Non-financial Reporting and Investors' Expectations

The non-financial reporting by Russian companies is analyzed. The impact of such disclosure on investors’ behavior and value fluctuations is revealed. Foreign experience in the analysis of disclosure of non-financial information is explored. The level of knowledge of the issue in the Russian practice is determined. The database is collected and the analysis of the content of non-financial reports of Russian companies is carried out. The main topics of non-financial reports of Russian companies are identified. The quantitative indicators of non-financial disclosure of Russian companies are given. The factors of industry environment of companies are determined. The type of dependence of companies' capitalization on the non-financial disclosure volume is revealed. Conclusions about the trends in the publication of non-financial reports by Russian companies are made. The conclusion about the significance of the non-financial disclosure is made, and the reaction of potential investors to the availability of non-financial information of Russian companies is revealed.