Non-financial Information Disclosure and Company Value

Student: Maximov Dmitry

Supervisor: Alexander I. Borodin

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

The main purpose of this work is to determine the impact of the publication of non-financial reporting on the value of the company. Main hypothesis: the publication of non-financial reporting GRI has a positive effect on the change in Q-Tobin; In this paper, the above hypotheses will be tested on the top 200 data on the capitalization of Canadian companies listed on the Toronto Stock Exchange. All companies were classified according to BICS. Q-Tobin and Return on Assets were taken as the main test indicators responsible for the company's value. The main non-financial indicators were dummies GRI (absence / presence of the report) and the ESG index. The main tested models are Pooled OLS, Panel Fixed Effects and Random Effects models. In this paper, significant results were obtained, the hypotheses about the positive impact of the publication of a non-financial report on the value of the company were rejected, the hypothesis that the degree and direction of the effect appear differently in different sectors was confirmed.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses