Year of Graduation
The Impact of Nonfinancial Information on Stock Price of Russian Companies
The role of non-financial information in recent years is constantly increasing, as investors cannot assess the future prospects and risks of companies using only quantitative data. This task is to study the relationship between the financial statements of companies and non-financial information presented in the messages of the CEO and Chairman of the Board of Directors. Based on a review of the literature, three hypotheses were formulated on the impact of semantic, linguistic and substantive texts on the average annual stock price of Russian companies. These hypotheses were tested using panel regressions separately for each type of letter. The results demonstrated that textual information has a significant impact on the external audience and the future performance of firms.