a company like Nike is to be less cool. So, the effect of transparency is real.
Companies see it, know it.
That doesn't mean everybody's going to be happy with the outcome of more openness and transparency. There are real conflicts of interest and viewpoint. For example, you can make a legitimate case for the Three Gorges Dam and you can make an easy case for why Three Gorges is a terrible idea. So, opening the process does not mean everyone is going to agree with the decisions that result. That's important to recognize.