Information Disclosure Influence on Investment Activity of Russian Public Companies

Abstract

Improvements in investment efficiency and increase in volume of investments are parts of investment activity, and the growth of it is a necessary condition for economic development in every country. In environment of external mechanisms weakness for favorable investment climate creation, the use of internal mechanisms, such as increase of an information transparency is critical. For purpose of our research of estimating the relationship between transparency level and investment activity we have developed new measure for determining transparency of accessible information - Transparency index of accessible information (TIAI). For testing positive relationship between informational transparency and investment activity we used data of 34 Russian public companies.