accountingУчет. Анализ. АудитAccounting. Analysis. Auditing2408-93032619-130XFinancial University under The Government of Russian Federation10.26794/2408-9303-2017--2-28-36accounting-148Research ArticleТЕОРИЯ УЧЕТНО-КОНТРОЛЬНЫХ И АНАЛИТИЧЕСКИХ ПРОЦЕССОВTHEORY OF ACCOUNTING AND CONTROLПовышает ли стоимость компании публикация нефинансовых отчетов по стандартам GRI? (на примере стран БРИКС)Does the Company Value Increase through the Publication of Non-Financial Reports under GRI Guidelines? (On the Example of BRICS Countries)КузубовСЕРГЕЙ АНАТОЛЬЕВИЧKuzubovSERGEY А.skuzubov@hse.ruЕвдокимоваМАРИЯ СЕРГЕЕВНАEvdokimovaMARIA S.evdokimovamary@mail.ruНИУ ВШЭРоссияNational Research University Higher School of EconomicsRussian Federation201717012019022836Copyright © Кузубов С.А., Евдокимова М.С., 20192019Кузубов С.А., Евдокимова М.С.Kuzubov S.А., Evdokimova M.S.This work is licensed under a Creative Commons Attribution 4.0 License.https://accounting.fa.ru/jour/article/view/148

В статье приводится обзор литературы о влиянии публикации нефинансовых отчетов (НФО) на отношение рыночной стоимости капитала к балансовой и эмпирическое исследование на основе сравнения компаний, выпускавших отчеты в соответствии со стандартами Глобальной инициативы по отчетности (Global Reporting Initiative, GRI) в 2004-2014 гг., с компаниями, опубликовавшими только финансовую отчетность. Анализ проводился на основе выборки из компаний в Бразилии, России, Индии, Китае и Южно-Африканской Республике (БРИКС). Финансовые данные были получены из базы данных Compustat, список компаний, выпускающих нефинансовые отчеты, был получен на веб-сайте GRI. Используя последнюю версию модели Олсона, было выявлено, что выпуск отчета в соответствии с принципами GRI оказывает положительное влияние на отношение рыночной стоимости капитала к балансовой в течение года и через год после выпуска отчета. Кроме того, были определены сектора, для которых публикация НФО является значимой.

This paper provides a review of the literature about the impact of non-financial reporting (NFR) on the market to book ratio and empirical research based on the comparison of the companies that issued the reports according to the General Reporting Initiative (GRI) standards in 2004-2014 with the companies which published only financial statements. The sample is drawn from the companies based in Brazil, Russia, India, China and South Africa (BRICS). Financial data were taken from the Compustat database, the list of companies producing non-financial statements has been obtained from the GRI website. Using the latest version of the Olson’s model it has been revealed that the issue of a report in accordance with the GRI guidelines has a positive significant effect during that year and the year after the release. Also, there have been identified some sectors for which the publication of such statements is significant.

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The authors declare that there are no conflicts of interest present.