Information Transparency, its Impact on the Value of Russian Public Companies

The theme of the bachelor thesis: "Information transparency, its impact on the value of Russian public companies." Today, there are a large number of works devoted to the study of the impact of transparency on the operating and market performance of the company. It is noted that increasing information transparency leads to effects such as increased liquidity and stock prices, as well as lower capital costs for companies that reduce information asymmetry by increasing transparency. In addition, there is evidence of a positive effect of transparency on the value of the company, however, no similar studies conducted on the data of Russian companies have been found, which indicates the relevance of this topic. The purpose of the work is to assess the impact of information transparency on the value of Russian public companies. To achieve this goal, were analyzed methods for assessing information transparency, identified factors stimulating companies to increase transparency, and formed a database of 78 Russian public companies for 2016-2019. As a result of an econometric analysis, it was revealed that in the context of a poorly developed system of protecting property rights and a high risk of expropriation, some companies are forced to adapt to the economic and political situation and choose a level of transparency that is not optimal for themselves, which leads to the loss of benefits from increased transparency.