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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Accounting statements in the investment strategies of retail investors

Vol. 23, Iss. 6, JUNE 2024

Received: 28 March 2024

Received in revised form: 14 April 2024

Accepted: 16 May 2024

Available online: 28 June 2024


JEL Classification: D53, M41, M42

Pages: 1133–1148


Ekaterina Yu. VORONOVA Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation (MGIMO University), Moscow, Russian Federation


Yuliya A. LUKINA Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation (MGIMO University), Moscow, Russian Federation


Subject. The article investigates accounting (financial) statements as a source of information for retail investors, and tools to analyze and evaluate the investment attractiveness of a company as a way to reduce the risk of inefficient investment.
Objectives. We focus on identification of the place and role of accounting in investment strategies of retail non-professional investors seeking to improve their financial situation by investing in the shares of Russian and foreign companies.
Methods. The study draws on general scientific principles of cognition, including the analysis of statistical information, induction, synthesis, etc.
Results. The paper presents the results of a survey of retail non-professional investors with experience in investment activities. The responses of respondents involved in the survey on the basis of an electronic platform are presented in a tabular form. We demonstrated the advantages and disadvantages of using various sources of information. The study revealed the key factors of investment attractiveness that retail investors take into account when choosing optimal investment objects.
Conclusions. The most competent investors use the tools of accounting analysis and investment attractiveness assessment to build an effective long-term investment strategy. In addition to accounting statements, investors consider some non-financial parameters, like company reputation, brand awareness, ESG rating, etc.

Keywords: accounting statements, financial statements, retail investor, investment strategy, investment decision


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ISSN 2311-8725 (Online)
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Vol. 23, Iss. 6
June 2024