The VEKTOR Indicator is not just a tool for measuring compliance, but a generator of real value in the capital market. The study conducted by Ionuț Șumandea (ARIR Vice President) demonstrates, through rigorous statistical data, the direct correlation between a company’s transparency and the positive reaction of investors.

The study analyzes market reactions around the time of VEKTOR score publication and highlights three fundamental pillars:

• Linear Price Effect: Each additional point obtained in the VEKTOR evaluation generates a real economic impact. Data shows an average increase in returns (Cumulative Abnormal Return) of approximately 0.11% – 0.13% for each point gained.
• Transparency as a Credible Signal: In a market with information asymmetry, a high VEKTOR score acts as a “certificate of trust.” Investors react quickly to the publication of scores, treating the indicator as a soft law tool that distinguishes market leaders.
• Threshold Effect: There is a significantly stronger market reaction when a company surpasses the critical threshold of score 8, signaling a transition to a higher level of corporate governance.

The research shows that improving the score from 6 to 8 is not merely about checking administrative boxes, but generates a clear economic impact, not just a symbolic one. Auditable transparency reduces uncertainty and improves risk perception, especially during periods of market stability.

“The data clearly shows: transparency is necessary and produces a significant impact. VEKTOR transforms issuers’ communication efforts into visible market value.”
– Ionuț Șumandea, ARIR Vice President.