This study aims to investigate whether information content on sustainability reporting has a significant association with listed companies' share price. We also assess the differential effect of sustainability reporting adoption in the mandatory and voluntary context in developing countries, particularly in Malaysia and Indonesia, for several reasons provided. The final sample was 43 firms in Indonesia and 57 firms in Malaysia. The data in this study used secondary data obtained from Thomson Reuters Datastream. To examine our hypothesis, we apply the regression model. This study provides evidence that information on sustainability reporting has a significant association with the firm's price. This shows that sustainability reporting is relevant because it can make a difference in the user's decision and is measured reliably enough to reflect the value of equity. Another result of this study is that sustainability reporting's value relevance is more robust in the Malaysian stock market than in the Indonesian stock market.
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