Akademik Məlumat İdarəetmə Sistemi
Systematic Reviews in Pharmacy, vol.11, no.12, pp.1514-1522, 2020 (Scopus)
Purpose of the study: It is expected that the publication of nonfinancial reporting in the field of sustainable development of pharmaceutical industry will have a positive effect on the value of the firm. Methodology: As part of this work, to select the best model, all models will be tested using the statistical tests. Then a sample consisting of 1762 observations and the following set of variables will be used to test the models: Tobin's Q, Sales, Capital Costs, Financial Leverage, WACC, Profit Margin, etc. Based on these previous points, a set of panel regressions was built with a fixed effect for testing the hypothesis. Approach: Despite the initial formulation of hypotheses about the positive impact of non-financial reporting on the value of the company, all the results suggest otherwise. The result obtained may be due several factors, for example, the fact that the effect of a variable is delayed or not at all because non-financial reporting has a low level of readability, which only leads to costs in the current period and the absence of additional income in the future. Findings: The results obtained support the hypothesis that the effect manifests itself differently in different sectors. For the Industrials and utility sector, there is a positive significant effect at all reasonable levels of significance of the GRI variable on the dependent one, which may indicate that investors in this industry are interested in non-financial reporting, which leads to added value.