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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Stepan Lystsev
The Impact of Non-Financial Information on the Company’s Value in Russia
2019
The purpose of this study is to verify the influence of disclosure of non-financial information on the value of Russian companies.

Based on theoretical assumptions about the role of non-financial information for companies, as well as on the basis of the studied scientific literature in this field, the following hypotheses were put forward.

Hypothesis 1. The quality of disclosing non-financial information has a positive effect on the ratio of the company's market capitalization to the balance one in the year of issuance of the integrated annual report.

Hypothesis 2. The quality of disclosing non-financial information has a positive effect on the ratio of the company's market capitalization to the balance one after the release of the integrated annual report with a delay.

As part of the work, the following tasks were set and carried out:

1. Review of international and Russian studies to compile a comprehensive understanding of the selected issues and ways to solve methodological problems;

2. Collection and analysis of data to build a high-quality and sufficient sample using a panel structure;

3. Selection and application of the methodology for estimating the degree of disclosure of non-financial information for each specific company from the sample by year;

4. Building a regression model with all the necessary tests for choosing the type and composition of variables;

5. Qualitative analysis and interpretation of the results

The object of the study was selected integrated annual reports of public Russian companies included in the sample, by year.

The subject of the study was the relationship between the degree of disclosure of non-financial information and the value of a Russian company.

The research methodology is represented by the construction of a regression model based on a panel data structure with a series of tests to verify the adequacy of the tools used.

Content analysis of annual reports produced using a specialized application Atlas.ti. Financial performance of Russian companies are taken from the Capital IQ database. Regression analysis and testing were implemented using a package for solving statistical STATA problems. In accordance with the purpose and objectives of the study, specialized official documents, laws, international recommendations and guidelines were studied.

The hypotheses posed in the paper on the positive impact of disclosing non-financial information on the ratio of the company's market capitalization to the balance sheet both in the reporting year and with the time lag were generally confirmed. According to the results, it was revealed that there is a significant positive impact of disclosing non-financial information directly in the year of issuance of the integrated annual report of the company, and one year after its publication.

The work consists of the following sections:

1. Introduction - formulation of the research issues and disclosure of relevance;

2. Review of scientific works related to the study of non-financial information, as well as the use of content analysis;

3. Research methodology - sampling, assessment of the degree of disclosure of non-financial information, description of methods for analyzing and testing the model;

4. Results - a description of the research results, their analysis and interpretation;

5. Conclusion;

6. List of references and applications.

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