Abstract
Investor expectations, rather than fundamentals, are increasingly influencing the value of a company. At a time when non-financial assets are becoming an important component of determining the value of the company, the disclosure of non-financial statements as a source of more extensive and meaningful information than financial statements, is becoming an increasingly popular topic of discussion of the scientific and business communities. Non-financial reporting includes types of external reporting provided by organizations to their stakeholders and covering those aspects of the organizations that go beyond the historical framework of financial performance. The information contained in non-financial reports can help investors form an opinion about the intellectual, financial, natural, human and social capital of the company and make a decision about investing. In the developed world, the publication of non-financial statements has become a common norm, while in Russia only a small proportion of companies still issue this type of reporting. The study of publishing non-financial reports dedicated to both theoretical and empirical literature, most empirical studies showed a positive effect of issue of non-financial reporting on the financial stability of companies. However, these studies do not focus on the impact of the publication of non-financial statements on the financial performance of companies in Russia. The purpose of this article is to study the impact of the publication of non-financial statements on the financial performance of Russian companies with the identification of intersectoral features. As a result of this study, it will be possible to understand how the disclosure of non-financial information affects the financial performance of Russian companies. From a practical point of view, this can help managers of companies in various industries to realize the importance or, conversely, the absence of the need to publish non-financial statements as a factor that can increase the credibility of the company in the eyes of investors and positively affect the financial results.
Highlights
Non-financial reporting can be described as the practice of measuring and disclosing information about a company's sustainable development to a wide range of stakeholders, mainly shareholders
95% of American companies, recognized as the most successful in the context of sustainable development in 2010, prepared reports according to Global Reporting Initiative (GRI) standards
We note that in General, the impact of the publication of non-financial this has a longer term effect on return on assets (ROA) gains and more the effect on the Q-Tobin coefficient increase that is, the effect on Q-Tobin manifests itself faster. This can be explained by the fact that Q is Tobin -short-term / medium-term revaluation of the company's value by investors based on a change in the existing dataset, while the ROA –directly reflects the success of the company in terms of more the fundamental indicator is net profit, which changes over a longer period of time
Summary
Non-financial reporting can be described as the practice of measuring and disclosing information about a company's sustainable development to a wide range of stakeholders, mainly shareholders. The environmental aspect points to the need to reduce the negative impact of the company's activities on the environment, especially on non-renewable natural resources, as well as the adoption of measures for the transition to environmentally friendly production. Companies include in their reports information on risks and prospects of development on the three most important aspects of sustainable development; on the role of the company in the economy of the region, the country and the world; on social, sports, educational, creative, environmental, charitable and sponsorship events; about conditions and labor protection and health, creation of opportunities for development of employees, etc. There are studies that have identified both the presence and absence of a positive relationship
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