An object of the present invention is to provide a positive electrode having high transparency, low contact resistance and excellent current diffusibility and not requiring electron beam irradiation, high-temperature annealing or heat treatment, for alloying, in an oxygen atmosphere.The inventive transparent positive electrode for gallium nitride-based compound semiconductor light-emitting devices comprises a contact metal layer in contact with a p-type semiconductor layer, a current diffusing layer on the contact metal layer, the current diffusing layer having an electrical conductivity larger than that of the contact metal layer, and a bonding pad layer on the current diffusing layer.