Analysis of Information Openness of Public Joint Stock Companies in Modern Conditions

Under sanctions pressure, Russian companies were given the right not to publish interim (quarterly) and annual financial statements. Many organizations related to public joint stock companies have taken advantage of this right. The authors of this work analyze the consequences of this management decision on market share prices of both companies that decided not to publish financial statements from 2022, and companies that continue to publish them. Having studied the impact of the publication of reports on the value of shares of public joint-stock companies, we can conclude that the refusal of companies to disclose financial information adversely affects not only stock market indicators, but also the market value of shares of issuers. Research results clearly show that during the period when organizations did not publish their financial statements, share prices dropped significantly for most companies. The only exception was the chemical industry: for such organizations as Acron, Kuibyshevazot and Kazanorgsintez, the value of shares grew, despite the fact that they hid their financial information. And, on the contrary, companies that did not exercise the right to refuse to disclose financial information to investors demonstrated an increase in the market value of shares in the period under study.