The Effect of Transparency on the Performance of Russian Companies

Information transparency plays a key role in corporate governance. Thanks to the company's openness, effective relationships between the firm and society are built, investors' rights are protected, so many companies put significant attention on information transparency. The aim of the work is to identify the relationship between the level of transparency and the efficiency of Russian companies. In the work the analysis of the basic world tendencies in the given area is carried out, and features of the Russian practice are revealed. The econometric model is based on panel data for 2014-2015. The author came to the conclusion that there is a positive relationship between the level of transparency and the company's efficiency. Studying the monotonicity of the dependence of the efficiency index on the level of transparency, a monotonic dependence was revealed. The study found that transparency has a positive effect on public and non-public companies. The findings can be applied both by the companies themselves in changing internal codes of corporate governance, and by legislative organizations for analysis and the development of further policies to increase the level of openness of firms.