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 a company's information transparency has become increasingly important. Alongside purely financial information, investors are more likely to also 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 used the modern methodology of text analysis by creating a unique dictionary and index which characterize the quality of disclosure of non-financial information. The construction of a panel regression allowed us to empirically confirm the link between the quality of non-financial information and different indicators of investment attractiveness of Russian companies.