The Impact of Non-financial Information in Reports on Stock Prices

Currently, companies are thinking not only about financial performance indicators, but also about footprint they leave behind. This work is intended to contribute to the understanding of the idea of ​​how the depth of disclosure of non-financial information in financial statements affects company performance. For this, data on more than 100 CSR indicators complying with GRI standards were manually collected from more than 100 non-financial reports of Russian companies. In addition, to identify semantic characteristics, a textual analysis of the reports was performed. For these purposes, a dictionary of economic terms was created, containing not only a tonal assessment of experts, but also a breakdown into 12 semantic topics. The results showed that the disclosure of environmental information reduces the value of the company, while information about the contribution to the social sphere increases the value of the company.