2.811 1.465


The primary objective of disclosure of financial and non financial information is to inform analysts and investors about the amount, timing and uncertainty of future earnings. The value relevance of financial information provided by financial reports have been attracted many researchers and many of them found the positive relationships. This paper examines whether the level of non financial information disclosure affects the financial performance of companies. There are suggestions in the academic literature that providing additional financial or non financial information decreases information asymmetry between companies and investors, and also enhances corporate transparency. Although it is relatively reasonable to measure the financial performance of a company by indicators; it is not so reasonable to find out indicators to measure the non financial performance of a company. This is why the non financial information results from the organizational, market based, social and intellectual environment of the companies. In our paper, according to the previous literature, initially we indicated “disclosure scores” for BIST 100 companies which refer to their level of non financial information disclosures. We benefited largely from the annual reports to find data concerning non financial disclosure of companies. In our second part of research, we analyzed our data via panel data analysis.


non financial information; financial information; BIST 100; Turkey

Full Text:


DOI: http://dx.doi.org/10.18825/irem.07887


Amir, E., & Lev, B. 1996. Value relevance of non financial information: the wireless communications industry. Journal of Accounting and Economics, 22(3): 3-30.

Anderson, E.W., Fornell, C., & Mazvancheryl, S.K. 2004. Customer satisfaction and shareholder value. Journal of Marketing, 68(4): 172-185.

Arvidsson, S. 2011. Disclosure of non-financial information in the annual report: a management-team perspective. Journal of Intellectual Capital, 12(2): 277-300.

Banghoj, J., & Plenborg, T. 2008. Value relevance of voluntary disclosure in the annual report. Accounting & Finance, 48: 159-180.

Behn, B. K., & Riley R. A. 1999. Using non-financial information to predict financial performance: the case of us airline industry. Journal of Accounting, Auditing and Finance, 14(29): 29-56.

Binh, T. Q. 2012. Voluntary disclosure information in the annual reports of non financial listed companies: the case of Vietnam. Journal of Applied Economics and Business Research, 2(2): 69-90.

DG Internal Market. 2011. Framework contract for projects relating to evaluation and ımpact assessment activities of directorate, general for ınternal market and services, disclosure of non-financial ınformation by companies; final report.

European Commission - IP/13/330, 16/04/2013, Commission moves to enhance business transparency on social and environmental matters.

European Commission - STATEMENT/14/29, 26/02/2014, Disclosure of non-financial information by certain large companies: European Parliament and Council reach agreement on commission proposal to improve transparency.

FASB, 2001. Special report on business and financial reporting, challenge from the new economy, 1-18.

Flöstrand, P., & Ström, N. 2006. The valuation relevance of non-financial information. Management Research News, 29(9): 580-597.

Ittner, C.D., Larcker, D.F., & Meyer, M. W. 1997. Performance, compensation, and the balanced scorecard. technical report, University of Pennsylvania.

Johnson D. E. 1998. Applied multivariate methods for data analysis, London, International Thompson Publishing.

Kaplan, R.S., & Norton, D.P. 1992. The balanced scorecard: measures that drive performance. Harvard Business Review, 70(1): 71–79.

Lambert, R.A. 1998. Customer satisfaction and future financial performance discussion of are nonfinancial measures leading indicators of financial performance? an analysis of customer satisfaction. Journal of Accounting Research, 36(1): 37-46.

Mavrinac, S., & Seisfeld, T. 1997. Measures that matter an exploratory ınvestigation of ınvestor’s ınformation needs and value priorities, working paper, University of Western Ontario.

Milost, F. 2013. Information power of non financial performance measures. International Journal of Business Management & Economic Research, 4(6): 823-828.

OECD, 2011. OECD Guidelines for multinational enterprises, OECD Publishing.

Orens, R., & Lybaert, N. 2010. Determinants of sell-side financial analysts’ use of non-financial information. Accounting and Business Research, 40(1): 39-53.

Popa, D., Bogdan, V., & Balaciu, D. 2012. Aspects of company performance analysis based on relevant financial information and non financial information, Annals of the University of Oradea, Economic Science Series, 21(1): 956-961.