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In many countries, sustainability reporting has now become popular and necessary, as well as the impact of sustainability implementation and disclosures on firm value remains mixed. As a result, the focus of this study is primarily on the impact of sustainability reporting on the value relevance of firms in developing countries. This paper draws on arguments from a variety of theoretical frameworks; stakeholders' theory and legitimacy theory. A systematic approach was adopted in this study to form the basis for the study’s conclusion and recommendations. The results of the evaluated existing literature revealed that the influence of sustainability reporting on business value was contradictory. A vast number of studies, on the other hand, showed a favourable association between sustainability reporting and business value. Second, the research discovered that the degree of sustainability disclosure in emerging countries was lower than in other industrialized countries. It was discovered that existing research on the industry analysed and sample size utilized had certain methodological issues. This paper adds to the field by providing crucial insights into the influence of sustainability reporting on company value using samples from developing countries. As a main proposal in the report, implementing sustainability disclosure methods may increase the value relevance of firms.

This paper aims to investigate the effect of accounting, market, and macroeconomic factors on financial distress. The investigations were expanded by constructing seven research models to simulate all factors. The research sample includes companies listed on the IDX from 2016 to 2020 which produce 1.710 data. This paper finds that retained earnings (RETA) and earnings (EBITTA) as part of accounting factors have a role in weakening financial distress and can be consistently tested in several research models. Equity (MVE) as part of the market factor weakens financial distress and is consistently tested. Although solvency (SOLV) was described as the company's ability to maximize debt, it is not consistently tested in several research models. Finally, it was found that deflationary conditions caused financial distress which represented macroeconomic factors. This paper makes a practical contribution to companies and governments to evade financial distress