Does the Company Value Increase through the Publication of Non-Financial Reports under GRI Guidelines? (On the Example of BRICS Countries)

Abstract

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.

Keywords

• gri
• нефинансовая информация
• отношение рыночной стоимости капитала к балансовой
• экономика стран брикс
• эмпирическое тестирование модели олсона
• gri
• non-financial information
• market to book ratio
• brics
• olson’s model empirical testing