The study examines the disclosure of sustainability development reports and the quality of audits in relation to the use of accounting information for investment decision-making by investors in companies listed on the Stock Exchange of Thailand. The study focuses on the relationships among book value per share, earnings per share, the level of sustainability report disclosure, and the influence of audit quality. The sample consists of companies listed on the Stock Exchange of Thailand in 2022, utilizing sustainability reports and annual disclosure forms (Form 56-1 One Report). Disclosure levels were assessed based on 122 ESG metrics at the basic level. The relationship was analyzed using the Valuation Model proposed by Ohlson (1995) to evaluate the explanatory power of accounting information for stock prices.
The findings indicate that the level of sustainability report disclosure does not have a statistically significant relationship with stock prices, suggesting that investors do not consider sustainability development reports in their investment decision-making. Additionally, audit quality does not influence the level of sustainability report disclosure to an extent that it impacts investment decisions. The results demonstrate that shareholders, investors, and stakeholders do not rely on sustainability reporting or awards received for sustainability reporting as key factors for investment decisions. Instead, they continue to prioritize operational performance and investment returns.