Completeness of non-financial disclosure by Russian companies: The influence on investment attractiveness

In the context of the development of the digital economy, the role of the company’s information transparency is being intensifyed. Despite purely financial information, investors increasingly take into account the disclosure of non-financial information in the annual accounts. The purpose of this study is to empirically examine the relationship between the quality of non-financial information disclosure by Russian companies and their investment attractiveness. To achieve this goal, we use a modern methodology of text analysis by creating a unique dictionary and index characterizing the quality of disclosure of non-financial information. The construction of the panel regression allowed us to empirically confirm the link between the quality non-financial information and different indicators of investment attractiveness of Russian companies.