Non-financial Disclosure and Cost of Capital

<p>This paper presents research about non-financial disclosure and its influence on cost of capital. This theme did not studied before for Russian companies. Research can be helpfull for Russian companies which are going to issue CSR reports, becouse it depicts best effect from issuing and helps to determine time lag, which is really essentual for that kind of desicions. 2 main results were made:<br />1) Non-financial information is published by companies with high cost of capital.<br />2) There is a time lag between issuing CSR report and decreasing cost of capital for russian companies</p><p>The paper follows this structure:</p><p>1 Chapter provides literature review and classify all relevant literature into 3 groups: descriptive studies, econometric studies and cost of capital studies.</p><p>2 Chapter provides analysis of main trends in issuing non-financial information. We specify understanding of non-financial information and costruct base for pur model</p><p>3 Chapter formulate main hypothesis and costruct varios specification of chosen model for testing this hypothesis and formulate main results of this paper and notice weekneses of information field.</p>