Özet:

This paper aims, to measure the levels of public disclosure of 92 manufacturing firms listed on Russian Stock Exchange and empirically investigates the link between the level of disclosure and firm performance proxies as of December 2009. To carry out this study, annual financial reports of the firms were accepted as a proxy for the level of disclosure released on firms’ web-sites and the reports used to construct a disclosure index as a yardstick to measure the level of a firm’s disclosure. A disclosure index was constructed as a yardstick to measure the level of firm’s disclosure by using the firms’ annual reports.  CCR - DEA model and BCC – DEA model used to obtain efficiency scores. PDI and TA used as inputs, MV, MV/BV and Tobin’s q used as outputs. Average score of PDI is 0,69. The highest PDI was 0.81 and the lowest one was 0.45. Only 7 firms have scale efficiency and the technical efficiency at the same time. Other 84 firms don’t have total efficiency, technical efficiency or scale efficiency. 

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