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Analysis of Impact of Non-financial Information Disclosure on Capitalization of Russian Oil and Gas Sector Companies

Author

Listed:
  • Elena Vetoshkina
  • Anna Ivanovskaya
  • Elvira Kazykhanova
  • Natalia Semenikhina

Abstract

Today, the problems and ways of improving the companies' corporate reporting and confirming their importance are among the most discussed topics in the academic world, both in Russia and globally. The existence of a wide range of research papers, as well as tools for evaluating non-financial information of companies, indicates the significant role of non-financial factors for the global society. However, it is still questioned whether these factors affect the market value of companies. According to the RSPP, the disclosure of non-financial information in the companies' annual reports allows users to identify leaders, helps to strengthen the reputation and investment attractiveness of these companies, and serves to promote the culture of responsible business conduct. In this work, the influence of non-financial factors on the market capitalization of companies in the oil and gas sector was studied using the model of correlation of factors with the calculation of the Pearson and Spearman coefficients. The data about the market capitalization of the three largest Russian companies in this sector, Gazprom, Gazprom Neft, and LUKOIL, were taken from publicly available sources. To find a correlation between the calculated indices and the market capitalization indicator, it was assumed that the company's market capitalization of the current year would be influenced by the indices of non-financial factors calculated according to the data of the previous year. It has been proved that there exists a certain connection between non-financial factors (index of ecological effectiveness; index of economic development; index of social influence) and the company's market value. However, the results of the analysis showed that political factors determine the capitalization of oil and gas companies in Russia to a greater extent at the present stage.

Suggested Citation

  • Elena Vetoshkina & Anna Ivanovskaya & Elvira Kazykhanova & Natalia Semenikhina, 2020. "Analysis of Impact of Non-financial Information Disclosure on Capitalization of Russian Oil and Gas Sector Companies," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 267-274, October.
    • Handle: RePEc:jfr:ijfr11:v:11:y:2020:i:5:p:267-274
    DOI: 10.5430/ijfr.v11n5p267
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    References listed on IDEAS

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    1. Rezaee, Zabihollah & Tuo, Ling, 2017. "Voluntary disclosure of non-financial information and its association with sustainability performance," Advances in accounting, Elsevier, vol. 39(C), pages 47-59.
    2. Amal Hamrouni & Rim Boussaada & Nadia Ben Farhat Toumi, 2019. "Corporate social responsibility disclosure and debt financing," Journal of Applied Accounting Research, Emerald Group Publishing Limited, vol. 20(4), pages 394-415, May.
    3. Olga V. Efimova, 2018. "Integrating Sustainability Issues into Investment Decision Evaluation," Journal of Reviews on Global Economics, Lifescience Global, vol. 7, pages 668-681.
    4. Amal Hamrouni & Rim Boussaada & Nadia Ben Farhat Toumi, 2019. "Corporate social responsibility disclosure and debt financing," Post-Print hal-02521353, HAL.
    5. Vladimir Bogdanov & Nina Ilysheva & Elena Baldesku & Ulugbek Zokirov, 2016. "The Development of Correlation Model between Economic Development and Environmental Performance on the Basis of Non-Financial Reporting," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(1), pages 93-104.
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